The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-12-12


Another proposition entertained by
some is that the State should only pay
four per centum interest per annum until
the State of West Virginia assumes her
lust proportion Of the debt. This pro
tposition is basedupon the assumption
/! first, that this State is not liable for the
whole debt; and, second, that the pro-
portion 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, withour- any
substantial Foundation. Thefrst Legis-
lature of Virginia which assembled
after the war, and the legality OF
whose acts has never been questioned
by us,virtually assumed the whole debt
nv authorizing the, funding OF all the
. Interest due upon the whole debt, up to
iiS67, 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
I bonds are as clearly creditors of the
State as the holders Of the old bonds
issued prior to the war. The obligation
to nav them is as solemn, sacred, and
biniiing As any other obligation OF the
! State. Not only is the State bound to
pay these new bonds, but in their issu-
ance the State, in the most solemn
manner, acknowledged her liability to
pay the principal O. the debt upon
which this interest had accumulated.
1t was, in law, new asSuupsit, as bind,
ing, in every respect, as the original
promise. Again, it was never intended
or contemplated that there should be a
division between the two States Of the
original Indebtedness in its original
form. Such q transaction would be i'm
practicable, if not impossible. The OBJ
vious intent and meaning Of all the leg
islation 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-
tinguishment of the original debt. The
bonds are the bonds Of the State Of Viz
cinia, 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 resanction-
cd by the people Of this State in the
adoption OF our present Constitution,
the nineteenth section of the tenth arti-
Gle of which declares that "The General
Assembly shall provide, by law, for ad'
justing with the State of West Virginia,
the proportion of the public debt Of Vir-
ginia and West Virginia, and shall pro-
eide that such sum as shaHbe received from
West Vnyinia shall be applied to the pay
msnt Of he public Debt Of the !State."
! Again, in advance Of any settlement,
| how can it be arbitrarily assumed that
one-third of the debt is the proper pro
portion 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 q Just. claim against the State
OF West Virginia, ! entertain
no manner OF doubt, aid 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, stocks, &C.
held by either State, which originally
belonged to the State Of Virginia, the
remainder Of the debt should be ap-
portioned between the two States in
proportion to the population and taxa
bic valuation OF each. 1t is a plain
and simple proposition, not unlike the
closing up of a co-partnershIp The
assets must first be applied to the ex
tinguishment of the liabilities, and if
insufficient for this purpose, the defcien.
cy must be. met by the co-partners in
proportion to the original interest OF
each respectively in the adventure.
Upon this basis, it appears to me, the
question at issue between the two States
could be readily, fairly, and satisfactory
" solved. Until, however, final ad
iustment 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 the
whole debt. Whatever sum may be
eventually realized from this claim must
be paid into the treasury OF our State,
and applied to the liquidation Of the
debt of Virginia the same a. other funds
appropriated for that purpose. But thus
far there have been no satisfactory indi
cations that the State of West Virginia
intended to acknowledge herself liable
to lis for any portion of the public debt.
All our efforts up to this time to effect
just settlement have proved unavaill
Ing. The Legislature of 1867 insti
tuted measures for the organization of
joint commission for the adjustment Of
this matter, but our action met with no
favorable response from the State Of
West Virginia. In February last you
passed an act authorizing the Governor
to appoint three commissioners to ad
just and settle this claim. at once
transmitted copy Of this act to the
Governor of West Virginia, and re-
quested him to procure the enactment
Of similar law by the Legislature of
his State. also appointed commits
sioners, who, at my Instance, promptly
repaired to the capital of West Vir-
GINA and urged upon the Governor and
Legislature the propriety and neces-
sity of prompt action on their part.
/ ann informed that the Legislature
did authorize the appointment by the
~ a.
and adjust the debt; but up to this
time the receipt Of my communication
by the Governor has not been acknowl-
edged, nor, so far as am informed,
have any commissioners been appoint
ed by him. These facts and circum-
stances, as well as information derived
from prominent and influential citizens
of West Virginia, have led me reluc-
family to the conclusion that the pros
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