Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1870-12-09

tenn OlateQ tU6G luGEG SllUulu DC u ~
tween the two States OF the original indebted
ness IN its original form. Such TRANSACTION
would be impractcable, If not impossible.
The obvious intent and meaning OF all the leg
isla,ion upon this subject by each State is, That
whatever amount the State of West Virginia
ought to assume should be paid into the lrea-
sury Of the State of Virginia, to be by her
used 10 the extinguishment oil the Original
debt. The bonds are the bonds OF the State OF
Virginia, not West Virginia; and to the treas
ury of the State of Virginia does the creditor
look for the payment Of his debt, This view
was INCORPORATED into the legislation OF 1850,
and resanctioned by the people of this State IN
the adoption OF our present constitution. inc
nineteenth section of the tenth article OF when
declares that "the General Assembly shall pro
vide By law for adjusting, with the State =, VI
West Virginia. the proportion of the puoHc
debt Of Virginia proper to be borue oY inc
States of Virginia aud West virginia
and shall provide that suoh SUBJ ~ ha!l
be received from West Virginia shall! be appil
ed to the payment of the public debt OF the
State" Again, in advance of any settlement
how can it be arbitrarily assumed that one
third OF tho debt is the proper proportion 10
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 ust claim against the State or Nest
Virginia, entertain 10 manner OF doubt, ana
I am equally clear as to the basis upon which
a settlement should be made. After deduct
ing from the total debt the market or cash val
ue of the assets or securities bonds, stocks,
&C. held by either State, which originally be-
ged the State of Virginia, the remainder
Of the debt should be apportloned between the
two States in proportion to the population and
taxable valuations Of each. 1t IS a plain and
simple proposition, not unlike the closing up
of copartnership. The assets must first be
applied to the cxtingulshment oil the lia5lltleG,
and, If insufficient for this purpose, the def
ei sI' must be met by tho copartnors in pro-
portion to the original interest oil each respec-
lively in the adventure. Upon this basis, it
appears to me, the question ct issue between
the two States could he readily, fairly and sa-
tisfactory solved. Until, however, final al
iustnent of this matter is reached, 1t can only
be regarded 10 the light Of claim or assest OF
uncertain value, not in anyWlse affecting our
LIABILITY for the whole debt Whatever sum
NAV be eventually realized from this claim
must be paid into the treasury OF our State
and applied TO tho liquidation OF the debt OF
Virsinia the same as other funds appropriated
far that purpose. But thus lar there have
been 20 satisfactory indications that the State
Of West Virginia intended to acknowledge her.
self liable to us for any portion Of the public
debt. All our efforts up to his time to effect
lust settlement have proved unavalllng. The
LEGISLATURE OF 1866 instituted measures for
the organic ,ion of joint commission tor the
adjustment of this matter but our action met
with no favorable response from West Virgin
ia. In February last you passed an act author
ling the Governor to appoint three commIs
sonets to adjust and settle this CAIN. al
once transmitted copy Of this act to the Gov
e1nor of West Virginia, and requested hin 10
procure the enactment oil similar law by the
legislature Of bis State. [ also appointed com,
missoners; who, at my instance, promptly re-
paired to the capital of West Virginia and urg'
ed upon the Governor and legislature the pro
priety ard necessity Of prompt acuon on their
part. | ain informed that tho Legislature did
authorize the appointment, ny the GOVERNOR
of q commission TO meet ours anu august the
debt but up TO this time the receipt OF my
communication ny The Governor has not becn
acknowledged, nor, so lar aa | am Informed,
have any commissioners been appointed by
him.
These facts aud circumstances, az well as in
formation derived from prominent and lnt1ucn-
,ia citizens of West Virginia, have led me
reluctantly to the conclusion that the prospect
of voluntary and satisfactory settlement OF
this matter is not Of the most encouraging
character. With the incoming year, however,
new administration will assume the control
of the affairs o! West Virginia-an adnlnistra-
ton largely representing the intelligence, To-
tcgrity and property of the State. The new
administration could do no act more significant
CT its honorable intentions, more credltable to
the people who elevated it to power, nor more
suspicious of its future success, than by prompt
| y inaugurating measures tor the speedy aud
| Goal adjustment of the differences existing be.
| tween The State it controls aud the Old mother
Commonwealth, from whose side she was torn
| without even the semblaDce OF law or prece
| dent Let US, at least, afford the new admin
! istration the opportunity OF manltestlng Its
| intentions and its appreciation Of honesty and
| fair dealing The mode Of settlement which
you uauguratcd, in my opinion, IS too cum
! tcrsomc, ard attended with too much delay,
| The b1lter course to be pursued Is tor the two
States 10 submit the whole question to arbltra.
| ton. Let each State select one dlsnterested
| arbitrator, and the two thus selected. third,
to whom the whole subject shall be submitted,
and their finding 20 be final ard binding upon
the two States. This is fair and equitable
| mode OF adjustment, and, if rendered by you,
cannot but believe that West Virginia will
promptly accept it. II she refuse, you will
have the satisfaction OF knowing that you have
exhausted all honorable means to obtain set
Element, and will then be amply justified in seek.
ing your remedy through the only inslrumen,
tally remaining to you-thc Supreme Court OF
The United States. Whichever course may be
adopted, considerable time must necessarily
clapsc before final settlement can be made
In the meantime, cur public creditors are justly
anxious for some action on your part looking to
resumption OF the payment of interest upon
our debt.
A considerable portion Of our debt is owned
| by cur own people. Is it just to compel those
| peopc to pay the State taxes while the State
| is in arrears CT interest to them? Many oil
our bonds arc held by the trustees and guar
dams of widows and orphans dependent for
subsistence and education upon the income
from this source. Much of the debt is held in
both this country and Europe by original in
vestors in the same, at the highest market
value when created. 1t is that since the wal
many holders Of Hirginia bonds Including