The times. [volume] (Richmond, Va.) 1890-1903, 1892-01-23

co,ons, Eumn Has Objections to Its Raa-
nration.


d,d mo tho honor TO address me q letter' no"
hefore me. asking for an official state
ment Of 'the results Of what IS callea the
Olcott settlement of the alleged DEBT Oh II
gtnia as compared with the Riddleberger set
Element fully set forth" You adueu' lua'
the whole matter should be thoroughly uh-
derstood bv the people III all its bearings, so
that hereafter there may be no claim that eny
act which il Is hoped the Legislature WIZ
pass. WAS gotten through any concealment ol
fact and that the transaction snouid De
made conclusive and final, aud no loophoIe
left for any reasonable attack upon the pro-
posed settlement"
At that time the report Of the Joint COM
mittee of the Legislature had not been sent
in. and replied that | thought it more re-
spectful 10 the committee not 10 90 wnae
might appear 10 be an effort 10 torestall thelr
action before the Legislature or the people.
Since then--to-wit: on the ATTN inst.-tnas
report has been made, prefaced oy message
from the Governor. and am free 70 speah'
You Mr. Editor are known u be whH. 10
called al original debt payer !. g., IN laNOr
OF settling according 20 the terms OF 'he ~
Of March 80 1871, the original Funding DiI
l. on the direct contrary. holding that not
one cent of the ante-war debt was Dindih5 on
the mutilated and despoiled State OF virginia
except in so far as II might be made 50 py
law repealable at the pleasure OF the sovereign
State.
But whilst the two parties. of which ! as
sumo you and myself 10 be exponents. were
antagOnized on this issue. we each according
sincerity 20 the other. agree IN this hat
this matter should be thoroughly understood
nv the Deople in all its bearing: your view
being that the transaction should now be
closed beyond future control; mine. that the
ueople who pay the taxes have q right 70 know
how 10 IS proposed TO spend them.
TIE TWO SETTLEMENTS COMPARED.
There are one OF two other reasons for il.
At the meeting of the Council IF Foreign
Bondholdors In London. December Is, 1891.
the Chairman Mr. Lubbock one of the very
abiest of their firanciers. said 1t was bet
ter settlement than that under the Riddle
berger bill" The report OF the committee
saws. The proposed scheme of settlement Is
more favorable 30 the State than the Riddle
berger bin was" And very naturally It may
be asked how that contradiction can be re-
cOuciled Then the people may want TO
know what IS meant by the 'RIddleberger
bill" and what good reasons there were tor
restricting the committee u the terms OF the
nnamendei rather than the amended bill.
And think we agree that 1t Is better 70 dis
cuSs those questions before than alter set
tlemeut. With this understanding proceed
10 show the results of what IS called the
Olcott settlement as compared with settle
ment under the Riddleberger act
The report OF the committee says. The
proposed scheme of settlement Is more iay-
orable 10 the State than the kiddleberger
bill was.
affirm that their exposition Of this scheme
of settlement Is misleading. and that It 10
worse for .he State than the kiddleberger bill
by the sum of Sc 3j5,5s9O5 principal and by
the sum OF -66I.6I interest per annum Tor the
hrst ten years. and @IgO. 66I6I for the next
ninety years. being an average interest IN eR-
cess of the Riddleberger bill for 100 wears OF
FIJI. G6767 per annum. as the following tabu-
lated statement sets forth
Fuudable value Of all outstand-
ing obligations OF the State under
the lIddlsbergor bill As amend
ed. sl264f4i0 95
New per cent bonds
i'm hands OF public. S4560,4l5 -
New per cent. bonds
ia hands OF literary
fund. ................. 18e0s27 2S 6Osl2i2 50
Total debt...~.................. sis,ae5s5s 45
Amount of annual interest NJ ? per
cent. on above -.................-.S 56l,169 80
Fmdable value OF outstanding
debt under the recent confer
New per cent bonds as aboVe...... 56l,769 10
s250sL2e %
Interest on sigOO0O0o at per cent. $4,000 90
In crest ON S6osi2l2J0 az per
................. lS2,i3i p
Difference in principal g 6,555.5s9 O5
Difference i'm interest per annnum
for first ten years. .....-..-.....-.S 66l 81
For next ninety years ~ per cent IN
SlgDUOJJI Observation-Disclosures i"'UVu W
l90667 e.
Average annual interest for one
hundred years ON slgU0ONoO al
per cent. and s5O>l.el25O &C
Ter cent for ten years. and on
saIfSl..l2j9 for ninety years SIS 533437.Y
8rer cent..................... 56i.769 60
ptNaronea rar anuunn. .......s f,l6s, 61