The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-11-19

we are not surprise to ind " nee''ns
,,.,.r sreaking Of the article which We
rnn;ea iron, the New York Tines and COM
mep,cd upon few days ago. the i"'e',',
c<aofr heads the article, "The same ZIG
p,.naer About West virginia" We said
az other day that we did not know single
nuhl;e man In West Virginia who was IN Ia
vor Of paying any Of the debt assigned 70 ina.
SAT- nv tho Virginia funding bill OF 1871
and the Virginia MccrlLocH bill. The
editor Of the Intslligcacer, who, however
l. not in public lie and not likely TO be
unless he can get General MALONE 70
INSIST him in his war upon the Democrats
"a That state, Il said to be willing 70 pay =
mart Of the sixteen millions now owing oy
his State under the assignments named.
We suppose, however, that even ne, rs 'ne
most liberal Dcbt-Payer In West virginia,
and having no one TO back him even 70 TINS
extent. would not agree TO pay more tnah
ono million OF dollars, or one-sixtcenth OF
xyn.t ,be mother state has turned over to
west virginia. In the article before US nc
speals as II he would pay nothing.
We conclude, therefore, that West VIZ
pinia certificates are not really worth a
penny in the pound. II therearc no Debt
PAYERS In the Legislature OF West virginia
Il l. no; probable that there are amongst the
people any who can make their influence
felt. Members Of the Legislature are very
ant TO reflect the viii Of their constituents
in regard 10 such matters. With no DEBT
PAYERS IN the body which will have to pro-
vide for paying the debt, II it is ever to be
paid, the chances for its payment must De
as few as General Ehm.Y's for being chosen
United States senator by the newly
elected Legislature OF Virginia. But this
illustration, strong IS 1t must be confessed
70 be. does not sufficiently expose the weak
ness OF the Debt-Payers in West Virginia
III we were 10 attempt to write history OF
the debt-paycrs in that State, we should
have TO initiate the Irishman's book on
Snakes in ireland, and begin by saying,
"There are no Debt-Psyers in West Viz
giuia.v 1t is TO Ms unaccountable how SEN
sible, practical fnanciers can be induced to
invest in such worthless securities.
There 1t is again: As Sir WALTER
scoTT's antiquary Kissed out, so we say,
" Securities indeed"l They are anything
but securities" The State issuing them
will never day dollar Of them, and the
Sts.e 10 which they are turned over for
payment laughs them to scorn as "none OF
herr" They have no ondorser and no
payer.
The InfelliGtnceT. edited as we have said
by the only known Debt-Payer in West
Virginia. declares, in disgust no doubt,
that the millennium will probably be reach
ed before some Of the eastern papers can
be made to understand that West Virginia
never issued any portion Of the bonds re-
fcIred to-not so much as one bond. 1t
adds that they were issued exclusively and
arbitrarily by Virginia, and were to be
paid by her, and her alone, after she should
make settlement with West Virginia;
and also remarks very significantly that il
the papers referred TO could only be in
they write about them they would see at
once that West Virginia had nothing to do
with their issue.
The InfeHigencer admits that West Vir-
ginia agreed In 1861 TO pay an Equitable
proportion" of yirginia's debt as it ex-
listed in 1861, but tells us how that ''equita-
bic proportion" was to be ascertained, and
so tells us that that proportion amounted to
just nothing at all. Here is the rule Of set
tlement:
"The new State shall take upon itself
Just proportion Of the public debt of the
Commonwealth OF Virginia prior to the
first doy OF January, 1861, to be ascertained
by charging to it all State expenditures
within the limits thereof, and just pro-
portion OF the ordinary expenses of the
State Government since any part OF said
debt was contracted, and deducting there
from the moneys paid into the treasury Of
the Commonwealth from the counties in
Guided IN the said new State during the
same period"
That language means that West Virginia
owes none Of the debt. The inteIliqencer
closes rs follows:
"The holders OF the so-called West yir-
ginia deferred certificates ought to be able
to make up their minds from these data
about how the bonds stand related TO this
State. West Virginia claims that the bonds
passing under her name do not represent
anything more than a mere er-parte assign
ment OF debt OH the part OF Virginia, and
that Virginia alone stands responsible for
the bonds thus issued"
Just so. Nevertheless, the deferred GER
tificates viii sell just as well hereafter as
heretofore.
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