Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1879-02-08
Tho West vrelria Cosufca,cs.
a grfc 81 Frriarsflrn fIrr tenatrf
fauIkurI.

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f.se r..I faf rrrer. s.
criticism af.n nF ferlfsa rs
re.teflsf lrr t.e Er f I a.s'
One r.rf sI..fF nl
Mrt fffrl it Do
nou mere d. rrr'l tr.al .l I.e.r o
ast.r n .HfI.lfH lr
Son lr.r f.u ur cnirr f
afrt ol Obese eeIi. .-a'r.. a.I iti
sirrfs rtln nst ataIr4tf hIfflIl ..'t
from Wet Ftr.Itl rn slttrurat s.e eii
pay over o. Gle hiitrs cf tlnsc ceria-ait.,
anl nothing mare Ias, / tllnf. tas aefei
been tLc construction pui upon these crliclccs
uf debt by any Of tho rllIc men oi Nif-Ia'a-
They have. tlilk. uail'ruiy corcc-ci i.1i
iust to ihe extent that tlC asccfiaiufl laartt-
cjuess Of West Virginia shall iaii short 90 tlc
amount u those certificates loger hiiecn u.ii-
lions Of lolar,l will au immediate liability re-
suit 10 Virginia to make provision Tor the resi-
dre Of said debt. Ii was no purpose OF IT.
ginia. 10 her Funding Act OF 1871, 90 rcpndi-
ate any portion Of her then existing debt
She then " funded two-thIrJs Of her debt and
left uufuuded, with the consent oi The bond
holders. one third toawait The result OF a set
tlemeut with West Virginia. This is all that
she then asked Of her creditors and that was
promptly accorded to her. And such, It seems
to me, is the only legal construction that eau
be given to the copy Of the certificate pahlish-
cd by you. That paper recognizes an exist
ing Indebtedness 10y Virginia II provides that
the debt shall bear interest at the rate ~ sA
per ceutum per anuum that the state oi Nlf-
giuia is to hold that proportion OF the snrfen-
dered bonds as a part Of her uniunded debt u
trust for the holders Of The certificates, and
that they are to be paid 10y whom OF cour' e,
by the oblgor Virginia, in accordance with
such settlement as shall thereafter be made be-
tween the States of Virginia and West Virgin
ia If upon such settlement between the Two
States West Virginia shall Ge found indebted
to Virginia 10 tic iull amount Of these ccrtit-
Gates she would expect to receive from us To
some form the sum necessary to discharge
them. #. as our former Commissioners esti-
mated. that Indebtedness be one million Of
dollars. then Virginia would have 70 account
10 her creditors fOr the remaining fourteen
millions. II West Virginia WAS found not
indebted at al, The entire remaining uuluoded
debt would Immediately fall back upon Nir-
suia. No other view, respectfully submit,
has ever been taken Of this unfundei portion
Of the debt Of Virginia and any other view
would impute to that Commonwealth an un-
disguised repuiiaiion OF one-third OF her debt
Which las never before been charged upon the
Funding Act Of 1871.
Il is true, and regret TO see IT, differing
from the policy Of 1871, the spirit Of foni.ls
re-adiustment is now strong aud may yet he
triumphant in Virginia; aud yet with all this
disastrous influence now unhappily operating
upon her public councils DO not believe you
could get one prominent member Of the Legis-
lature Of that State 10 give g. these certificates
the repulia,iug effect which your construction
would give TO the Funding Act Of 1871.
Very Respectfully,
f. BOYD FAULKNER.
Tnruorv 0lfh 1870