Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-04-23
olcott Committee and Our Debt.

NoTTowAY COURTHOUSE.
To he Editor of he Dispatch:
Can you give me any information "a 10
the time the Olcott Committee Will dlstri-
butte the new bonds
When the State-debt settlement was
made was II expected that the bonds
would be locked up and the State pay IN
terest TO the committee as long as they
choose t. hold them!
VIVA. Is the matter with the committee
Are they all right
"A BoNDHoLDER BEFORE THE OLcoTr COM
MITrRR Cor Possession"
The bill. approved February 90, 1892 to
provide for the settlement of the public
debt of Virginia" provided that the State
should give the Bondholders' Committee
new bonds for the old securities surren-
dered at the rate Of 10 TO %. but left the
rate of distribution amongst the different
classes Of securities 10 a commission ap-
pointed by the committee. The bill also
provided that any holders of her old Sc
curities who did not deposit them with
the Bondholders' Committee could deposit
them for funding with the Commissioners
of the Sinking Fund, who were authorized
to issue Ito each of the several classes OF
said depositing creditors the same pro
portion as nearly as may be found
in their judgment practicable as
the same class shall receive under the
distribution which shall be made by the
commission for the creditors represented
by the Bondholders' Committee" There
was also clause in the bill which pro-
vided that when the said Bondholders'
Committee shall have presented for eX-
change the obligations aforesaid,
if the engraved bonds hereinbefore au-
thorized are not ready for exchange, the
said commissioners shall, upon application
of said Bondhoders' Committee, issue to
said Bondholders Committee manuscript
registered bond OF the State OF Virginia
for the aggregate amount to
which the said committee may be entitled
for the engraved bonds as
prescribed in this act, and interest in the
mean time on snid manuscript bond shall
be paid as herein provided for on the en-
graved bonds"
Tie manuscript bond provided for was
delivered TO the Bondholders' Committee
on November II, 1892, amounting to
S16. 1853 $50. On the same day the State
paid 1927. 20, being interest for one
year from July /, 1891, TO July /, 1892. On
January 10, 1893. she paid S163,59S.6O, be-
Ing six months interest due January l.
1898. The engraved bonds have all been
printed. and are ready for delivery at any
time they may be applied for, and the
committee have been so notified.
The State has done everything possible
to close up this matter and let those who
are entitled to their new bonds have them.
There should have been some time fXed
IN the bill for this exchange, but every
one supposed that If there should be any
delay it would be occaSioned by the I'M
mepse amount of work 70 be done In the
offices of the Second Auditor and Urea
surer. but these officers have been pushing
the Eew York committee all the time and
could have finished the whole job SIX
months ago but for the delay on the part
of said committee. The " commissioners "
appointed by the Bondholders Commit
tee consist of Mr.. Phelps. on the part of
the American holders, and Messrs. Bralth-
waite and Reed on the part of the English
holders of Virginia bonds. We are in
formed that they have not as yet made
Their report. "A to when they will make 1t
we have no means of knowing.
There was q contract between the New
York committee and the holders of Viz
GINA bonds which provided that every one
who deposited their bonds should pay q
commission of 81 per cent. on the new
bonds when delivered. The committee
has received per cent. interest on the
manuscript bond, and if they wait until
after July LIST they will have received
per cent, which will overpay their CON-
missions by 4 of 1 per cent, so that
if the new bonds are not delivered
until after July /. 1898, the committee
will owe the owners of the bonds =
of l per cent. and tine only thing which
the owners have lost is the privilege Of
trading in the bonds. How far Mr.. Royals
suit. which is still undecided, has inter
fered or will interfere with the delivery we
are not informed.