Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1892-01-15
The Debt Settlement.


ratification Of the agreemens CT the State
commission and the colt committee for the
settlement Of the SAFE debt OF Virginie.
The document is lengthy one, ard re-
views the history and provisions Of the fund
Ing bill OF 1871, the McCnlloch bill o! 1879.
the Riddiebsrger bill Of 1882, and the O:cott
plan. he says:
Toe State hss saved, in consequence OF
bondaolders falling TO fuad. under he BID
dleoerger bill. Ia interest. 1854 $50 81:
Ttis tas enabled her 20 spard s., 3S5 055. %
ia the pulcnase of g .357 SIS 60 OF her o~n
bord., snd thereby reducing hsr debt 70
thst extent. Sae has also Iaid 81 COO, O0O
s!yearsges Cue public schools, ano SSI9 w
OF interes: due the literary fund, 500 Coz 10
her disa Died soldierP, spd sha has spent over
81 coo coo IL the eniafgi1g, iupro 7;De, and
IN the support OF her e!eeMoaynary iosIiiu-
liona. This Indispensable Sork could rot
have been done With our present rate OF
taxation had the whole deb. bean faded In
1882.
Il ursirg the socep!sncs Of the 0 oost
con- missions terms, the Governor ssSs:
When We eorsidar the time CT this settle
nent ecd the terms OF 1t, there can De no
donb. iha. 1t is the moss favorable PROPOSE
ton We have eve7 receiyed. Lst Us then
rot be in default, bat do everything wien
is rtoui,sd Of Us to make good the agree
mens on our part by an acceptance OF ne
| o colt settlement, and provide for the Eqoi
dstlon OF the amount assumed.
BIZ th!5 settlement We 9ill have accom-
pl'sSed much fer Virginia beyond wbet the
/ figures disclose. We haTe eliminated the
public debt from The politics Of the state,
where IL has been hsrsesirg question Tor
many years, dividing the people and em-
bi.te.log party feeling. BeEides, it Will re-
store confidence IN us and strengthen cur
! credit, because the cusi. esq aud coE Defcial
weird will see tha. ia coed faith We have
| done all we could do srd sll that We were
ssked 10 do to satisfy our creditors. IheS
have selected their own ssen;s-sfraneefs
to us-Nstchfui Of their rights and Jealous
F.. II guarding heir Interests, snd, sHer much &C.
) liberation and thorough examloeiion OF this
] delicate and perpiexirg question, 6aveptep par
/, ed and proposed plan for The equitable ao'
| ius,mt n. OF The deb, which has osen accept
| I'd By you, commission Oh the part Ct VIZ
e!uia, THE tordoolders' onmittee cheer
] fully recommending IL he ssttlemen0 10
thei. constituents" L. wss submitted to
their advisory toafd-me1 OF their choice,
;such men ss Cleveland. Bayard, aod othsrs
j oil ns,iousl repu!atioD-their frerds, nos
ours. "Thsy approved end recon- N andeo
the plan OF settle nent Of the Virginia debt
sfer having carefully considered the q1es'
ton 10 all Of lie complications"
II, then, they have sen to us their a9snla
With their proposition, end We have accept
ed II, and are prepared to comply With ths
terms OF tie settlement on our part, the Gel
um Of repodia,iop doea not rect On us, aud
when charged egains: Virginia Is false acc
s'sndercus.
will say to the bondholders Eho are still
hoping fer better terms, and will not fune
under tie proposed Law, that this is imposed
bic without increasing the taxes. The PEG
pie will DOT and cannot submit to an 10
crease OF taxstiou-eo say they all. They
have said go in The legislature, lhey have
said h!s 10 their conventions, and at al
times and every where. Oar people are
united on this subject, wi hout DISH acslor
Of party. Aud they declare farther thai
heiT children shall be educated that The
light Of our higher schools and colleges shat
not be e1tineu!saed. We intend tlso The,
our unfortunate iasaue shall be cared foE
our old soitliers and their widows staii MOI
b. Neglected. These determinations are
fixed In the hearts OF the people of Virginia
and they Will not abandon them. These
We coueider, are our highest obligations, and
20 them We will be faithful, though crus
necessity may compel us to be Delinquent tc
others. These declarations srs not intended
90 threats. bu: are frank expression Of The
opinions Of the people.
The report oil the C,mmlsslon, which Ii
signed by all the members, is full and
vouminous paper. Much OF the report IL
devote d to history Ct The financial condi
ton of this State since 1866. and the vsricus
attempts made to settle TIE debt. Reaching
the les6j user period, the report ssys:
The res0i1ster parry was Triumphant
ell along the i,e at the fall elections Of
1881, securing the Governor as we'll as both
branches OF the Legislature by large maj ,r-
itiss."
| spesk!eg If the Riddlebsrser bill and the
amour. Ct iudt b.edness assumed thtrenn'
der, the Commission cay:
"The re.ult OF this account bowed III:
whole Indebtedness CT the State, from tie
stsndp oint OF The legislature, 10 be as o.
Juiy /. 1882. s21 OBS. 81, principal aud In
teres;.
"Toc enacting part Of The bill. however
made the amount larger then ibis bY se7e'
raj millions. l. Ia also claimed and conce'
dad By many that certain errors we're nsde
in the amounts assumed TO be outstanding
asainst the SAFE, sid In t re application Of
in.eFest payments, 30 that The amount really
assumed By tia Safe under ihs principles
Of b, Rlddlebssgsr bill, oonceding III, COZ
rec,re,s OF The rate OF scaling f1sd BY It,
va, ltr4ey in excess Of that apparent upon
it's face"
Ths Commission reviews q! length The
various li.igsiions before The United States
Supreme Court, and the effects to tie State
OF the decisions Of hat tr!bu ,al.
1.-THE whole amount OF ts1-receivablf
couoons," says b report, nov ous'aud'
ing about s7,O27.O22 Thls added to h.
principal CT 'hs bonds siill Gu tdIrs
besi1g taz.'eceivane e cog oo, makes Sc
muu amount of all unsettled obligations
ouia!ardiug against b, 8 ate, which there
i, any probability OF Der having to provide
for, Is placed By The bondhoidsrs' comtni''
o., 2OQ mn h.