The democrat. [volume] (Weston, W. Va.) 1868-1874, 1870-12-21

.r- tut eOl- '-!ISlp!Hi dsT LS-'Ss ~ s.'e' VI
= 1.-The State debt West Virginia is expected
w to pay.
-AuOther- proposition entertained by
sohe is that the State should only pay four
l-s per centum, psrlannum untiithe State OF
West Virginia assumes her jus, proportion
--o ebs.-TAis proposition is based
j.! upon the assumption first, that this State
s-s ifnot liable for the whole debt and sec
lond .,that tho proportion Of that debt which
,tbeSsate Of West Virginia ought to assume
>: .sandlpas is exactly ope-third of the whole.
But this is mere assumption, without any
substantial foundation, The frs, Legisla.
q !ture Of Virginia which assembled after the
war, and the legality of whose acts has
/ 8 peysrbeen questioned by us. virtually as
"humed' hcw6ole debt by authorizing the
= funding Of all the interest due upon the
whole debt, up TO 1867, in new bonds
szliThis funding has.been going on ever since,
!l11.suutil 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 boldefsof these new bonds
are as clearly creditors Of the State as the
e7holdersof tho old bonds issuedprior to the
sc q war. The obligation TO pay them is as
- solenu, sacred and binding as any osher
,sizs obligation of the State. Not only is the
State bound 10 pay these new bonds, but
q vip their issuance the State, IN the most
va -solsmn manner, acknowledged her liabh-
ssaai lily to pay the principal ftbe debt upon
whiclCthe interest had accumulated. 1t
o. "a vas in law new assaoepsit, as binding,
in every respect. as the original promise
Again, it was never intended or con,e NJ
,ssdIplatcd that thefe. should be advisor be-
Afsa, tween the Two States ofthc orig ;na indcbt.
sdncss in its original form. Such trans
,sac,ion would be imprscticaIls, il not i'm
a.. possible. The obvious inttn, and meaning
Of fall the Legislation upon this subject by
al each sshte is. that whatever amount the
State of West Virginia ougb, to assume
should be paid intothe treasury of,he State
! afsof Virginia..o be by,horused in The cx,in-
yguisbment oftho original debt The bonds
-s1,lsare' the bonds of the State of Virginia not
West Virginia; and to the ,aeasury of the
"a State Of Virginia does the creditor look for
the payment Of his debt. This view was
incorporated into the Legislation Of 1866,
q ! au,s sesanet,oned by the people of this
iu Stale in the adoption of OUT present Con.
/ =. thtnton, the nineteenth section Of the
"a ,cEth article Of which declares that 1.-THE
'yra. General Assembly shall provide, by law,
'.ose for adjusting, with the State Of West Vir-
.,Sf gina, The proportion ofthe public debt Of
Virginia and West Virginia, and .16ll
Prosade diat such sun. as shall be r>ceired
6ons Weet T'iicginfa yAaAbeap pliedof1s
2 paymtaeef'6;s pa5lfe a.lt 'Gfthe SAFE
.rs Again, in Advance Of any settlement, how
' can it be arbitrarily assumed that one
third Of the debt is the proper proportion
ya to be paid BY West Virginia. What The
basis Of this assumption Upon what prin'
ciP!c and upon what facts is the estimate
made That weaavea just claim against
the State Of West Virginia, l entertain no
manner Of doubt, and ! nn equally clear
as to'the basis upon which a settlement
-ssE should be made. After deducting from
the total debt the market or cash vnlue,of
{, the assets or securities (bonds' stock, &c.)
held by either State, which originally be-
longed to the State Of Virginia. the remain
der OF the debt neutrality-suspicious. be-