The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1870-12-15

no Bread would be a manifestation to that
extent Of our intentions and desires to meet
our obligations as rapidly and fully as cir
cumstances would permit.
Another proposition entertained by some
is, that the State should only pay four per
ccnt,fns interest per annum until the State Of
West Virginia assumes her just proportion
of tho debt. This proposition is based up
on the assamption-6rst, that this State is
not liable for the whole debt; and second,
that the proportion OF that debt which the
State of West Virginia ought to assume and
pay, is exactly one-third of the whole. But
this is mere assumption, without any sub
stantel foundation. The first Legislature
of Virginia which assembled after the war,
and Che. legality Of whose acts has never
been questioned 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 funding
has been going on ever since. until now
nearly all the interest due upon the State
debt up to January, 1867, has been paid in
new bonds of the State of Virginia. The
holders Of these new bonds are as clearly
creditors Of the State as the holders of the
old bonds issued prior to the war. The OBJ
legation 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, but, in their issuance, the
State, in the most solemn manner, ac-
knowledged her liability to pay the princi-
pal of the debt upon which this interest had
accumulated. 1t was, in law, a new assunap-
sit, as binding, in every respect, as the
original promise. Again, it was never in
tended or contemplated that there should be
division between the two States Of the orig
inal Indebtedness in its original form. Such
transaction would be impsacticable, if not
ipg Of all the legislation upon this subject,
by each State, Isl that whatever amount the
State of West Virginia ought to assume
should be paid into tho treasury Of the State
Of Virginia, to be by her used in the e0-
tinguishment of the original debt The
bonds are the bonds of the State of Virgin
ia, not West Virginia and to the treasury
of the State Of Virginia does the creditor
look for the payment of his debt This
view was incorporated into the Legislation Of
1866, and resanotioned by the people of this
State in the adoption Of our present consti-
tuition, the nineteenth section Of the tenth
article of which declares that ''the General
Assembly shall provide by law for adjusting
with the State Of West Virginia the proper
ton of the public debt Of Virginia proper to
be borne by the State Of Virginia and West
Virginia, and shall provide that such sum as
shall be received from Vest Virginia shall
be applied to the payment Of the public debt
of the State" Again, in advance Of any
settlement, how can it be arbitrarily assum
ed that one third Of the debt is the proper
ton to be paid by West Virginia? What is
the basis Of this assumption? Upon what
principle and upon what facts is the estimate
made That we have a just claim against
the State Of West Virginia, [ entertain no
manner Of doubt, and [ am equally clear as
to the basis upon which settlement should
be made. After deducting from the total
debt the market or cash value Of the assets
or securities (bonds, stacks, &c } held by
eithsr State, which originally belonged to
the State of Virginia, the remainder of the
debt should be apportioned between the two
States in proportion to the population and
taxable valuations of each. It is plain
and simple proposition, not unlike the clos
ing up of a copartnership Tho assets
must first be applied to the extinguishment
of the liabilities, and, if insufficient for this
purpose, the deficiency must be met by the
copartaers in proportion to the original in
terest Of each respectively in the adventure.
Upon this basis, it appears to me, the cues
ton at issue between the two States could
be readily, fairly and satisfactorily solved.
Until, however, final adjustment Of this
matter is reached, it can only be regarded
in the light Of claim or asset Of uncertain
value, not in anywise affecting our liability
for tho whole debt Whatever sum may
be eventually realized from this claim, must
be paid into the treasury of our State aud
applied to the liquidation Of the debt of Vir-
ginia the Same as other funds appropriated
for that purpose. But thus far there have
been no satisfactory Indications that the
State of West Virginia intended to acknowl-
edge herself liable to us for any portion of
the public debt All our efforts up to this
time to effect Just settlement have proved
unavaiing. The Legislature of 1867 in
stituted measures for the organization OF
Joint commission for the adjustment of this
matter, but our action met with no favora-
Bile response from West Virginia. In Feb
ruary last, you passed au act authorizing
the Governor to appoint three commissioners
to adjust and settle this claim. | at once
transmitted copy efthis act to the Govern
or of West Virginia, and requested him to
procure the enactment ofa similar law by
the Legislature of his State, also appoint
ed commissioners, who, at my instance,
promptly repaired to the capital of West
Virginia and urged upon the Governor and
Legislature the propriety and necessity OF
prompt action on their part. lam informe 1
that the Legislature did authorize the ap-
pointment, by the Governor, Of commits
sion to meet ours and adjust the debt; but
up to this time the receipt of my communi-
cation by the Governor has not been &C.
knowledged, nor, so far as l am informed,
have any commissioners been appointed by
him. These facts and circumstances, as
well as information derived from prominent
and influential citizens Of West Virginia,
have led me reluctantly to the conclusion
that the prospect Of voluntary and salts
factory settlement Of this matter is not OF
the most encouraging character. With the
incoming year, however, new adminlstra-
ton will assume the control of the affairs OF
Woss Viro;nia-an administration largely