The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1892-01-15
o)o,000 of new per cent. bonds as the
amount surrendered bears to S,O0O,-

committee of June 3, 1891.
Thereupon q subcommittee of two
from your commission was appoin ted to
confer with subcommittee Of two from
the bondholders' committee, with view,
II possible, of arriving at some basis for
further negotiation.
On the 18th of November your CON-
mission sug Iested to the bondholders'
committee willingness to report fav-
orably to the legislature proposition
to settle the outstanding unsettled debt
on the basis of an issue of new bonds,
not to exceed maximum of SIS, 900, 900,
to be exchanged for outstanding unset.
tied obligations in the proportion of Is
to IS, such new bonds to run 100 wears
and to bear per cent. interest for ten
years and per cent. for ninety years.
This would give in exchange for the
S23 100000 of outstanding obligations
held by the bondholders' committee
something less than SIS, OOO, 900 of the
proposed new bonds.
In reply to this suggestion the bond
holders committee stated that they
would communicate it to their deposit.
ing security holders, but would not adj
wise its acceptance.
Continuing, the committee said:
I'VE will, however, cheerfully recon-
mend either Of the following proposi-
tons: A three per cent. 100 year bond,
similar in form and feature to the Rid
dleberger bonds, for SIS, 900, O0O or,
bond similar IN form and feature to the
Kiddleberger bonds, for S10,O0O.OOO at
100 years. the first five years interest
TO run at two per cent, the next five at
two and one half per cent, the balance
of the term, three per cent
In reply to this, your com mission,
after due delibcration and consultation
with che financial officers of the State,
on the next day, viz November 10,
offered to report favorably to the legis-
iature the Sl9.00o.000 proposition, pro-
vided the same should be SO modified as
to restrict the interest annually payable,
to per cent. for ten years, and per
cent. for the remaining ninety years;
the bonds and interest obligations to be
OF the same general character as those
provided by the Riddleberger bill, and
1t being distinctly understood that the
coupons or other interest obligations are
not to be receivable for taxes.
This recommendation, it was pro:
vided, should be made conditional on
the bondholders' committee having in
their possession, with the authority to
exchange them, the obligations above
mentioned, amounting to at least SEQ.
100000; and the proposed new bono to
be exchanged for such outstanding obi
cations in the proportion of 10 of the
former for % of the latter.
In recommending to the legislature
the acceptance of this scheme of settle
ment, your commission has been guided
by two leading considerations viz: First,
to keep the amount to be assumed bv the
State we'll within the amount assumed
by the Riddleberger bill, and second, to
keep the amount payable for interest
well within the capacity of tho State to
meet.
Were the State today to assume all
the obligations, which by the term of the
Riddleberger bill it offered to take upon
itself, we have no hesita ton in saving
that they could not be borne without a
considerable reduction of expenditures,
or considerable increase in the rate of
taxation.
brief statement showing this fact
more clearly will not, however, be ont
OF place. The bondholders' committee,
as above mentioned, very earnestly
maintained that tho interest charge as.
sumed by the State, had the whole debt
been funded under the principles of that
act as OF July, 1852, would have ex-
ceeded $S25.00U per annum. This would
imply principal exceeding S27, 500, 600.
An expert account employed by the
State few years ago put the amount
due under the Riddleberger bill as of
July l, 1882, at about S95. 100000
Tho senate has under consideration
bill giving to Radford full nedged
city government and a hastings conrt.
To-day the eighty-sixth anniversary
OF the birth of Matthew Fountain
Maury was made the occasion OF a
proposition for the erection of monu-
ment to his memory. Mr.. Litcher, of
Rockbridge, introduced in the house a
JOINT sesolLtlon for that purpose which
was adopted.
MIR. Litcher's resolution calls upon
Congress to erect u monument to Mat
thew Fontaine Maury upon the rip-raps
In Hampton Roads. This is to be com
nensurate with the services rendered
by this greatest of naval and meteoro-
logical scientists to his government and
the world. The monument, the reSolu-
ton proposes, is to be in tho nature of
lighthouse. appropriately illustrating
the light and benefit that his laborious
researches and discoveries have confer
red upon navigation and the worlds
commerce.
Mallet, of Norfolk, is the patron of
bill revising the mechanics lien law
so that house owner can be held re-
oPoh'iolc, not only LOT lne amount OF
tue contract, but tho actual cost OF the
building. The bill incorporates the
features of Thoms bill as to liens being
secured by motions in court. The bill
applies only to the cities.
Fitz Lee was in the city last night en-
route to New York.
Two Failures In Columbia, Tenn.
COLUMBIA, Tenn, Jan. l4.-[Speciall
=Thare ,yara tu,o failn.os 49,