Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1892-01-22
The Debt Settlement.
THE GOVERNOR SENDS REPORT or COM
MISSION TO THE LEGISLATURE.

MISSION TO THE LEGISLATURE.
RICHMOND, VA, Jan. 1.-THE message
of Governor Mckinney and the report OF
the State Debt Commission on the sub
iect of the recent negotiations for the
settlement of the debt were presented to
the two houses of the General Assembly
today.
The Governor in bis message reviews the
different stages through which the debt
agitation has passed in the past few
years. He explains that no mention was
made to the pending negotiations in his
first message to the General Assembly
At the time the Legislature met the bond
holders had not held their meeting to
consider the settlement which had been
made with the Commission, and what
their action would be, the Governor says.
was matter of conjecture. The COM
munication of the facts to the Legislature,
the Governor says, was withheld until
something definite could be submitted.
The message then gives summary OF
the debt legislation from 1871 up to the
present date. The pending bill of that
year assumed a principal debt of $31 $685.
g1O. 90. vhch required an annual interest
charge of 81, ,45O9O Then follows
the history of the Mccullough and Rid
deberger bills. Though the latter was
PASSED ten years. the message says, the
debt is still unsettled, and dlsagreeable
and distressing litigation: have followed.
The situation, tie Governor declares, was
such that every branch "of business felt
It's banefu, influence, and all the people
have suffered for it,"
THE STATES CREDIT.
The States credit, which, he says, ito
day should be as stainless as her honor,
has been destroyed By cruel fate which
every loyal son has struggled, but strug-
eled in vain, TO avert" This, the Exe0n-
tive continues, was the situation on the
9Th of March, 1890. when the Legislature
appointed a Joint Commission to receive
proposals for funding the debt. Then
follows the history of the correspondence
between Nj. Olcott, chairman of the New
York committee, and the Executive on
the subject of the debt.
THE LAST CONFERENCE.
The conference which took place later
on did not meet with any political re-
suits.
The Governor next narrates how the
Olcott Committee and the Commission
met for the second time, and with the
results now well-known to the public
The formal agreement made between the
Olcott COMMITTEE and the State Commits
sion, which was published at the time, is
given IN full.
Commenting the terms agreed on, the
Governor says: ~ cannot submit a
question of so much importance to you
without declaring that l have given 1t
my best consideration, and earnestly COM
mend 1t to You as the most favorable
proposition for the settlement which has
been presented to the Legislature for its
approval and ratification"
He gave an analysis of the effect of the
four different propositions made by Vir-
ginia to her creditors since 1871 up to the
present time.
The annual saving of in crest under the
Olc)tt settlement over the Riddleberger
bill, the Governor says, will be $9l ,45l So
in ten years. The amount of revenues
applicable to the payment of interest is
abOut $500, 30720. have no doubt, says
the Governor, that we will be able TO meet
the interest charges under the settlement.
The message says to the bondholders
who are holding for better terms, that it
is impossible to concede more favorable
settlement without an increase OF tax
alton. This the people cannot and will
not submit to.
The report of the Debt Commission &C
companied the Governors message. 1t
gives a full history of the debt aud nego-
tIations for its settlement, the correspon
deuce with the Olcott committee and the
final result