The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-20
FnOn hICtI MoND.

with an outline OF the debate in the
House of Delegates, on Saturday, in re.
gard to the state debt OF Virginia. We
quote the following synopsis of the re-
marks made by the different speakers
Mr.. Il. Turner took the ground that
Virginia was not bound in law, honor,
or honesty for the entire debt contract
ell by The whole Stale prior to the war.
and he would never sanction the idea,
nor consent to any attempt TO pay the
debt for a large proportion OF which
West Virginia WAS bound.
hr. uerndon thought unless we vol
unfairly took action ON the subject we
should, ere many months rolled by, be
cneIeeo INTO action. The State OF Vir-
GINA owed the entire debt, and was Le
ldtty bound 10 pay it, no matter what
Inisnt be the moral oLIL1dtion OF West
Virginia.
Mr.. Baldwin hoped the assembly
would not adjourn without taking
some action on the SJate debt, and using
some means to establish the public
Credit aud restore the public faith,
which should be held invIolate at ali
hazards. the public debt was held
sacred by all civilized nations, even in
war ana when due TO enemies. Detail
cation on the part OF State was even
more disgraceful than that OF private
debts OF honor.
Mr.. Leonard inquired whether If
West virginia had embraced two-thirds
oil the territory, resources, and Dopula-
ZION of the old State, the weaker sec
ton should still be bOun for the entire
debt in the event ofthe refusal OF West
virginia 10 pay any portion oft?
MIR. Baldwin replied that he had al
ready stated that he considered both
States liable and bound, legally and
morally, for the payment of the debt.
We could not afford to repudiate any
part OF the debt OF the State, when the
Interest could be paid by the trilling
tax OF forty i've cents on the 500.
Mr.. n. Turner said to pay the interest
on the state debt would require double
that tax.
Sfr. Crump said tax of forty-five
cents would pay the interest ON the
principal OF the debt, but would not
touch the accumulated interest, which
would require.An additional tax of fif-
teen cents on each 500 OF property.
Mr.. Baldwin said that even allowing
the necessary tax TO be sixty cents, the
cry OF inability to pay the tax was
ridiculous. The rate OF axation would
then be less than in almost any State n
the Union. The tax in West Virginia
was $40 on every 500 worth of
property.
Sir. Seawell hoped members would
not he terrified by the cry OF "repudia-
tion," which no man condemned more
than himself. He wished 10 pay every
dollar of interest due on every dollar OF
the debt properly owed by Virginia !;
but he did not consider our people able
10 pay tho debt owed by West Virginia
The state OF Virginia had no existence
Suye III the past. 1t had been reduced
to IL state of territorial vassalage, and
the acts of its provisional Assembly
had no more weight than the military
authorities saw tit to cOnceds to them
Our Industrial system, already shat
tered by the war. would be still further
weakened by the introduction OLA new
political element, which would distract
the attention, and relax the industry of
our agricultural lubOrers, by drawing
them To lhs polls and TO political de-
bates, to the neglect of their duties.
1t was u settled principle of interna-
tiOual law that in the event of IA divi-
sion OF IA country each OF the parts was
responsible for AN equitable portion OF
the public debt.
He thought the bill reported by the
Finance Committee contained far more
OF reputation than the substitute
offered by him. That billSrequired the
creditors OF the State to accept less than
Ihe interest due them, and compelled
them TO ubrogate the contract formerly
entered into with the the State, under
penalty OF receiving no interest what
-ver.
Who would be disposed to exchange
bonds formerly given by the State, for
thirty years bonds issued by the pro-
VisiOuai government of IA territOrvT
lie WAS opposed to scheme which
proposed to continue its operations so
Tar into Il future which was So uncer-
tain.
House adjourn it adjourn to meet ut
IL y. NJ. on Monday. Agreed to:
MIR. Crump moved to postpone the
bill, and ma he il the special order for
Monday ut u NJ. Agreed to.
The disposition of the Eastern vir-
ginians to provide ways and means for
meeting the interest on their State debt,
under their present cloud OF difficulties,
Is certainly creditlble to their sense of
honor, and we commend their conduct
under the circumstances as a species of
moral heroism. In taking it for grant
ell MS they do that West Virginia will
assume her fair proportion OF the debt
at the proper time, we think they are
not mistaken. West Virginia will pay
what she ought to pay. or course she
Is legally bound along with tho Old
State. Morally there is quite differ
ence between the two. Old Virginia
got untold thousands from us in the
way of taxes for her own exclusive i'm
provemenls. She it was who created
the debt and for whose benefit bonds
We're issued She was the dominant
partner in the concern. And although
her acts bind us ~ between the
two States and their creditors, yet
~ hat ,yaaY, fbDpaaly oS ,hn 1. a.,
who ought in the main to foot the bill,
And while West Virginia will not and
cannot deny her obligations to bond
holders, yet she will insist that Vir-
GINA assume the whole debt in the first
place to them, and then she will assume
10 her what is fair and honorable. The
Richmond Wig comes pretty near ex-
pressing our idea when it says that ''Ihe
''debt being contracted in the name OF
"Virginia, she stands most conspicu-
''ously forward as the party response
. .'ble to bondholders, and that while she
SHOULD take all neediuI steps to pro-
''cure n settlement with West Virginia,
-+she is bound by common honesty, as
Shy a wise regard for her standing in
1.-THE markets of the world, not to deny,
"deiny or tribe with these creditors,
however West virEinia may act to-
"wards her"
But leaving the question of the State
debt, we turn t. the discussions going
on in the Richmond papers in regard
TO the Reconstruction situation of the
State. The status of things is lar
enough from their choice, but they are
getting somewhat used to the idea of