Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1880-12-14
WEST VIRGINIA CERTIFICATES.
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The Indications are tbat some movement
may be made this winter both before the
Virginia and West virgisia Lsgislatures,
which will renew the agitation aud discuss
SION of NirginiA's settlement of her debt in
1871. We learn from the Lond0n psesss
that mesting to that effeet was held there
by persons interested in the bonds and cer>
tineates. As matter Of information on the
subject, We Te-pubiish a most admitable let
tor, written By Hon. f. BOYD FaulEnsr. 10
the Wheeling Latslhycater in 1ST9e. iaS
TIE VEST VIRGINIA oERTIFIoAFEsAAHor
OF EXPLANATION FROM SENATOR rAu1k.
NER. E-s- 80 sss.R
E0it0rs lntehigeRcer.-I have read your
courteous and respectful criticism upon my
re remarks made in the Senate yesterday upsn
the subject of what was at ore tine very abs
surdlJ and ignOraatly quoted as West yir-
ginia Certificates" I" bus wbieh srs new mUfs
properly known on the stock board a. the
Deferred Certifsatsssof Virginia" You
differ from my CONSTRUCTION Of the legal eff.oA
OF those certificates, and think that thek
simply mean 'tthst Whatever Virginia keis
from West Virginia sou settlomsnl she Till
pay ever to the holders Of those sorsi6cats.
and nothing more Thia, tkirk. ..a
mover boon the eopstyaetion pu. uro1 heae
evidences of debt by sny Of ihe public NEE
OF Virginia. They beve think. uniformly
conceded that just to the extent lhat the as.
eertainsd Indebtedness Of West Vircinis
shall fall short OF ths aniaunt Of those osr-
tlhcstss Cover fifteen millions Of dSilafsS will
an immediate liability result 10 Vifeinia "a
make provision for the residue Of said iebt
Il was no purpose of Virginia, in her Fund.
lag Act of 1871, to rOpudiato any portion of
her then existing debt. She thea funded"
two>thirds of her debt, aud Istt 'tunfnndsa'
With the consent of the bondhollers one.
third to await the result of q settle pcpt with
West Virginia. This is all that shos thop
asked of her creditors, and that was rronptiY
accorded to her. And sueh, it seems to nae.
is the only legal construction that can be
given to tho copy of the certificate publishsd
BY you. Tint paper recognizes an existing
Indebtedness by Virginia; il provides 9hSt
the debt shall bear interest at tho rate Of sig
per eestuu per snuumj that the State or
Virginia is to hold that proportion of tho
surrendered bonds part of her unfund,d
debt in trust for the holders Of the gsert;fs
Gates, aud that they are 10 be paid by Whonf
or course, by the obligor Virginia. In as>
cnrdaEoo with such settlement as shall
thereafter be made between the States "
Virginia and West Virginia. IF upon lsuch
scttiement between tho two States West
Virginia shall be found indebted to VirRinia
to the fall OuoUut of these certificates she
would expect to receive from US in semS
form the "uaa necessary 10 discharge them.
If, as enr former Commissioners estimated,
that indebtedness be one million Of dollars.
thon Virginia would have TO account Is her
creditors for the remaining fourteen million
dollars II West Virginia was found not
indebted at all. the entire remaining ans
funded debt would Immediately fall back upon
Virginia. No other view, 1 respectfa1If
subnit,hs evOr been takea of this anfauaed
portion Of the debt of Virginia, and spy other
view would impute to that Cemmonwealth
un undisguised population of ops.third- Of
hor debt, which has never before been
charged upon tho Funding Act of 1871.
It is true, and regret 10 see it, differing
from the policy Of 1871. tho spirit Of fercibis
re>adjustment is now strong and may vet bS
triumphant in Virginia and yet with all
this disastrous Influence now unhappily, op.
Grating upon her public councils, / do no,
believe that you could get one prominent
member Of The Legislature of that Stats. 10
give the certificates tho rspudiating effect
which your construction would give TO the
Funding act Of 1871. ~ sa' y
Very respectfully, - .nve'
Il BOYD FAULKHER. e