The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1892-01-15


Recommended.
RICHMOND, Jan. H.-lSpeciall The
message of Governor Mckinney and the
report of the debt commission were
presented in both branches Of the gen
eneral assembly to-day. Tho gov
ernoc's message reviews the debt legis-
lation from 1871 to date. He de-
plores that the States credit, which
shonld to-day be as stainless as her
honor. has boon destroyed by cruel
fate which every loyal son has striven
in vain to avoid. He rejoices that re-
lief is near through the settlement now
offered, and urges its acceptance by the
general assembly, while assuring the
bondholders who may still be backward
about coming in, that it is the States
ultimatum.
In connection with the messag g, the
full text of the report of the debt com
mission is submitted. This report re :
views in detail the history of the State
debt, and the efforts that have boon
made for settlement. Coming up TO
date it says:
Although some ss,25o, 900 of Riddle
berger bonds have been issued and ex.
changed for outstanding securities.
under the provisions of the Riddle
berger act, yet mparatively few of
that class of obligations which have all
along occasioned SO much trouble, viz,
the taX-paying coupons, and the bonds
bearing them, have been received in eX-
change by the State.
Tho amount of six per cent consol
bonds bearing tax-receivable coupons
outstanding at the time of tho passage
of tho Riddleberger act was about S14,-
100000.
The amount of 1O-i0's bearing three
per cent. interest at that time, but now
bearing four per cent. coupons taX-re-
ce1vaole), was, at tho Same date, about
SS,5ls,O00. Total principal of tax-receiv.
able coupon bonds outstanding at the
time OF the passage Of the Riddleberger
bill, about S22, $685. 900.
Nhc amount of consols now outstand-
ing is about Sl2,02S, 900. The amount
of l0-40's now outstanding is about S.
652, 900, aggregating sis, $50, 600.
So that only about $4,000 900 OF the
bonds bearing the troublesome taX-pav-
ing coupons have been retired under the
Riddleberger act. The coupons matur-
ing on the amount of such bonds still
outstanding, aggregate about million
dollars year. Meantime the success
OF the States obstructive legislation,
sustained as 1t has been by very gen
eral public sentiment, has resulted in
the accumulation of an enormous
amount of past due coupons.
The whole amount of taX-receiyab bic
coupons now outstanding is about ST.
OF, O22. This, added to the principal of
the bonds still outstanding bearing tax
receivable coupons, makes an aggregate
Of about S25,067,0 2a. The maximum
amount of all unsettled obligations
outstanding against the State, which
there is any probability of her having
to provide for, is placed by tho bond
holders committee, as hereinafter
shown, at about S2S, 100000
At this stage-to-wit, on the 5th of
March, lS00-your commission was ap-
pointed to receive proposal for fond
ing the debt from q duly authorized rep
resentative of the creditors, and on the
2Sth OF April, 1891, a Communication
was addressed to the Governor of Vir-
GINA by Messrs. Frederic p. Olcott,
Hugh K. Warden, William l.. Bull,
Charles, ID. Dickey, Jr., Henry Bulge,
and John Gill, constituting committee
for the creditors, which led to the nego-
tiations and the agreement between your
commission and said bondholders COM
mittee, as hereinafter recited.
The first proposition made by the
bondholders' committee to your COM
mission, dated July 9, 1891. expressed
the opinion of that committee that s'the
principles of the Riddleherger legisla-
ton call for an interest charge of over
SS25, 600 per annum, as of July /, 1882,
and the fundable interest which has
been maturing since that date has ma.
terially increased the interest charge.
The proposition contained the state
mont that: "Of the debt proposed to
be funded, there is now outstanding
owned by the public, an apparent maxi
mum as Of July /, 1891, approximating
S2S, 100000. OF this amount the bond
holders committee control not less than
S23.O00,000, principal and interest, to
said date; and the committee hereby
proposes to surrender the same, to-
gether with any additional obligations
which may be deposited, on the basis of
100000, 900 of new per cent. bonds for
the entire S2S, 600, OO0''
To this proposition your commission
replied, under date of Juno 3, 1891,
stating among other things that: The
Virginia commission feels constrained
to decline to entertain said proposal, or
to enter into contract with the bond
holders committee on tho basis there
Of"
On the 18th of November, 1891, your
commission, upon the call of the Cover
nor, re-assembled at his office, in the
city OF Richmond.