The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-01-25
VIRGINIA AND WEST VIRGINIA.

VIRGINIA AND WEST VIRGINIA.
We have heretofore presented as an argu-
,nent az inst the funding bill, the fact, that
it leaves in doubt the amount of the public
debt Virginia will really have to pay ; and
assumed that the enactment of that bill was
precipitate, in advance OF 6nal adjustment
with West Virginia We were not aware.
until recently, that the opinioa was entertain
cd by any one who had read the funding bill
aud was acquainted with the legislation there
with connected, that Virginia Uas entirely
released from one-thrd Of the debts, so far as
the debt might be fundd. This is grave er-
ror. Virginia is not released from any por-
ton of the debt o. the contrary she sol
emily assumes all the responsibility of it
payment, as an entirety, if nothing is deri-
we'd from West Virginia.
This fact becomes important, ia view o.
the recent message of the Governor of Wes'
Virginia, in which it is commended, that the
utmost amount for which that State will BE-
responsible, is less than one million Of dollars.
That official says on this subject:
The funded debt of Virginia on the first day Of
January, 1861 was $3l, 778 80, after all de
auctions. All ofsaid debt was expended within
the present State of Virginia, with the excep
zion of So. 656. 330.89
1t may be assumed then that the public works
for which the debt created are worth what
they cost. Virginia by selling donating and dis
posing of these works as her own property, with
out consulting West Virginia, must be taken te
have accepted them on that basis. 1fan ;'equita
bic proportion" of the public debt Of Virginia is
the limit of the liability Of West Virginia. it l..
difficult to see how she can be under obligations
to pay for impro ,ements that do not confer am
benefit upon her. Taking the foregoing basis for
n guidance, the commissioners report that Wesf
Virginia's proportion of the debt is something
less than one million Of dollars.
Thus balance is reached by charging West Vir-
GINA with the amount of expenditure for al
purposes within her limits, and crediting he
with her interests in the public buildings, and
other assets named, also with her share IN the
literary fund and surplus fund.
It will thus be seen what is the position Of
West Virginia. Now let us turn to the fund
ing bill. We quote the material part cf the
3rd paragraph of that act
ssUpon the surrender of the old and the accept
ance of the new bond for two thirds of the amount
due as provided in the last preceding section
there shall be issued to the owner or owners, for
the one-third Of the amount due upon the old
bonl. stock, or certificate bearing the same date
as the new bond, setting forth the amount OF the
bond which is not funded as provided in the last
preceding section, and that payments of said a,
mount with interest thereon at the rate presented
in the bond surrendered wiWb provided for IN &C
cordance ach such settlement as shalt hereafter be
had between the States of Virginia and West Vir
gnia in regard to the public debt of the State Of
Virginia existing TT the time Of the dismember
ment, and that the State of Virginia holds said
bonds, so far unfunded, in trust for the holder
or his assignee"
It is very clear from these words, that
Virginia agrees to pay, with interest, the bal
ance of the onc-third certificates, not provi
ded for in the adjustment with West Virgin
ia. The reading Of it is sufficiently clear tt
calm reflection, but to remove all doubts
to the legitimacy of our construction, we hav
only to refer to the fact, that during tn
pendency of the bill. Speaker Turner ofere'
an amendment, uncquivocally repudiating th
oae-third, which was voted dowa by yer.
large majority.
The commissioners Of West Virginia US
tie language-tthat Vir .inia has the prop
erty and owes the debt which it represents.
1t is useless here to argue the business Of thi
conclusion, or to present arguments contrave
ming it, The commissioners do not appear t
consider that all the expenditures on the Ches
speake & Ohio Railroad and the James Riy
er and Kanawha Canal, look to the ultinat
benefit of West Virginia, and on their com
potion will far moro advantage that Stat
than Virginia.
1t is very plain that it will become imper
alive with Virginia to do now what shoult
have been done before the funding bill wa
passed, and that is-sus West Virginia il
the United States Courts for an equitable ad
justment of the debt.