The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-03-14

1861, or in the Constitution OF 1862, but
upon assumed principles Of public or
International law, and in direct contra
vention of her own solemn act. he had
no disposition to speak of Virginia
except in terms of profound respect, and
vet no one can look at her action for
the past twelve months and not feel
that she has adopted course highly
injurious to the credit ofWest Virginia,
and utterly wanting in that courtesy
which is due from one to another State
OF this Union. At the very moment
that proceedings were pending between
the TWO States for the adjustment OF
the principles upon which their respec,,
tive portions of that liability should
rest and when disposition had
been manifested by West Virginia to
meet with fairness and good faith the
responsibilities of her position, the
State of Virginia took the subject under
her entire control, assumed to be the
sole Judge, and to determine what her
proportion and what our proportion of
that debt should be, and to compel her
bondholders, under the penalty of a
reputation Of their debts, to accept the
distribution which she had chosen arbi-
trarily to make OF the respective laelll-
ties OF the two States. Under this
arrangement she issued new bonds for
two-thirds Of her debt, and gave a
deferred certificate representing the
third for which she chose to regard
West Virginia as liable, and for the
payment OF which deferred certificate
she disclaims all responsibility until a
settlement shall take place between
herself and West Virginia. These GER
tifcates have since been thrown upon
the market, are quoted at the stock
boards as West Virginia certificates,
and have sunk to low state of depre-
citation, already resulting in loss Of
near one-third Of their debts to the
bondholder
Mr.. Faulkner said that he might be
in error, but his strong impression was,
that since this extraordinary act OF Vir-
ginia, and its acceptance by the bond
holders, that we shall never again hear
other reviving any future proposition to
us either to appoint commissioners to
arbitrate the question Of liability or to
meet her before the Supreme Court OF
the United States.
She has, by her funding act, with the
constrained consent Of her bond-hold-
ers, now relieved herself Of some sixteen
millions Of her debt, which can never
hereafter be revived against her until
after she has had a settlement with
West Virginia. What motive she can
now have, to urge any settlement with
West Virginia, he could not well see;
for whenever any such settlement shall
take place, just so far as the result OF
that settlement shall exhibit an indebt-
edness by West Virginia less than six
teen millions OF dollars, just to that ex'
tent does it revive, with all its accrulng
interest, debt against the State Of Nir-
ginia.
The able and enlightened commits.
sioners appointed by our State to iuves'
tigate this subject, have reported our
proposition OF that liability at less than
one million OF dollars. That, it is true,
is an e1 parte document, and mig hit not
be sustained in all its conclusions by the
tribunal charged with the decision OF
this controversy. Still, there is enough
in that report to satisfy every reason
able mind, that the liability Of West
Virginia must fall greatly short Of that
amount of which Virginia stands re-
lieved by the concurrence OF her bond
holders.
lie was therefore forced to the con-
clusion that Virginia must see that she
has made much more favorable set
Element with her bondholders than she
can ever expect to make with West
Virginia, and that as the on y effect OF
any settlement with this State will be
10 revive and throw upon her already
crushed pecuniarv energies heavy
additional debt, he could not see any
further motive upon the part OF Vlr-
ginia in urging a settlement with West
virginia.
Yet in this view he might he mis-
taken, and he had every desire to pre-
serve West Virginia IN the path OF in
tegrity and honor, and it is for that
reason that he would now insert pro-
vision in the Constitution that would
relieve her from every imputation OF
bad faith, and indicate her readiness at
any time to meet any just responsibility
that might devolve upon her.