The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-12-12

atl On my shoulder, dear, and Ill .'.a
r'..n EEoeEsris london Lyrics.
The Virginia Debt-ViewS of Gov
Walker Touching an Adjustment
with West Virginia. ~ .,'
From Co.. RalEery AeEsGgs Of last Wednesday.
Another proposition entertained by
some is that the State should only pay
four per Centum interest per annum until
the State of West Virginia assumes her
Just proportion ofthe debt This propOs-
ition is based upon the assumption-frst,
that this State Is not liable for the whole
debt; and second, that the proportion Of
that debt which the State OF West Vir
ginia ought to assume and pay Is exactly
one.third OF the whole. But this Is mere
assumption, without any substantial toun.
dalton. The first Legislature Of Virginia
which assembled after the war, and the le-
gality OF whose acts has never been ques.
TONED by us, virtually assumed the whole
debt by authorizing the funding Of all the
interest due upon the whole debt, up to
1867, in new bonds This lundiHg has
been going on ever since, until now nearly
all the interest duo upon the State debt
up to January, 1857, has been paid innew
bonds OF the State Of Virginia. The hold
ers Of these new bonds are US clearly cred:
itors of the State as the holders o. the old
bonds issued prior-to the war. The obi
cation to pay them is as solemn, sacred,
and binding as any other obligation Of the
State. Not only Is the State bound to pay
these new bonds, butin their issuance the
State, in the most solemn manner, nc
kuowledged her liability 10 pay the prin-
cipal of the debt upon which this interest
had accumulated. ut was In law,
q new aSsumpHt, as binding, in
every respect, as the original promise
| Again, it was never intended or cOntem-
plated that there should be a division be-
tween the two States Of the original in
debtedness in its original form. Such a
transaction would be impracticable, If not
impossible. The obvious intent and
meaning of oil the legislation upon this
subject by each State is, that whatever
amount the State of West Virginia ought
to assume should DO paid into the treasury
OF the State Of Virginia, to be by her used
In the extinguishment of the original debt.
The bonds are the bonds Of the State Of
Virginia, not West Virginia; and to the
treasury of the State OF Virginia does the
auditor look for the payment Of his debt
This view was incorporated into the legis'
lation oil 1866, and resanctionea by the
people Of this State in the adoption OF our
present Constitution, the nineteenth sec
ton OF the tenth article Of which declares
that 1.-THE General Assembly shall pro.
vide, by law, for adjusting, with the State
of West Virginia, the proportion Of the
public debt Of Virginia proper to be borne
| BY the State Of Virginia and West Vir-
gfnia, and shall pr00ide LtGt such sum as
SjtaH BE- Teceired from West Virginia shall 10
applied to The payment Of tie public debtof
! he StatS." Again, in advance Of any
settlement, how can it be arbitrarily
assumed that one-third Of the debt Is the
proper proportion to be paid by West
VirginiaP What is the basis oil this
assumption? Upon what principle and
upon what facts is7the estimate made !!
That we have just claim against the
State Of West Virginia, entertain no
manner Of doubt, and am equally
clear as to d" the basis upon
which settlement should be
made. After deducting from the total
debt the market or cash value Of the as.
sets or securities (bonds, stocks, &c, held
by either State, which originally belonged
to the State Of Virginia, the remainder Of
thedebt' should be appOrtioned between
the two States in proportion to the pOpu-
latiOp and taxable valuations Of each. 1t
is q plain and simple proposition, not un.
like the closing up OF co-partnership.
The assets must first be applied to theeX.
tinguishmenk of the liabilities, and II in.
sufficient lOr.this purpose, the deficiency
must be met by the Co.partners In pro.
portion to the original interest Of each re-
speCtiVely In the adventure. Upon this
basis, it appears to me, the question at
issue between the two States could be
readily, fairly, and satisfactorily solved.
Until, however, final adjustment OF this
matter is reached, II can only be regarded
in the light Of claim or asset Of uncer.
tain value, not in anywise affecting our
liability for the whole debt. Whatever
sum may be eventually realized from this
claim must be paid into the treasury Of
our State, and applied 10 the liquidation
Of the debt of Virginia tho same us other
funds appropriated for that purpose But
thus far there have been no Satisfactory in.
dicatiOns that the State OF West Virginia
intended to acknowledge herself liable to
us for any portion Of the public debt ALI
our efforts up to this time to effect Just
settlement have proved unaYailing. The
Legislature Of 1867 instituted measures
for the adjustment ofthis matter, but our
action met with no favorable response
from the State OF West Virginia.
In February last you passed an act ap-
thorizing the Governor to appoint three
commissioners to adjust and settle this
claim. at once transmitted copy Of
this act to the GovernorOf West Virginia,
and requested him to procure the enact
\ ment OF similar law by the Legislature
Of his State. also appointed commits
sioners, who, ut my instance, promptly re.
paired to the capital of West Virginia and
urged upon the Governor and Legislature
the propriety and necessity Of prompt &C.
ton on their part. am informed that
the Legislature did authorize the appoint
ment by the Governor Of o commission to
meet ours and adjust the debt; but up to
this time the recelptOf my communication
by the Governor has not been ncknOwl-
edged, nor, 80 far as am informed, have
any commissioners been appointed by
him. These facts and circumstances, rs
i well as information derived from promi-
nent and influential citizens Of West Yir-
ginia, has led me reluctantly to tie con-
| cIuSion that She prospect Of voluntary
and satisfactory settlement OF this matter
Is not Of the most ncOufaging character.
Il With the incoming year, however, a new
| administration will assume the control of