The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-14
The virginia Debt..Gov. Walkers
Exhibit,

Exhibit.
We print elsewhere the very interesting
exhibit Of the Virginia debt made by Gov,
WALKER, in his recent message to the
General Assembly Of that State. While
it to be presumed that the Governors
exhibit Is complete and slloWs al the
debt, we arc not clear that It docs. Audi.
tor BENEFITS report, made in January
1861, showed the absolute funded debt
then $32, ,1s8, 1877, the same as shown here
But he showed also an absolute unfunded
debt then Of $11 ,52s,O57, and a contingent
debt Of $1,GSs, 800, making then in all
$46, ,365 ,22A Now If We add to this Gov
WALKER's statement of interest funded
under acts Of 1855 and 1907, and interest
unNnded, It makes a grand total, omitting
the contingent debt referred to, Of $685.
2SG,sl0O8. Deducting the items put down
as "owned by the State or upon which the
liability of the State Is not recognized, OF
is SO remote rs practically to amount TO
nothing" ($S,6 ,69O,S15.7G) it still leaves the
total debt $54, ,GOO,4 ,4O4.3O.
There may be some way to explain
away this unfhnded. debt Of over eleven
millions, shown by tho Auditor to exist in
1851. but We do not see In Gov. WALK
ER's exhibit just what becomes It,
But taking tho exhibit as we here have
It, the statement of assets, or public prop
crty, not only gives an idea Of what most
Of the debt was contracted for and what
part Of the State got the benefit, but II
shows that when 1t comes to accounting
for the public property, Virginia will have
It nearly all to account for. 0fthc forty
odd million assets hero exhibited, 1t Is
shown that only about ten million Is
worth anything, while about thirty.on0
miiliOn-a sum nearly equal tOthe funded
debt ut the Commencement Of the war,
llas been almost or wholly lost. West
Viginia is not to be the sufferer by these
losses, which, nearly all resulted from
the rebellion, into which Virginia volunta-
rily entered. This property was tll held
in Virginia; and whatever it was worth
al the commencement Of the war she will
have to beCharged with. Whenpartncrs
separate, each must account for tho value
of partnership property in his hands at
the time. - n"N.
We do not SEQ that upon M equitable
bnsis Of settlement any considerable
part of the tlfty.four millions Of debt due
January /, 1870, can fall upon West Vir'
giniu. Virginia has, or had Mt tho bo-
ginning OF her rebellion, nearly everything
this debt represents, In the shape of stocks
and improvements. We cannot speak
positively, but our recollection OF some
researches madc several years ago is that
they showed Virginia never expended for
public purposes within the counties now
comprising West Virginia, in all, more than
81 100000. East Virginia got all the rest
If We settle upon tho basis fixed in the
ordinance that provided for the division
OF the State, West Virginia WILDE charged
with tlliS. Against It, she win he credited
with revenues paid from her counties
during the time between that when the
first Of the debt was contracted and tho
list of January, 1861, ind charged for her
share of tho current expenses during tho
same timG. The average of revenues was
we believe, somewhere near 100000 a
year. w. cannot estimate very closely
what the ordinary expenses OF the State
were. We notice, however, that Gov,
WAEE1:R in this message estimates they
will be In future $5OO,0OO year. It Is
very safe TO say that prior to 1861 they
were not more than 5000, 600 II year, and
OIL no basis that can be devised could the
West Virginia counties be held liable for
moro than II third, or 100000. Esti'
mating thus, It would cntitlc, lis to credit
OF $9OO,OOO year. We do not know ac'
curatGly when the contraction Of the debt
begun, but in 184s there was already n
debt Of i$l3OOO,OOO. Dating back even 10
that, we should lmvc u credit of$S, 900 900
anil u debit, il We arc correct, Of hut
81 100000. Then Virginia holds great
deal of public property not represented by
this debt: Tho Capitol buildings, Peniten-
tiary and other property In Richmond ;
the asyluns at Staunton and Williams
burg, tic University at Charlottesville,
and a large sum in tho Literary Fund. 1t
certainly seems, II We can get a settlement
on anything near IN equitable basis, West
Virginia would not only hRye4o part OF
this debt to assume, but actually have q
claim against Virginia. " q
If this lie, true, It Is desirable the settle
mcnt should he made Us carlyAs possible.
There Is an apprehension, not only in our
own shtc but abroad, that West Virginia
will have to assume part Of the Virginia
debt-a large enough part to make It a
great burden; and this apprehension docs
the State muchipjury, Itdoub.lcss dctcs
people in other States from coming hIthGr;
and VIC know to certainty that it not
only keeps many Of our own citizens from
making home Investments, but induces
some to sell out and invest in other States
..a.. ..,l - a, sTVf.LS DAh.a,