Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1881-12-03
5bspberostown Rrgisttr.


MEETING OF NEST VIRGINIA BoNDHoLp-
ERs.-Erom the New York Times oil Nov.
Is we learn that American holders Of
"Virrinia deferred bonds" met TO confer
with the representative Of English holders
10 devise means of relief. The meeting
was held in the Wall street office of Mr..
j. q. Manning, and among the holders
rrpresentei were Vermilye a. Co. W Il.
Hatch Il Sons, Chase Il Higginson, l..
Marx Il Co., |. & ). Worin5er il Co., Asiel
IL Co., Speyer & Co., 5. De Jonge s. Co.,
J. b. Manning, Vim. Lummis, Edward
Bonner, Il. Skaats and James Curphey.
The representative of English interests
VAS Mr.. G.. Salterthwaite. Nearly &c.
600, 900 Of the bonds were represented, OF
which Mr.. Satterthwaite and London as
sociates hold between $1,000 600 and ST.
O0Q, 900. President Garrett, of the Balti-
more and Ohio Railroad Company, who Is
said TO hold nearly S., 0O0, 900 Of the bonds,
WAS the only interested party of conSe-
Gucnce absent. The meeting was private.
,.rhe Virginia deferred bonds" said Mi.
Manning later in the day, ''amOunt to
10000. 900. They were issued by the
State OF West Virginia i'll July, 1871, as
the portion allotted TO that state OF old
Firginia's antc-war debt, and represent
Ing about a-;hird % that uMdisputed debt.
The bonds were provided for in the con-
stitution OF Nest Virginia, adopted and
ratified by the federal government i'll
1853. They were to draw q per cent. in
tcrcst annnally, none of which has ever
been paid, aud which now, mcompound-
ed, amounts TO over 5000, 900, making
The total debt 10000 900. At our meet
g, Go al cd
hooking 10 the recovering at least por-
lion OF our money, and Mr.. Satterthwaite,
an the part af the English holders, stated
HAT he was willing to compromise at 30
per cent. We appointed committee with
powcr 10 take action in the matter. The
compromise at 80 per cent. means that we
will take new bonds from the state for
$4,000, 900 as exchange Tor the 6,00O, 600
bonds and interest now held, the new
bonds TO be at3 per cent. Ill lieu OF the
old per cent. If some action satisfactory
10 the bondholders is not soon taken. 1t Is
probable that the Court of Claims at Wash
ington or the United States Supreme Court
will be asked to give relief"
e% The smoke OF battle in the Old State
had hardly cleared away before those
protesting to hold obligations against our
State, West Virginia, have met in council
TO carve out their course to realize their
claim Indicated in the above article.
Ii doubtless will be news TO most of our
readers that West Virginia issued ten mil
lion OF dollars OF bonds to meet her portion
Of the anti-war debt OF the old State.
TO bind parties to the payment Of debt
there must be some mutual agreement
That the debt II due and should or shall be
paid. We are not aware that the people
of our State have ever authorized their
agents or representatives to perform such
al act. There mas been commissioners ap-
pointed to meet commissioners appointed
by the old State, 10 settle this CLAIMED
debt question but so far no adjustment to
our knowledge has ever been reached. We
are young, it is true, but we cannot allow
our seniors TO say we owe 4 debt, when We
have no knowledge Of it.
The people are the paying party, their
consent and direction must be had on this
subject, therefore il will become matter
Of very grave Importance 10 them here
after, as to whom they delegate their pow
er TO. Great circumSpection should be
exercised in the selecting of their repre-
sentatiyes; they should be men whose in
terests are largely vt stake, of reputed
sense Of Justice, Of answering integrity,
and of quick and clear business pereep-
lions.
In another column of this issue an in
teresting article, upon the above subject,
taken from he Wheeling nselligencer,
will be found and to which we invite the
attention Of our readers.