The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-17
The Debt Of virginia.

70 Ha Eseelleney, W E. &sptnAon''

urop0sing an adjustment o., the debkqt
VIRGINIA. between the two States, presents
a subject of deep interest andgreat maSni'
tudG.
a careful examination Of this subject,
and u rigid investigation Of the purposes
for which this debt was incurred, should
be made. As Governor Of the State, the
people will naturally look to you to see
that proper result Is arrived at; and
you will, l am assured, feel Il incumbent
upon you to interpose your power and In
fluence to prevent detriment TO our tax.
paying people. !, therefore, venture TO
suggest some views upon this subject,
which occur TO my mind as appropriate to
be considered.
First, and preliminary to this subject, we
should consider that this State is result
of the war. 1t is established, and will be
maintained; and whatever may have been
my position in the strife which brought 1t
about, like all the other results Of the war
good and bad-I abide by them, and am
disposed 10 adhere to the good and lend
my support to the improvement Of tho
bad The State thus coming into existence
without public funds, state: house, public
buildings, or State institutions, had, and
still has this work TO do; and our people
must possess the endurance 10 perform 1t.
All these were within the territory Of the
old State, and 1t now possesses and controls
them.
The people of the territory now en-
braced by West Virginia, prior 70 Janu-
ary, 1859, and from time long anterior,
contributed by taxation to pay the inter.
est on public debt accruing from an ear
" day to the time stated, and then amount
ing to $11,071 1888 80. Now what was
this part Of the public debt incurred tor!
II cannot be denied that It was for public
improvements almost exclusively within
the present territory Of the old State
thus contributing TO build up the then
State Of Virginia, to augment values, to
build up commerce, trade and thrilt, with
out profit directly to this cls.mountain sec
ton. In all I have said or propose tosay,
l do not consider this question with refer
enoe TO the rights of the public creditors,
but only with reference to an "eQHitGbl6"
adjustment Of the debt between the old
and the new States; und here suggest
that very insignificant part Of this part
Of the debt was devoted to the improve
mcut Of this section Of the State. Alter
1852, the Legislature, in lavish manner,
entered upon large internal improvements
and enterprises, and the public funded
debt was increased to LIST Of january, 1850.
exclusive of GUARANTEES, by the addition Of
$19, 7O7, sci SO; and Of this It Is within tho
memory of all that but very small por-
ton of 1t was expended in improvements
within the territory Of West Virginia.
UpOn this debt, and OH the old debt, our
people continued, until 1851, to pay their
share of the interest promptly US 1t &C.
crucd; and 10 contribute to the
sinking fund. The fruits Of the debt thus
made, and for which We contributed by
the payment Of large interest, exist now
as investments in internal Improvements,
held by the State Of Virginia; and al
though not now very productive in the
form of dividends, yet no compensation
can be made to the people Of Virginia.
We all know the benefits Of such invest
mcnts are not in dividends, but runs
through ages, dispensing prosperity, trade
and wealth to tho people Of Virginia.
These vast appropriations, for which this
debt was incurred, were made not alone
with the expectation Of actual direct pro.
TT, but for tic incidental advantage Of the
people, in situation and in localities, to
enjoy the facilities and outlets to market
which the people Of that State now enjoy.
It may be said, and the actual fact Is real
lied, that VIC do not receive from this
great outlay but 4 paltry part of the ad-
vantagcs referred TO, and incomparably
small In comparison TO those now enjoyed
by the people Of Virginia. Who can pre-
tend to be able TO calculate this profit to
the people Of Virginia in the past-muca
less the rich harvest for them in the fu-
ture! The debt was made almost cxClu-
sivCly 10 afford outlets to almost every
part Of the present territory Of Virginia to
the sea.board; and railroads, canals, and
other improvements amitY every portion
Of that State.
The action Of the authorities Of Vir-
ginia, since the war, in paying two-thirds
Of the interest on the public debt, implies
the belief upon their part that this State
should pay tho remaining third part Of the
principal and interest. insist that It Is
not question of arithmetical calculation
no interest rnle--no rule Of multiphca-
ton, satisfaction or addition will bring
about an equitable result, for the reason,
as have shown, as we all know, fruits
realized and In store from tho investments
made, and for which tho debt was incur
red, have been and arc for the benefit Of
the people Of Virginia, to our almost en-
tire exclusion. Looking to the great pres
ent and prospective advantages to tho
people of Virginia from these investments,
II they have 10 pay for them they will re.
ccivc an equivalent, without regard to
dividends on the public investments. We
cannot receive an equivalent, because their
great improvements cannot profit our poo
pie. Their lands and property have been
greatly enhanced through the influence Of
these Internal improvement arteries ours
have had no such influences TO appreclate
their value. ''
But are we, IN making an equitable"
adjustment, to look alone to the incidental
advantages to the people Of Virginia, who,
maintain, should pNy the debt incurred
for their benefits The inquiry will natu.
rally be made, how much Of this public
debt was made for these improvements!
l propose now TO present my understand
Ing Of the actual financial condition Of the
State to January, 1850. Take this date
because I derive my knowledge from a
report l made in 1860 to the Senate Of
Virginia-at which time I was q member
Of that body-thc accuracy Of which l
have not heard questioned.
The funded debt-not since materially
increased the State, exclusive Of State
bonds held by the Literary Fund, &C., was
then US follows:
Funded debt :. 81, 9l6,6S IS
Guaranteed bOlitlS OF the James RlV.
er and KanaWhA Canal Company. $4,000 90