The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-11-30
Airllmond 0ispattl1.
TuUHSDAY......NOVE EMBER 80, 1871.
PATCH is LARGER THAN THE COMBlNkt
REGULATION IF ALI. THE OTHER DAILY
NEWSPAPERS OK THE CITY.
The state Debt.

&C" I'VE take the writer to hs A. W.
CampbolI, Esq. one OF tho West Virginia
C1mmi,siorcrS,) writes 10 tho Wheeling
Iatcl.,cencsr as follows. Having described
tie new "Wc>t Nirginia'." and our fund
ing I'LL, he proceeds
1t is not necessary to discuss whether
it was good or bad policy on the part OF
Virginia 10 take the step that sho has
taken, and especially 10 issue these certiti-
cafes as representative of our portion OF
her debt, since her act III SO doing affects
only herself and her creditors. and IN no
WAY compromises either the rights or the
proposition Tor settlement made by West
Virginia. That proposition was, and IL, 20
settle up 10 the 1st Of January, 1851, and
not TO the 1st Of July, 1871, or 10 any other
date. At tho FIRST date the Debt OF Virginia
did moi exceed ihirty.two millions of dol
lars, while at he second 1t was not less than
forty millions. Quite AL important
difference.
lit is possible. and this is tn. important
| feature of the transaction, that this new
arrangement Of Virginia with her crcdi-
tors may postpone indefinitely the day OF
settlement with this State. No one need
be surprised if sUcn should be the case.
Practically the arrangement amounts TO
| her to about the same thing as settlement
with West Virginia on the basis of one.third
| Of the debt for the latter as it stood up to
| July last. Whatever may be thought OF
the craftsmanship of such piece or bus,-
ness. the compromising Of the interest OF
such huge debt under the circumstances
| does not matter now. The deed is done,
and so lar as Virginia is concerned is be-
yond recbli. The point for our observation
| Is this : tha. being now in for two-thirds Of
| nj
she is not likely TO make matters worse
| for herself by accepting anything additional
| by reason OF settlement with us. As mat
ters stand she can only be held for two
thirds of the debt. The payment OF the
other oDe-lhird il wholly contingent on q
settlement with West Virginia. No settle
m"ut, no payment, is the way the adjust
mcnt will work. Why, then. should she
| settle ut a discount from this arrangement
All accruing Interest on the deferred third
she If course holds to be at our expense.
And mean while, pending settlement with
us, her assets, the property belonging to
the TWO States, will not grow any worse.
| but. on the contrary, may become more
| valuable. If she can pay the interest on
| the amount assumed and finally more than
reimburse herself by the enhanced value
Of these assets. she has. in street parlance,
Il pretty good thing of it,
! "ln conclusion, the !question naturally
arises As to what West Virginia will or
ought to do under this changed condition
Of things. This, Messrs. Editors, Is ques.
ton upon which shah not here speculate.
Il i, sufficient 10 answer that what Nirgiui;,
has done or may do imposes on us no new
oil y!tions nor takes from Us any former
| rights, a0d therefore creates no necessity
for any departure from the original propo-
Slion for settlement. Owing no outside
deb, and not seeking to create one, she
can perhaps rs well ailord TO wait upon the
future is can Virginia and he1 creditors