The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-02-18
THE DEBT OF vIkG1NIA.

= Richmond EdItDrs. View of the
Way ia which IT ShOuId be Divided
The Difficulty about West VIr-
EInta-
From EsC RieIysoHd E7lg Of The I4ts.
There are two bills before the Gener-
al Assembly which relate to very
important subject-the payment of the
interest on the State debt, and provision
( for the future payment of the princi-
pal. One is known as the House bill,
the other as the Senate bill. They look
to the same object, but differ in princi-
pie and in detail. The Senate bill re
cites statistics contained in the report
of the Auditor for the fiscal year end
ing 30th SePtemb Der, 1866, from which il
appears that by the secession of the
counties composing what Is called the
State of West Virginia, this State has
lost nearly oue-half of its territory,
more than one-third of its white popu-
lation, and nearly one-fourth Of the
value of its lands, lots and buildings,
property, whose value cannot be cor
rectly estimated. These statistics are
made the basis for the following pro-
ject: Virginia TO assume the payment
of two-thirds of the obligations OF the
State outstanding immediately prior 10
! the withdrawal of West Virginia, and
to suspend the remaining third of such
obligations until the proper proportion
I of the liabilities of West Virginia shall
be ascertained "by negotiations or 9TH
"erwise." The bill provides a mode by
which creditors of the State holding
certificates of Indebtedness may sur
render the same, and get in exchange
certificates for tIu0-thirdS of the amount
surrendered, and receipts for the re-
/ manning third, the certificates to bear
the like rate of interest with the Ger
/ titicates for which they were eIchafg-
q al ii haETinor Ef- Tsr1r
! jected TO the following process, which,
I for the first ten years, makes an aver
! age of six per cent, viz: Four per
! eentum per annum for the first of said
! years; five per cent. for the next; six
Z per cent. for the next five years, and
seven per cent. for the. next three years,
I with six per centum per annum after
/ the expiration of the ten years. These
I certificates of Indebtedness to bear in
terest froul the first of July, 1867, and
to be made payable thirty years from
/ date The Interest to be provided for
by adequate taxation, and TO be pune
( tually paid in semi-annual install
mentsI commencing with the first OF
January, 1865. These are the prUvis-
ions texcluding detailsl of the Senate
bill.
Nine persons out of ten. perhaps,
would, at the first blush, pronSunce
I favorably upon the main feature of this
Z giuia assuming two-thirds, and ma
king provision for the prompt payment
of interest, and suSpeuding the remain.
I ing third until West Virginia's liability
can be precisely 4scsrtaincd 'Eby uegO-
tiafion or Otherwise" Yet the suspen-
sion OF that third until the event hap
pens Eupon which its payment is con-
tingent, VIII be regarded by many as
tantamount to its repudiation-since
West Virginia contemplates but one
mode OF settlement with Nirginia, and
that Is an unfair mode by which the lat
ter would be brought in debt to the
former That West Virginia is honest
" responsible for one-tbird OF Virgin,
las large debt of foTty-ive millions O
dollars, we all know, and We all fee
that she should be made TO pay it.
Hence we say thar the section of thi,
bill which provides for the suspension
of that third, would ~ first blush com
mand the approval of nine out Of ten O
onr Citizens As between Virginia and
I West Virginia such Discrimination o
tho debt into two classes, one TO be paiC
? and the other to be suspended, is man
ifestly just. But we musI look further
: There are other parties besides Virginii
: and West Virginia. There are creditor
; here at the North and abroad-iuno
cent creditors, NOT responsible for an
meditated fraud OF West Virginia III
debts due these creditors were not con
, traced with West Virginia, but wit
) Virginia, when she included the terri
; tory comprising West Virginia. The,
I have no remedy against the latter State
2 We are responsible TO them as long a
, West Virginia falls or refuses to &C