The Sun.
London, England, 1867-04-23 00:00:00

VIRGINIA STATE DEBT.

We regret to find that the complete settlement of this
debt seems to be still iu abeyance. - There appears to be
every desire on the part of the Legislature and the people
generally to submit to almost any sacrifice rather than
lay themselves open to s charge of even partial repudia-
tion. The chief obstacle now seems to be the unwilling-
ness of Western Virginia to assume any portion of the
liability. What may be their reasons for declining to do
so we are unable to say, but it certainly appears to us to
be unjust, that the old State should lose half its territory,
inhabited by one-third of the entire population, owning
25 per cent. in value of its real estate, and yet be burdened
with the whole debt.
„West Virginia was invited to
appoint commissioners to examine into the debt, and make
a fair appointment to each section, but hitherto, as far as
we can learn, they have either declined or omitted to do
so. Under these circumstances, the State Legislature
has passed the following Act to provide for payment of a
portion of the interest on the debt..

Whereas from the universal loss of property sustained
by the State in the late war, it is found impossible, under
present circumstances, to pay full interest on the public
debt ; and whereas it is the desire and purpose of the
General Assembly to make provision for paying the same
as fully as the resources of the State will warrant, there-
fore

Be it enacted by the General Assembly, that the ac-
counting officers of the Treasury pay, on the Ist day of
July, 1867, and January, 1868, 2 per cont. interest upon
the principal of the public debt of the State, excluding
therefrom the bonds given for interest on said debt under
the act of the General Assembly passed March 2d, 1866,
that being the interest which this State feels obliged to
Pay until there is a settlement of accounts between this
State and West Virginia.
2. Nothing in this act shall be construed as intending
to affect the constitutional requirement providing for an
adjustment with the State of West Virginia of the propor-
tion of the public debt of Virginia proper to be borne by
the States of Virginia and West Virginia.
3. All necessary expenses incurred in carrying out the
provisions of this act shall be paid upon the warrant of
the auditor of public accounts drawn upon the public
Treasury, out of any money therein not otherwise appro-
priated.
4. This act shall be in force from it) passage.

lii II& it will 1)0 seen that repudiation, as generally
connot with j;istice be chr;rg:,able on the
eastern portion of the Kt:tte ; they arc assuming their fair
proportion of the indebtedness, and as soon as West 'Vir-
ginia is willing to take the responsibility of their propor-
tion, we have little doubt the whole can and will be satis-
factorily arranged.

It appears to us, that not only principle, but policy,
dictates a speedy and entire settlement of the whole ques-
tion, as there can be little doubt that, for both State pur-
poses and private enterprise, large sums will be required,
which must be drawn either from New York or Europe,
and which would be obtained on much more favourable
ternts if the old creditors' claims. were previously ar-
ranged.

in January last a propositiou was ma& by the auditor
of the State to resume payment ,;f interest oil a gradttat
§Ole, comilwaying at per ceut. and xi, ing at 1.)(..ei-