Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1881-04-23

/ dy authorized by the two States.
But Virginia, without awaiting
the result of the action of the COM
missioners, passed the funding
bill of March Goth, 1871, aud | de-
| sire to call attention TO the fact
that this act was passed by the
first Legislature elected under the
Constitution Of the restored gov
eminent Of Virginia, and with in
less than month after the suit in
the Supreme Court of the United
States between Virginia and West
Virginia, relating to the territory
in the counties Of Jefferson and
Berkeley, had been finally decid-
ed, and before it was possible for
the commissioners 10 act. BY
this bill Virginia agreed to fund
two-thirds of her debt by issuing
new bonds thereof, and to issue
certificates for the other third,
payable in accordance with
such settlements as should here.
after be had between the two
States.
1t would follow from this that If
no settlement Is ever made with
West Virginia, Virginia would be
! forever released from one-third of
her debt, or so much of 1t as had
been funded. Would 1t be unfair
to say that Virginia was not from
this time interested in making any
settlement that would bring back
upon her any portion of this third
of the debt? But this bill, / un-
derstand, was passed with the con-
sent of her creditors, or majority
of them, and accepted by nearly
all and therefore was a fair ar
rangement between d,btor and
creditor, If Virginia acteu hasti-
~ in passing this BILL he was urg-
ed to do it by strong reasons. She
has been more or less complicated
by embarrassments in regard to
er State government from the
close of the war up to this time.
The interest on her debt had not
been provided for. Her reputa-
ton was suffering. her creditors
were urgent, and as already stat
ed, consented, as / understand it,
to the provisions OF the bill. This
action on her part did not change
the status or effect the rights of
West Virginia in regard to her
proportion of the debt, although
one-third was left unprovided for
until a settlement was had with
W est Virginia. II l were to VEN
ture any criticism upon Virginia
for passing the bill at that time, it
would be that she did not take
time to ascertain her own resourc-
es, and made mistakes which she
found it necessary afterward to try
to correct.
To show thatit was not then SER
iously claimed by Virginia that
West Virginia's share of the de BIT
should be one-third, the message
of the Governor of Virginia of tho
18th of December, to the same ses-
sion of the General Assembly that
passed the funding bill,is instruct
i've. After quoting the constitu-
tional provisions of Virginia in re-
gard to the debt, the Govern or
says:
"In advance OF any settlement
how can it be arbitrarily assumed
that one-third of the debt is the
proper portion to be paid by West
Virginia ? What is the basis of
this assumption Z? Upon what
facts is the estimate made
That we have a just claim
against West Virginia l have no
manner of doubt, and / am equal
ly clear as to the basis upon which
the settlement ought to be made.
After deducting from the total
debt the market or cash value of
the assets and securities bonds,
stocks, DC y held by either State
which originally belonged to the
State of Virginia, the remainder
of the debt should be apportioned
between the two States in proper
ton to the population and taxable
values of each. 1t is a plain and
simple proposition not unlike the
closing up Of a copartnership.
The assets must first be applied to
the eXtinguishment of the Iiabili-
ties, and if insufficient for this pur-
pose the deficiency must be met
by the copartners in proportion to
the original interests of each re-
respectively in the adventure.
Upon these principles it appears
to me the question al issue be-
tween the two States could be
readily, fairly and satisfactorily
solved. Till, however, final adj
justmentsof this matter is reached
IL can only be regarded in the
light of claim or asse. of uncer-
tain value, not in any way affect
ing our liability for the whole
debt"
This is the language ofthe Gov
ernOr of Virginia.