Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1859-08-29

OF the holders OF Ine oohQS ana coupons Whlcn
had been issued BY the county in satisfaction of
the subscriptions TO the stock !of the Hempfeld
Railroad Company, presented the coupons or
interest warrants held by them;to the court, and
by formal written petitions, asked that q levy
should be.made according to law for their pay.
ment A large majority of the Justices of the
court were opposed to making the leyy.required
by the petitioners. They insisted that the sub
scriptions of the county bad been obtained by
the grosscst Misrepresentation, either fraudu.,
lentlyaot ignorantly made; that, as they were
advised by counsel, these subscriptions had not
been made in conformity with Law; that the
company had agreed to pay the interest on these
bonds until the road should be completed to
Greehsburg, which was known, to the holders at
the time they received them; and that if the
subscriptions had been regularly and lawfully
made, the County Court had no authority to
issue bonds of the county in satisfaction of
such subscriptions. Whilst a majority of the
Justices were thus satisfied that the subscrip-
tons of stock and the bonds Werewholly invalid,
yet, as peradventure the appellatetcourts might
think and decide otherwise, aud thus hold the
county liable for the payment of the full amount
of the bonds and coupons, they deemed it most
prudent to ascertain whether the holders OF the
bonds would not be willing to accept the amount
they paid for them, with interest upon that
amount. Some members of the court had been
informed that part of the bond holders would
accede to such proposition, and was conf,
IDENTIFY predicted that the whole of them would
do SO. Upon such suggestions the court APP
pointed acommittee, consisting Of Messrs. A.
P. Woods, 0he presiding Justice,) 2. Jacob, S.
Brady, Daniel C-List and Jacob Gooding, with
instructions to ascertain for what amount or.
sum incash, to be payablefon4or before the LIST
day of May next the bonds and their coupons
could be purchased from their present holders,
and also to report some feasible plan for borrow
ing on the credit of the county, the amount
thus required for such purchase. It was in
sisted that this was notthe too frequent but
dishonorable trick of fraudulent insolvents,
who having, by dishonest practices, destroyed
the credit or value of their notes aud other
obligations, then purchased them for but a
small part Of their nominal or par value. on the
contrary, it vas nothing olse than the frequent
fortune or the fraud Of another, and without
concealing or.smisrepresenting his means for
payment, proposes or accepts a Just and liberal
compromise.
This movement of the court was, however,
not satisfactory to the bond holders who were
asking thesleyy for the instalments of interest
due on the 18th days of May. and November.
1858, and the 18th May, 1859, and to become
due on the 18th Nov, 1859, and the 18th Nav.
1860. Two of these bondholders had recoy.
cred judgments against the. county for the
amount of "a portion Of the coupons held
by them; and the whole of them. (that is.
the bondholders then before the court urged
definite action upon. their petitions for payment
They insisted there had already been ample
time taken by the county for negotiation. and
judging. from the past, they had no confidence
that the court would act with any increased en. s
ergy or diligence in the future; that the inter.
est upon tho bonds was increasing in amount
and they were reasonably fearful, that if there
was any longer delay, this amount would be-
come burden,impracticable for the county to
carry; and that until the court should provide
for the interest due and to become dine during
the year, they would entertain no such propo.
Sition for adjustment as suggested by the court.
Some of the justices suggested that If provision
was made by levy for the payment of the in.
terest, the holders would be unwilling 10 com.
promise with the county, upon the same terms
as if the levy should DO refused; or in other
words, the payment Of the interest, would so
increaselthe value Of.the bonds, 'tbatltie county
could not make an advantageous purchase
The court therefore passed an order, declaring
it inezpedtent levy for the interest on these
Hempaeld Railroad bonds, and refusing, spe-
cifcally TO levy the amounts mentioned in. the
several petitions presented to them. Before
making this order, the bondholders hadinform.
ed the court, that their purpose was to apply 4
to the circuit court for thecounty snchreiief
as the laws of the land might afford, in enabling
them TO obtain payment of their coupons or
interest warrants; and that as the. majority Of 1
the members OF the court had ayowed the
opinion that these bonds were invalid, they
would have the opportunity of obtaining the
opinion and final decision Of the court Of last
resort, the Supreme Court of Appeals, upon
this question. 1t was of the frst importance
both to the county and bond holders, that. this
decision should be speedily obtained. If these