The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-11-27
From the Richmond Dispatch, 2Ith.l
Tsc State Debt.


The State Debt.
Judge John 4. Meredith, Of this city
publishes in yesterdays Whig long
and able letter on the subject Of the
State debt. Weregret that we had not
room for it, and so had to forego the
pleasure Of publishing it. 1t undertakes
to show that the State of Virginia is
bound by contract, which cannot be
set aside by the Legislature, to receive
hereafter the coupons of the new bonds
"for all taxes" There are many other
points in the letter, but this is the most
important. 1t seems to us that every
candid and impartial reader Of this letter
must admit that the Judge has estab-
lished this point beyond cavil.
1t is so well known that the Dispatch
is opposed to everything that even 80
much as squints at reputation, either
of public or of private debts-of ma,
tional or of State bonds-that we need
not apologize for giving publication to
few ideas which have been suggested to
US by Judge Meredith's letter.
lst. We doubt whether the quota.
tiops made by Judge Meredith from the
law of nations have any application in
this case. Virginia is not q nation.
She can hardly be called State" in
the sense in which the word is employ.
ed by writer's upon international law.
In this country Congress is the only
Legislature, and the United States the
only State, in the sense in which the
word Legislature" and the word "State"
are used by those writers. 1t seems in
consistent to speak of Virginia in one
breath as if international law were
all that could bind her to pay her debts,
or excuse her for not paying them, and
| in the next breath as 80 hampered by a
Constitution (not of her own chooslng)
held over her by a superior State or
nation that she must perforce pay them.
If international law may be appealed to,
the nations of the world may enforce it
by arms against Virginia. Can they ?
Virginia was once a State, perhaps.
Certainly she is now State only IN
name.
I'd. Less than one-fourth OF the pop
ulation of Virginia was cut off in West
Virginia. There is no reason either
for supposiag that West Virginia Will
ever consent to pay one-third of the
debt. She claims that all the interest
t,nJod rnust he suStracted before her
share of the debt is assigned to her.
Then that all the assets possessed oy
the State in 1861 must be subtracted-
for instance the millions of dollars
worth of stock sold to the Atlantic,
Mississippi and Ohio Company, to the
Danyille Company, and to other COM
napies-all Of which Virginia has DIS
posed OF or treated as if West Virginia
had no voice in the matter. These as
sets also include the State stock In tne
old banks at it's value in 1861; IN the
lanes River and other companies the
value of the capitol and other pubic
buildings, etc, etc. 1t is easily 70 oe
seen that these claims, if allowed, will
reduce West Virginias share OF the
debit very much. If Virginia ever gets
oven Ave millions of dollars out OF west
VIRGINIA we shall be surprised.
Sd. And if West Virginia thus re-
hses to pay one-half Of the third that
Judoe Meredith thinks she ought 70
nav Virginia will, under the operation,
IF the funding bill, as we understand
it IT. M have to make good the difference,
We understand the bill to eontraet Jon
a settlement, and to bind Virginia 70
s,anS by the same, and to pay whatever
West Virginia shall not agree TO pay
No eyasive pleas will avail. On tins
noipt we think the Judge is altogether
in the wrong, except when ne adnns m ~ :
that if West Virginia assumes less !nan
a third of the debt Virginia VIII Q.
bound for the difference. we can
comnIv with this contract by nesiect'ng
~ makea settlement, nor claim more
than " a reasonable indulgence for the
nurpose of making it These are o,ss
preeable statements; but II tney or or
Sacts as we believe they are, the peopl'
Of Virginia cannot too soon oeeo"'
vi "a o.
familiar with them. ,.;,,. :,
We do not wish this short article e
| hs looked upon as criticism OF Judg'
Meredith's letter. He has, IKE a w,
selyes, no other interest in the ma.ie .s
,ban "a a taxpayer; and if he were IN
iaraest of bondholders we wouio no
,r;sb 70 comment upon his letter WIN WIN
WISH ~ ,:L;..;t At preseut We hav'
ous ne;, her for the letter nor for mso.
loo orsnts upon it. We repeat that IN 81
ss1sp IS an able one and establishes e. tn tn
, dissent from some Of MS consiu.'ii .a siu. b;
|, Without undertaking slinsh ss1;!S % s sur d, n
,, arguments or any 70 ss'e'''' " - I
l>Ssn0 view6. sF.-.