Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1870-12-16

this is mere assumption, without any sub
stantial foundation The first Legislator
of Virginia which assembled after the war
and the legality of whose ac's has neve
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 nov
nearly all the interest due upon the Stat'
debt up to January. 1867, has been paid il
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
! a division between the two States Of the orig
inal indebtedness in its original form Such
transaction would be impracticable, if not
mpossible. The Obvious intent and mean
log of all the legislation upon this subject,
by each State. is, that whatever amount the
State of West Virginia ought to assume
should be paid into the treasury of the State
of Virginia, to be by her used in the ex-
tingushment of the original debt. The
bonds are the bonds of the State Of Virgin
la, 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 resanctioned 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 o
be borne by the State Of Virginia and West
Virginia, and shall propide 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 he arbitrarily assunl-
ed that one third of the debt is the proper
tion't to be paid by West Virginia? What is
the basis of this assumption :? Upon what
princi pie 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 a settlement should
be made. After deducting from the total
| debt the market or cash value of the assets
or securities (bonds, stocks, &c y held by
either 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 1t is plain
and simple proposition, not unlike the clos
ing up Of a -eopartnership The assets
must first be applied to the cxtinguishment
of the liabilities, and, if insufficient for this
purpose, the deficiency must be met by the
copartners in proportion to the original in
terest Of each respectively 10 the adventure.
Upon this basis, it appears to me, the ques
ton at issue between the two States could
be readily, fairly and satisfactorily solved,
Until, however, a final adjustment Of this
matter is reached, it can only he regarded
in the Ii hit Of claim or asset Of uncertain
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 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
unavailing. The Legislature of 1867 n-
stituted measures for the organization of a
joint commission for the adjustment of this
matter, but our action met with no favora-
Bile response from West Virginia In Feb
r airy last, you passed an act authorizing
the Governor to appoint three commissioners
to adjust and settle this claim. | at once
transmitted a copy Of this act to the Govern
or of West Virginia, and requested him to
procure the enactment of a similar law by
the Legislature Of his State also appoint
ed CONN issioners, 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. l am informe
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 ac-
knowledged, nor, SO far as [ 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, a new administra-
ton will assume the control of the affairs of
West Virginia-an administration largely
representing the intelligence, integrity and
property of the State. The new admins
tration could do no act more significant of
lis honorable intentions, more creditablo to
the people who elevated it to power, or more
suspicious of its future success than by
promptly iuaugurating measures for the
speedy and final adjustment of the dit1eren-
ces existing between the State it controls
and the old mother Common wealth, from
whose side she was torn without even the
semb ance of law or precedent. Let us, at
least, afford the new administration the OPP
portanity Of manifestiug its intentions, aud
its appreciation Of honesty and fair dealing
The mode Of settlement which you inaugu-
rated, in my opinion, is too cumbersome,
and will be attended with too much delay.
The better course to be pursued, is for the
two States TO submit the whole question to