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

IA II has been 10y very General public sentl-
ment, has resulted in tho accumulation Of
an enormous amount OF past-duc coupons.
COUPONS OUTSTANDING.
Tho whole amount 81 tax-receivable cou-
pons now outstanding Is about @7.Ol7 or
inns. added to the principal of the bonds still
ou1s standing bearing tax receivable coupons.
makes an aggreg to OF about 10: o. O22
Tho maximum amount of all unsettled obi a
tons outstanding against the Stnte, which
there is any pr0bab lily Of her having 20 pro-
vide Tor. is placed by the ndh ld'r H.
m.tiee as hereinafter shown, ut about Sz',-
O.oOJ0.
So that 10 is perceived the great bulk OF tho
debt we now have 20 settle consists OF taN-
paving con 0ns. already accrued and past
due and Of bonds producing an additional
amount oi about one mill o. such cou IONS
every twelve months. At this stage tO-wit.
ON tho th OF March. lsaO-vour commission
was anuointei 90 receive proposal for fund
ma, +fe debt from a du y-autlorZel repfe-
sentative 0i the creditors. and on the 18th o.
knru 1891. cOmmuWcat on was addressed
t1t.oOovor .Or of Nirg MIA by Messr. Fred
enc o. Olcott. Hugh A. Garden William l..
T.l Charles d. hickey, Jr.. Henry Bulge
anl John Gin. continuing q committee for
tlc creditors which led 10 tho negotiations
add O. tie agreement between your commits
sion and said t0nchoiders' committee. -
hereinafter recited.
Of the outstanding unsettled obligations Of
the State. the hOndhO dess' committee with
whom our regOtiat 0ns have been held. nave
In their actual possession about - 10000
~ which about fu.cOO0.0 consists OF past
due tax laynR coupons and b nds bearing
such coupons. see document No -.l
The actual possession by tho bondholders'
committee o. this large proportion Of the
States unsettled obligations entities any
proposition for settlement coming from
them % degree OF consideration which II
would not otherwise deserve. indeed, 10 far
greater than any that has heretofore been
presented 70 the state AZ agreement upon
terms with them 10 is confidently believed.
wa guarantee a settlement of the entire debt
NEGOTIATIONS TOR SETTLEMENT.
Tie various propositions of that committee
90 Your commission and the negotiations bad
w TN them also appear at large boy the minutes
of the proceedings Of your commission,
which nre herewith returned s brief re-
view III the negotiations will therefore suffice
la this connection.
The fr,t proposition made by the bond
holders committee 90 your commission.
dated June q 1871. expressed the opinion Of
that committee that the principles II the
BlddlebcTger legislation call for an interest
charge of over $,25.00O per nnnum. as of July
/. 1852. and tie fundabls interest which has
been maturing since that date has materially
increased the lntere. charge
The proposition contained the statement
that cot the debt proposed 10 be funded
there is now outstanding. owned by the pub
Tic. an apparent maximum as OF july J. Is ].
apDro1imating SIS O00OO OF this amount
the bOndAOliers committee control not less
than g. .OOO. Co., principal aud interest - sad
date. and the committee hereby propose %
surrender the same together with any add
tional obligations winch may Do deposited.
on the basis of 20.OOl O0D of neS per cent.
bonds for the entire US 600 OlO"
10 this proposition your commission re-
piled under date of June g. 1891, stating
among other thinps that The Virginia
commission feels con,tranei 10 decline % en-
terrain said proposal. or 20 enterintoa contract
with the bOudlo.ders committee on the basis
thereof The interest charge required by
SAID proposal largely exceeds the amount
which would be pa able on such unsettled
obligations we're the same funded IN accord
ance wit the principles Of the kiddleberger
bill. hut apart from tins consideration. aid
in addition ereto. Is the fact that the in
terest charge contemplated by your pro-
pOsal ex eeds the amount the state
is able o. pay after dischaTgnC It's
constitutional obligations and providing
other necessary expenses In con-
GLIDING their reply. your commis-
sion Said That u settlement of this
matter IS greatly O. be desired on such bas
"a. Will Cusfnutee STABILITY by beng within
the resources of the State. and the fixed opin-
IONS which uhlic sentiment bias formulated.
and l. the bOadholders' committee feels IN
al ned To- SO change their figures as 20 BRING
them within the lines above indicated and
within the limits of the powers If negOua-
ton conferred on this commission by the
legislative res luton under which 1t exists.
they will be glad 70 continue these negotia-
tl0us.'
Your commission then Adjourned subject
to rec invention upon the call or Its chair
man. the OvernHr.
And ON the Tn of November. 1871. your
commissions upon the call OF The Governor.
rels-em0ied al his O.lce m the city OF hch-
mond.
NEGoTItTJoSs RFsfMEu.
Another proposition from the baniho.deTs'
committee. which hal been previously for
Waried oy them to the Governor, WAS then
slom tied 20 yOur mmssion.
~ tins proposition the bOndhoders' com
mlttee exprrsse themselves as still ad erng
t. the opinion that their previous PROPOSE
ton was within the pr.nci lies OF the Riddle
berger bill Hul also within tle ablty oil the
State. Never. eless ttsy submitted az
amended proposition stating that he
comuittee proposes 90 surrender as o. July
lst 1851 not less than c-3.OJO uOl .lrncli al
and Interest," for such proportion o.
81 g.lO0,OlD Of new three per cent bonds rs
tie amount SURRENDERED bears 10 .zS O1O OlD.
proposition also for the reasons stated IN IT.
reply 10 the bJndhO.ders' committee OF June
3. 1871.
Thereupon a sal committee OF two from
Your commission was appOuts 10 confer
with ub-commlttre OF two RON tine bond
holders committee, with WON. II posi-
lle. of arriving az some basis tor further
ue-olati0u.
The action of the suh-committee appears
from ITS report to yolr tul commi~~i il. Med
with the minutes of pro eedlnss, herewith re
tanned.
ON lho 18TH of November y"ur comm.ss.on
suggested tu the houdi Oider,' committee
Willingness o. report .avorabiy % the LeSisiH
ture lrop0s llou 10 settle the ou. stand ~
unsettled dc I ou tine bas.s d. an i~sue oi new
bonds not t1 exceed a maximum OF -iNuJt-
OJ0. O. he exchanged Tor outst audlug rn.ott'e eel
o. legations no the proportion OF eighteen To
t1qeLtl-elght such new bond, 90 run one nun
drei years and 10 boar Yer cent. interest +
ten wears and ler cent. Tor ninety years.
Z JUS wOulI give lu exchange for tie f-5.O o.
0lO o. outstanding obligations held ~ the
b adj oil .ers committee something less than
sl5.OO0n 900 of the proposed Lew bonds
j. re ,lv % th.s sl s-su ia. me bon iho.d-
srs committee stated that they wodld
-0mmuu.ca. 10 .ler deposiIing security
holders. bat won not advise It's acceptance
70 CONCENTRATIONS on IHt coNM-IrEE.
Continuing. the committee SAID We
NiI however cheerful recommend either
F.. t.e follow ~ prop sitions three Der
, vt IJI year Ooat. s.mhar IA I I'm ana
features TO the Riud.eborger .onds, LOT g 90