The times. [volume] (Richmond, Va.) 1890-1903, 1892-01-15

per cent interest. for the amount of our IN
de- tedness thus equlta ~ asceila'noru' 49, ~.
nOn-fax paying coupons httacn'u. H.
was approved bv the people. uut nov ~ VIZ
bondnolders after its merits had been eisooI-
ai.lv discussed Those who held the taN-
paving coupons Of the issues Oh lo'l HuG io'v.
find ing that there would not 20 sulil sum, ''a.'
revenue 10 support the governments anu pay
the interest on the de0t. made strenuous o. q,
forts O. force coupons INTO ine treasury Va
the State in payment of taxes
THE SITUATION.
Tbough the Riddleherger bill was passed
ten years ago. too debt is still unsettled. and
adisaoreeable litigation distressing TO the
state and improbable 20 the creditors. has
hecn Going on increasing ID bitterness ana
extent each year. IL has soreiy yexed our
people and consumed our revenues and the
State. like q culprit has been dragged before
the courts OF tho Commonwealth ana me
inferior and Supreme courts OF tue Lnited
States She has been subjected 10 more mars
criticism IN the last ten years than I'D Al. the
past OF her history Her laws have been
made the theme Of harsh an mgdyerslon her
motives impugned her integrity questioned g
her public officers seized and imprisoned fDr
oboying her statutes. Her credit which haI
been equal 10 that Oiany State IN the mon
has been destroyed by combination Of IN
fortunate circumstances against winch she
has cOntended with heroic forttuqe "NlcI
has commanded the admrati n o. the woIld
and seli-sacrihcing devotion 10 Wmeu LIS,
tory has no parallel Finally OYerwheii.eH
by numbers and resources, her territory Us
membered. her towns and cities Dufhe1' ,4el
homes IN ruins her fields devastated uel
Cons slain her prOpertq COnhscated. her cur
~ al lar
this picture OF poverty and desolatloh Auu
sought employment and homes eseWLeIe.
leaving the State less able 20 pay the shai e7I
gum ever mentioned as p settlement Oh hti
indebtedness than she was % pay the "no'o
debt az the time Il was contracted
in cOnsequen Of the harsh action OF tue
creditors. her progress IA We tn and pOpu-
lation has been impedei. enterprise has been
driven away. capita. mas been afraid 10 IN
vest tmid always and easily induced ID De-
leve that State that does not pay rs own
Obligations cannot &c relied on % enforce the
obligations held against her people. am lhAI
If she make, laws % protect hersei against
her creditors she will make them also " Pro
tect her people from their cledltors ms
being the situation. every business has lei'
it's banelul influence and al the people haye
suferel fox it, and her credit. which to-day
should be az stainless AZ her honor. has been
DESTROYED bv a cruel fate which every loyal
son has struggled, but struggled an vain 10
avert.
A COMMISSION ATToiETED.
This being her unfortunate situation, on
the 9TH day OF March. 1880. the benerai AS
sembly, by Joint resolution, selected com
mission in part from the Senate AID IN part
from the House Of Delegates gether with
the TIeuteuaEt-G Governor and tie Governor
oil the State. to receive proposals tor iah"ing
the debt The commission WAS authorized 10
agree upon the terms of contract VIII
parties proposing o. fund, upon the princl-
ples set forth IN the act Of February a. 1884,
which is the Rlddeberger bill. subject -
ratification by the General Assembly.
On the Of May last / received a letter
dated New York. April -, 1-91. addressed 10
ne in my official capacity by which was IN
formed that the bondhOlders committee was
prepared 10 submit proposition Tor the set,
tsrent of the State de II o. Virginia. and
asking me 20 name "A very early day wen
some of their members might meet us auu
confer on the 81 Iect etc Alter some cor
respOndence ! fixed on Tuesday, the "a or
June. for the proposed meeting, and invited
the committee OF bOndhOlders. composed OF
f. r. OlcOlt chairman. Hugh Il. Garden
William j. Bull. Charles -. Dickey. IT..
Henry Bu ge and John Gill. to meet the VIZ
einia commission at my Office III ldchmoud
for the purpose referred 20 IN their letter.
The propositions of the bOndhOders com
mittee we're carefully cOnsidere and declined
by your commission on the 81 Of june. all Of
winch will appear from the report accompany
ing this message.
The SECOND CONTERFTcr.
In September received another communi-
cation. dated the 18th of August. from the
bondholders' committee, making another pro-
position the settlement OF tue debt. ] oe-
chned al that tine 10 call the committee to-
pether because it was during the political
canvass aid | did not deem 1t prudent 20
have a conference until the election va over
By letter, dated the 10Th day of October.
1891. the bondh .lders committee again r8-
uuested that the Virginia commission oe e n-
ven0d lat as early q day as practicable" not
later than the 10th day OF November. IN
compliance with this request ] convened the
commission on the nth If November. the
18TH being Sunday After many con erences
and much discussion on the 18th Oh NoYem.
Der your C umissiou and the committee OF
the bOndhOlders agreed up tie terms OF
settlement. which were unanimously APP
proved 10y the commission and the nmlttee
as Just and honorable TO the creditors and the
debtor. The agreement IS as follows.
oUR AGREEMENT.
"Wewill recommend pr position TO issue
a maximum amount of sl5.OJO.00O of bonds to
be exchanged TOT the outstanding obligations
OF the State. mentioned in the BiddleJerger
act d. ther than those held by schO ls and
colleges. now IN the hands of the public
but not including bonds already funded
under this act such new b nds o. run for ono
hundred years and 10 bear per cent. interest
for ten YEAR and er cent interest for ninety
wears The bonds and INT rest obligations
shall be of the same general character as
those provided by the Rlddiebercer bIl and
it is distinctly understood that the coupons
or other interest obligations are not % boo re-
celvab.e for taxes The proposed new bonds
shall bo exchangeabie for the outstanding
obligations aforesaid. IN the proportion Of
nineteen OF tho former for twenty eight of tho
latter. his recommendation U.s.. OF course
90 be made condition Oh the understanding
that your committee hold and has the author
ity 10 ex halge the 0blgations mentioned in
v .ur previous communication 20 US, amount
TO at least S2j, 100000
"P. W. McKrNNEY,
IL. n. CNDNELL.
III. L. WICKHAM,
81. lOGE ILB.
TAYLOR BIZ Ky.
wv. ID. DAsW.
"R BuT II. Tyler.
Virginia Commission,
"P. G. Wa7eict, Clerk and Secretary
On November l9. 1891. we received reply
from the committee of bon holders in when
they say that the proposition submitted by
US. as amended by you, Will 80 70 our con
s,ituents with our cheerful Recommendation,
etc.
THE SETTLEMENT EARNESTLY ISDORSED.
IL would transcend the limits Of this uea-
sage for me to give 10 detail the work OF your
commission. or elabora ely discuss the lari-