The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-02-29
REPORT
or House Committee on Taxation
and Finance.

The committee on Taxation and RI
nance to whom was referred the follow
ing resolution OF the House OF Delegates,
have had the same under considera-
tioa, and ask permission to make the
following report;
Rssolvef, That so much of the Gov
ernors message as relates to the stocks
and bonds standing in the name OF the
Board OF the School Fund be referred
10 the committee on Taxation and r.
nance. with instructions to report to the
House at an early day the amount so
Invested, with their respective dates
the kinds of the bonds and the names
OF the banks; the actual costs OF SAID
stocks and bonds, their par and cash
value: from what source the funds so
invested were derived, and by what al,
thority any part thereof was invested
in bank stocks, together with anything
else deemed pertinent By said commit
tee.
On the 81 day Of February, 1868, the
General Assembly otthe Commonwealth
OF Virginia, in anticipation OF the early
formation of the State of West EIrgl MA,
passed an act, that all property, real,
personal and mixed, owned by or apper.
tanning to this State (Nirglnla) and
being within the boundaries o. the pro-
posed State OF West Virgi MA, when the
same becomes Que OF the United States,
hall thereupon pass TO AMI become the
property of the State Of West Virginia,
and without any other assignment, con
vevance, transfer or delivery than IL
herein contained, and shall include
among other things not herein specified,
all lands, buildings, roads and other
internal improvements, or parts Thereof,
situated within the said boundaries, and
now vested in this State (Nirg!nla), or
in the president and directors OF the
hoard of the literary fund, or the
board of public works Thereof, or
in any person or persons, for the
use Of this State (Vlrginia), to the
extent of the interest AMI estate
Of Virginia therein; and shall also IN
cluie the interest of Virginia, or OF the
sad president and directors, or OF SAID
board of puti.c works in any parent
bank or branch doing business within
said boundaries and all stocks OF any
ether company or corporation, the
principal office or place OF business
whereof is located within the sAi
boundaries, standing in the name Of
this State (Virginia), or OF the SAID
president or directors, or OF the said
board OF public works, or OF any person
or persons, for the use OF the State OF
Virgin
By further provisions OF the same act,
all uncolected taxes, credits, penalties
aud judgments were also trans erred to
the State of West Virginia.
1t appears by the act referred to that
all the hank stock owed by the State
of West Virginia, in the Northwest
eru Bank of Virginia, and branches,
the Merchants and Mechanics Bank
OF Wheeling, and branches, the
branches Of the Bank OF the Valley Of
Virginia, located at Romney, Charles
town and Moorefeld; the branch OF
the Exchange Bank OF Virginia,
located at Weston, and the branch OF
the Bank of Virginia, located at Charles
ton, were all transferred by the act OF
the 81 OF February, 1868, and became
the property OF West Virginia. What
those rights were remains 10 be ascer.
tanned. The transfer was al least
equivalent 10 TRANSFER OF SO many
shares in the capital stock OF the bank
ing company, and whether by legal 10
tendmeat the act establishing the
branches located in this State, created
separate and independent banks from
the dav OF the transfer, is a judlcla!
question, and can only be decided by a
judicial tribunal. But whether sep
arately or jointly interested, the State OF
West Virginia has rights in the bank,
ing institutions located in this State OF
peculiar and pre-eminent claims TO
preference in the final distribution Of
the money and assets belonging to
said banks. These hanks and branches
were located within the boundaries Of
West Virginia, and the property aPper-
tanning thereto was protected and pre-
served by the same power that brought
West Virginia into existence. and
should, by fair construction, have
preference in the money and assets pre-
served.
The following statement shows the
entire stock owned bv Virginia on the
lst day OF January, 1861, in banks: