The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-01-25
F4E West yiRelNlA cEREE1E1cArRs.
4 Nete Of EspIanatiOa nom Seaat6r
Faulkner. .I

Editors IniGllIgeneet:
have read your courteous and respect.
ful criticism upon my remarks made in
the Senate yesterday, upon the subject Of
what was at one time very absurdly and
ignoraptly quoted as "west Virginia Ger.
aideiaaSy Y SliatlEhieli 6rS nov more prop!
erly known on the stock board Us the ''De.
ferred Certificates Of Virginia. You diff,
fer from ny construction of the legal effect
Of these certificates, and think that they
simply mean "thatiNhatever yirgihia gets
from West Virginia on settlement she
will pay over to the holders Of those
certificates, and nothing more" This,
y thipk, ,fhas never been the con.
Esttusdop Bat upon these evidences
H6f DEBT by any q the public
men Of Virginia. They have, think, uni.
tornily conceded that just to the extent
that the ascertained Indebtedness OF West
Virginia shah fall short Of the amount OF
those certificates lover fifteen millions
OF dollars) will an immediate liability
result to Virginia to make provision for
the residue OF said debt. II was no,pdr-I
pose OF Virginia, in her Funding Act of
1871 to repudiate any portion OF her then
existing debt. She then "funded" two
thirds Of her debt,and left .'hufunded,r y
with the consent OF the bohdholders, one.
third to await the result OF settlement
with West Virginia. This Is oil that
she then asked Of her ,creditors
aud tAat was promptly accorded 10 herS
And such, 1t seems to me, Is the only
legal construction that can be given to the
copy Of the certificate published. by you,
That paper recognizes an existingindebted:
ness by Virginia.; II provides that the
debt shall bear interest At tthA rate ofSsix
per centum per annum; that the State OF
Virginia is to hold that proportion Of the
surrendered bonds as q part OF her un.
funded debt in trust for the holders of
the certificates, and that they ATE to be
paid by whom? Ofcoirse, by the oblipor
Virginia, in. accordance with such settle
ment as shall thereafter be made between
the States Of Virginia and West Virginia,
i i. hPoal 6. sgsA gss SsEs sslEssmeHs! ! betwseS b a
be found indebted to Virginia to the full
umOuut Oh Llehc ceTLlHcAteS sue would ex-
pect to receive from us in some form the
sum necessary tol discharge them. If,,as
our lofplef ConmiSsionefsl estimated, that
indebtsiness be. ode million Of dollars,
then Virginia would have to account to
her creditors for the remaining fourteen
millions. II West Virginia was found not.
indebted at f)all, the entire remaining un.
funded debt would Immediately fall back
upon Virginia. No other view, l respect
fully submit has ever. been taken of this
unfunded portion OF the debt Of Virginia,
and any other view would impute to that
Commonwealth an undisguised repudia-
ton Of one-third Of her debt, which has
never before been charged upon the Fund.
II istrhe, and Ilregtet to see It; differing
from the policy 81 1871, the spirit Of
forcible re.adjustment is now strong
and may yetbe triumphant in Virginia;
and yetwith all this disastrous influence
now unhappily operating upon her pub.
lie councils, l do not believe that you
could get one prominent member Of the
Legislature Of that State, to give to these
certificates the repudiating effect which
your construction would give to the Fund.
ing act Of 1871. Very respectfully, 81
L. BoYp FAULKNER,
.LiniLdru 9th. 1870. ,.---.-.--s..-