Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-10-23
MASON ON THE STATE DEBT.
The Situation Existing Among the olcott
Committee.

L
Mr.. James NJ. Mason, OF West Virginia,
who is well knowh here ey reason Oh ms ms
| settlement of VIrginia's public DEBT, Is
| guest at the Exchange Hotel. Mr.. Mason
| IL credited with having originated the
scheme which led to an agreement between
the State and her creditors, and It Is pro-
badly this important matter that now
brings him to Richmond.
| In conversation with DISPATCH reporter
last night Mr.. Mason said he had not been
in consultation with any OF the Olcott
committee for nearly six months and really
| did not know its present purposes or ex-
pectations. He understood from Rich
| mond financiers that the situation was
about as follows:
| The committee contracted to surrender
not less than S23, 000.0 900 of the old obiiga-
| tions. and il has verified and made ready
| for surrender approximately S2i, Zoo 600 of
them. These Obligations. en- rouie to be
surrendered. have been arrested by at
tachment suits against the Councl OF
Foreign Bondholders. and the State off,
Gals are waiting for the council or some
agency accredited by it to give sdcn an IN
parties served with the attachment pro-
cess.
WILL PROBABLY FURNISH THE INDEMNITY.
MIR. Mason said he did not know what
action the committee had taken, but as 1t
was very simple matter, he presumed
that the committee would presently con-
suit counsel and furnish any indemnity re-
CURED BY the par ties In question.
Mr. Mason went on 10 say that, not
knowing what the committee was doing.
he could not hazard q prediction as TO
when the deposited debt would be sur
rendered and the new bonds issued. but
= Tho Gtot "a, rtola lack cd iuria-
diction to receive surrender alter
January 1, 1898, it was reasonably safe to
saw that way would be found to make
surrender before that date, and he hoped
that it would be made within the coming
week.
HARD TO GET CONSECUTIVE ACTION.
The reporter called Mr.. Mason's atten-
ton to the recent news item published in
this paper to the effect that the Richmond
brokers were being besleged with COM
plants because of the delay which had oc-
Cured both in respect to the surrender OF
the bonds and their distribution between
the several classes. To this he replied that
It was extremely difficult to obtain con-
secutive action by busy Wall-street men,
and that he did not know why 80 much
time had been lost. In respect TO the ap-
portionment he presumed that it would be
made Immediately upon the issuance of
the manuscript bond, aud the manuscript
bond would issue as soon as there was q
technical surrender of the deposited debt.
WOULD REQUIRE LEoIsLArrvR AMENDMENT.
The reporter inquired what would be the
effect of failure by the committee to
make surrender before the time expires.
MIR. Mason replied that he doubted whe-
Their the committee had considered that
branch OF the subject. The bonds were
undoubtedly locked under power OF at
torney and would remain so until they
were surrendered; but If not surrendered
before the 1st of January they could never
be surrendered until the Legislature shall
have amended the present law. In the
meantime the interest payable on the
manuscript bonds was accommodating In
the State Treasury and the State was draw
ing on it. The reporter inquired how
much interest the State Was getting by
reason of this condition of affairs. To
this Mr.. Mason professed ignorance, but
said ne supposed the amount would be
about $500 month.
DELIVERY OF THE BONDS.
Mr.. Mason was asked If he was here to
arrange with MIR. James b. Pace for de-
livery of the bonds and be said that he had
not spoken to MIR. Pace on the subject be-
cause he (Mason) was not meddling In the
matter in any way.
Mr.. Mason stated that he had intended
to consult with Colonel w. w. Gordon.
who had always been the counsel for the
Oicott Committee from the inception of
the undertaking. but regretted to learn
that the Colonel was confined to his resi-
dence by some indisposition and referred
the DISPATCH to Colonel Gordon as the one
most likely to be fully posted respecting
the present apparently greatly perplexed
situation. -
In response to the question. What would
become of the bonds which had been de-
clined by the Olcott Committee, Mr.. Mason
said that he presumed the law would be
amended as soon as the Legislature met go
as to take in the outstanding balance of
about SO, 900 900 on tho same terms given
to the New York committee.
Mr.. Mason called on the Governor yes
terday, but their conference was not Of an
official or important character.