The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-11-20
yIRGlNIA ANn WEST ylRGlNIA.
The Debt OF the rwo sta'es and the Pro-
pect for AN Adjustment.


pect for AN Adjustment.
We are indebted to Mr.. ]. P. Fairfax,
formerly an architect of this city, now in
London, for copy otthe London Times Of
the Alb inst, containing the following no.
tice OF meeIiug of persons interested in
the debt OF Virginia, representing her
various classes Of bonds, Vest Virginia
deferred bonds included:
THE DEBr or VIRGINIA AND WESTERN
VIEGlEIA.-A general meeting Of the hold
ers CT certificates Issued under the Viz.
giuia Funding Acts Of 1871 g and 1879,
known as "Wes'ern Virginia" or Defer
red Certificates" was held yesterday at
the City Terminus Hotel TO appoint a
committee with the object Of bringing
about settlement between the States Of
Virginia and West Virginia and The Ger.
iifcate holders. The notice converting the
meeting was signed BY Messts. &. I. Raft,
Il. II. Kearton, ]. q. Copy beare, G. Her
ring, W. Herring, A. A Hall, A. b. L St
John, J. G. Smith, ]. Jepkinson, and by
". n. Rudge 4 20. Mr.. George 7. Raft
having been voted to the chair, reminded
them that in 1861 Western Virginia be.
came separate state. Then followed the
disastrous war, OF which, as cnnsequer ce,
those who held the bonds of Virginia, the
old State, bore the misfortune. From
1861 10 1865 nothing whatever was paid, ,
but in 1866 Virginia proper pa ted
an act funding all the arrears into bonds,
there being two classes, the old
dollar bonds and the 8 per cent ster.
ling loan. Dividends were paid on the
dollar and the sterling loan for two years,
to 1869, and Virginia proper paid on the
entire debt, Western Virginia as well; hut
she fell into arrears on bath sgain in 1871
She then made an oifer to her creditors,
who met the matter very fairly, and ac-
copied the proposal OF what was known
rs ''new funded per cent tax receivable
bonds" but the year following the LeRis::
lature Of Virginia thought the terms oil
the A ct were tooOnerouF, snd repealed the
Act OF 1871 US far as regarded the tax re.
ceiYabilIty OF the coupons, but went on
with the funding, and issued bonds known
as "peelers." The coupons were not re.
ceivauie for taxes on those bonds, and
never occupied the same position as the
tax.receivable bonds hRd occupied. The
| holders of tax receivable bonds had ell
ways had good return for their money.
Cash ayments on the ''peelerS" fell into
arrears aud long period elapsed tiif-fST9
when what was known as the M'Culloch
bill was passed, giving rise 10 new issue OF
certiticatts =, the previous Issue being known
as green certificates" for third OF those
issued, the Mccullough issue being known
as "ofange certificates" In the case Of
the green certificates the holders never
releal ed Virginia from the third Of the
debt she saw fit to allocate; but in the
case of the orange certificates the holders
released Virginia from that portion, and
went back entirely 70 Western Virginia.
| The weak point in the whole matter seem
ed 10 be that, whereas there was willing.
ness TO pay 10 the case Of Western Vir-
ginia, no tettltment bad as yet been come
10 as 10 whether the third was fair pro.
portion or not In his message OF 1879
Virginia had always desired 10 act in good
faith in the matter, and also said that the
ntbt oughtto be promptly recognized. He
thought nothing ought TO be iaiIer
than that, and the Committee would
meet the Governor and the Legis-
,R,ure in the same spirit. Let Western
Virginia arrive at fair conclusion as to
what she owed them, and then the COM
mitlee would gay 10 Virginia whether
they would release her OF tho balance or
not. As to the resources OF Western Viz.
GINA, the area OF the State was % 600
square miles, the population was 700 900;
and whereas in Virginia proper the msjor-
ity Of the population were blacks, in West.
ern Virginia the majority were whites,
The Governor also said in his message that
The State OF Western Virgins "hss, IN
proportion to its area, and in many
ihiDRs, absolutely more OF the elements OF
wealth furnished by nature thRD at y other
State oil the Union" Accordineto Poor's
Railway Manual there were II distinct
lines OF railroad in Western Virginia, with
about 100 miles Of constructed railway. II
was rich 10 timber aud coal land and in
other defciiptit Ms RI mineral ard eglicul.
lural wealth. The ViIginiAn Committee, oil
which he was now and always had
been member, had not Reen tit to take
the matter up. They had been waiting
ten years, and he ielt that the time now
was opportune to try and do some good
No harm could be done. He believed this
movement would be very iayorably re.
Ceived both by Western Virginia and Wiz.
giuia. His idea was that the committee
should m ke proposal to Western Nir.
ginia that ii she did not scceptit let her
virginia. and the commitieehavea repre.
sentative, and il they could not come TO
an arrAr cement let the matter BE- settled
by arbitration. The State Of Western Viz.
GINA was amply able TO pay on the entire
debt. Any arrangement made with West
ern Virginia would comprehend payment
OF the expenses OF the committee; and any
agreement they might make would be
subject TO the approval OF the certificate
holders. They would not have 10
find q farthing unless the State
did not lind tue money, in which
case II might come out Of the frat coupon.
There was considerable smount OF stock
10 Question-abOut$ SIS 900, 900 Of capital, 10
say nothing about interest. He moved q
resolution IN accordance with the object
OF the meeting. Mr.. ]. q. Couy beaIe, a
member Of the Virginia Committee, sec.
0nded the motion, which was carried
unanimously. A committee was then ap.
pointed, and, in reply to questions, the
chairman said be would ascertain whether
the Virginia Committee would join them.
He should be prepared TO lay definite
PROPOSE before the committee next Mon.
doy. He was most anxious that before
the Session oft Western Virginia Leg.
stature began In January, they shouid
know what had been done, and that Vir.
Rinia should have a duplicate OF all that
was done. The proceedings then termi.
mated.
Ron UPwARps OF IKthEY YxARs Mu.
lEInnlau..In HnaLhi.. c.. a. H.. ...aI