Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1893-07-11
Virginia Not in Default.

Virginia Not iii Default.
The Richmond (Va.) Times says
There is great complaint that the se,'
tlement of the State debt has not been
carried out. The idea prevails in Lon
don that this State has not carried out
her promises. 1 called on Mr.. Ryland
the second auditor, and asked "Havc
you delivered the new century bonds
to the holders of the old bonds?"
Mr.. Ryland.-'I have delivered the
new century bonds to all who have ap,
piled for them, who had deposited their
old bonds with the State. have not
delivered bonds to the bondholders'
committee, who hold manuscript bond
for over sixteen million dollars"
Reporter. have you not de-
livered the bonds to the committee?"
Mr.. Ryland.-"Because the commit
tee have not sent in the manuscript
bond, or demanded the new bonds.
Reporter.-"Are you ready to deliver
them 2"
Mr.. Ryland.-"Yes, 1 am ready, and
have been ready, and would have been
glad to be relieved of their custody ever
since they were engraved last March
and so notified the bondholders' COM
nittee in letter bearing date of March
%, 1898"
Reporter-"Why has not the COM
mttee taken them away 2"
Mr.. Ryland.-"I do not know
Reporter.-"Have you paid interest
on the bonds to the committed"
Mr.. Ryland.-"Yes, / have made
four half-yearly payments, amounting
to over $3.50 900"
Reporter.-"Do ycu know that it Is
reported in London that the delay Is
because the State has rot been ready +
willing to comply with the contract %
Mr. Ryland.-"I suspect so because l
have letters from there asking why the
State does not issue the bonds.
Reporter.-"Is it true that the COM
mittee are delaying the delivery of the
bonds that they may have use of the
six hundred and fifty thousand dollars
paid them as interest ?"
Mr.. Ryland-'I know nothing about
that. | do not know who has the
money"
Reporter.-"Is there any reason that
you know of why the committee might
/ ct have received the bonds last March,
when they were engraved, and have
distributed them to the holders?"
Mr. Ryland.-"As the State was
ready last year to deliver them the
committee IN ght have taken them then,
but could not have disturbed them until
their commissioners had agreed on the
terms Of distribution"
Reporter.-"When did the commits
sionels decide?"
Mr.. Ryland.-"In May last"
Reporter.-"When did you begin the
distribution to those who had deposited
direct with the State?"
Mr.. Ryland. 1.-THE first week in
june
Reporter.-"Has the State complied
with the spirit and letter of the law,
and exercised due diligence in prepar-
ing the new bonds for exchange"
Mr.. Ryland.-'The State has dou-
everything possible to expedite the ex
change, and the commissioners of the
sinking fund would be very glad to COM
plete their work by delivery of the
bonds, but we cannot force the bond
holders committee to receive them"
Reporter. Don't you think the pub
tic ought to know that the State is in
nowise to blame for the delay, but that
all responsibility rests on the commit
mittec of the bOndholderS2n
Mr.. Ryland.-"Yes, l will be very
glad if you will give the facts as much
publ :ity as you can"
1t may be added that if these new
bonds had been put on the market
year ago they would have readily
sold at 60 to 65. Nothing will sell now
at fair price. Some of the new century
bonds have sold at 53, but there are
very few on the market and will not
be until the bondholders' committee
make distribution.
Since the above interview was held
Mr.. Ryland, as president of the COM
mjssioners of the sinking fund, has re-
ceived letter from Mr.. T. p. Olcott,
chairman of the Virginia bondholders'
committee, dated New York, July s..
The letter, which explains itself, reads
as follows: "To enable the committee
to make the proper distribution OF
SIG, 6,359, $50 of new bonds we shall re-
require 13 900 one thousand dollar
bonds and the balance in five hundred
| dollar bonds.
Referring to the letter of the secre-
tary of the committee of March %,
1898, and your reply thereto, we will
send the manuscript bonds properly in
dorsed onTuesday next to be exchanged
for coupon bonds as above stated in
bulk
Starved to Death
IN midst of plenty. Unfortunate, un-
necessary, yet we hear of it often. In.