Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1867-02-28
THE STATE DEBT.

of Virginia and will no doubt pass the !,
House of Delegates. The subject is one
of deep interest to the people: ~
WHEREAS large part of the State of
Virginia, as the same was organized prior
to the 18th of April, 1861, has assumed
separate polite al organization under the
name of West Virginia: and whereas said
State of West Virginia is legally and mor-
ally bound to contribute towards the pay
ment Of the public debt existing at the ],
date of separation; and whereas, until
some adjustment is accomplished between
the two now existing political organizations,
the measure Of Virginia's liabilities cannot
be ascertained; and whereas, while the
State of Virginia will exhaust all her re-
sources to fulfil all her just obligations,
and to establish and maintain her dignity
and credit, yet it is deemed by the Gen.
eral Assembly fair to the creditor, under
existing circumstances, to suspend the.
payment of one-third part Of the debt ex
listing at the date Of separation, to abide
the result of settlement with said West
Virginia. The justice and propriety of
making this suspension is shown by the
following abstract from the Auditors re-
port for the fiscal year ending September
80, 1867: ao.5 .is5
81. Let us consider West Virginia and its ter
ritory. The whole number of acres of land in the
State prior to its ACKNOWLEDGMENT was 5O,536,03O
In the so counties claimed By w. Va. %, l90,816
Or nearly one-half the tel ritory of the State.
"2d. It's white population: a7r, r.
The total white population Of the
State in 1899 was.................. 1,047.5 47
IN w est virginia ooo,o4s
Or ralher more than one-third OF the whole. -
''3d. Value OF real estate fs,..t e.
The total value Of lands lots and
buildings in the State, APP zaag
pears from reports in this Of
iice, was, in IS60.............. S317, 947 liz II
Total value of same subjects in
West Virginia. s3,s03, GAL 81
Showing that w est Virginia embraces within Its
limits fraction over twenty-five per centum. or
! nearly one-fourth OF the total value of the land,
lots and buildings, as reported Tor the State IN ,
1860. Total number OF slaves in W est Virginia,
1881; which, valued at $500 each, will produce
SO, 1870 500
ss1hus we find the astonishing fact developed,
that by the secession OF the counties organic
ed into the new State of West Virginia. this State
has lost nearly one-thrd OF its territory, more
than onc-tlHrd Of its white population aud nearly
oneourth Of the value OF its lands, lots and build
ings, to say nothing OF vast amount OF personal
property the value of which it is impossible accu.
rately to estimate. And here would remark, that
the debt of the State contracted while West
Virginia formed an integral part OF 1T; that by
the votes OF her delegates in the General Assembly
she contributed to its creation, and hence that
she stands this day div bound for its pay
ment as il she had never dissolved her connection
with this State. She Can claim no juster exemp-
ton from its OBJ cations than could individual by
retiring from Ell barrasSed copartnershp, claim
thereby to be exempted from the payment of his
portion of its liabilities. trust she has no purpose
to set up such claim; certainly have no wish
to believe that she has.
But should the result Of such settlement
with West Virginia establish that the State
of Virginia is bound for such suspended
debt, or any part thereof, the credit Of the
State is hereby pledged to meet any such
obligation so made manifest; and so far as
any Indebtedness is fixed upon West Viz
ginia by such settlement. this State will
still perform any obligation, moral or legal,
in seeking to arrange Or procure, on behalf
of the creditor. proper adjustment with
West Virginia.
/. Be It therefore enacted By the General
assembly, That the State of Virginia here
by assumes the payment Of two-thirds of
the principal sum of all obligations of the
State outstanding prior to the withdrawal
of West Virginia from the pre-existing or
ganzation. together with the arrears accru-.
ed on the debt, hereby assume and hereby
suspends the recognition or payment of the
remaining third of such principal aud in,
tercst until by negotiation or otherwise
the due proportion of West Virginia's la
bility for the whole debt is asccrtalned and
established, and thereafter, if this State
should duly appear to be responsible for.
any part of such suspended debt, it will
assume such further obligation as may be
SO made apparent.
2. The treasurer is hereby authorized to
pay out of any money in the treasury not
otherwise appropriated, two per cent. on
the lst of July, 1867, on the debt by this,
act assumed, and two per cent. thereon on
the LIST of January, 1868.
3. Certificates of the State debt may be
transferred under existing laws, and each :
holder or transferee shall be authorized to
collect interest under the act upon two,
thirds of the amount Of debt held by him.
4. All arrears of interest due to the 1st
of January, 1867, on the entire State debt,
including that part thereof hereby suspen-
ded and not previously funded, may be
funded under the provisions of the act pass
ed March 2, 1866, entitled an act to pro-
vide for funding the interest on the pub
lie debt.
5. heinterest on the debt by this act
assumed, accruing after the lst of January,
1868, together with the interest for July,
1867, and January, 1868. remaining UNI
paid under this act shall be raised by ade-
quate taxation, to be assessed and collected
from time to time under Legislation appro-
PIRATE for that purpose. A
s. A sinking fund shall hereafter be
created by appproriate legislation, to pro-
vide for the extinction of the principal debt
in this act assumed