Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-04-14
WHAT'S TO PAY.
( Ooss;saacd fron Psst Page.

C0atsl2ra HOr F6a rage.
isctions to the methods Of arbitration,
and the State of Virginia was again re-
quested by this resolution TO permit ne
gotiations TO proceed through the COM
missioners already authorized by the
two States.
But Virginia, without awaiting the re-
suit OF the action OF the commissioners.
passed the funding bill Of March SOth,
ISL, and / desire to call attention to the
fact that this act was passed by the tirst
Legislature elected under the Constltu-
ton of the restored government OF Nir-
ginia, and within less than q 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 aud Berse-
lev, had been finally decided, and be-
fore il was possible for the commission
ers to act BY this bill Virginia agreed
10 fund two-thirds of her debt by lssu.
ing new bonds therefor, and to issue
certificates for the other third, payable
in accordance with such settlement as
should hereafter be had between the two
States.
II would follow from this that il no
settlement is ever made with West Nlr-
GINA, Virginia would be forever re-
leased from one-third OF her debt, or so
much of it as had been funded. Would
il 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
debt1 But this bill, understand. was
passed with the consent Of her creditors,
or q majority OF them, and accepted by
nearly all, and therefore was fair ar
rangement between debtor and creditor.
II Virginia acted hastily in passing this
bill, she was urged to do it by strong
reasons. She has been more or less
complicated by embarrassments in re-
ard to her State government from the
close OF the war up to this time. The
interest on her debt had not been pro-
vided for. Her reputation was suffering,
her creditors were urgent, and "a al
ready stated, consented, as | understand
il, 10 the provisions OF the bill. This &C
ton on her part did not change the stat
Us or affect the rights OF West Virginia
in regard to her proportion OF the debt,
although one-third was left unproyided
for until a settlement was had with
West Virginia. II | were to venture
any criticism upon Virginia for passing
the bill at that time, 1t would be that she
did not take time to ascertain her own
resources. and made mistakes which she
found it necessary aiterward to try to
correct.
To show that it was not then serious
ly claimed by Virginia that West NIr-
ginia's share of the debt should be one
third, the message OF the Governor OF
Virginia OF the 7th OF December, to the
same session OF the General Assembly
that passed the funding bill, is instruc.
tive. After quoting the constitutional
provisions OF Virginia in regard to the
debt, the governor says:
In advance of any settlement how can
il 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? Upon what
facts is the estimate made?
That we have Just claim against West
Virginia l have no manner OF doubt, and
am equally 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, &c, held by
either State which originally belonged
to the State of Virginia, the remainder
Of the debt should be apportioned be-
tween the two States in proportion to
the population and taxable values OF
each. 1t is a plain and simple PROPOSE
ton not unlike the closing up OF a CO.
partnership. The assets must first be
applied to the extingulshment OF the
liabilities, and il insufficient Tor this pur-
pose the deficiency must be met by the
copartners in proportion to the original
interests Of each respectively in the AL
venture. Upon these principles it APP
pears TO me the question at issue between
the two States could be readily, fairly
and satisfactorily solved. Till, however,
a final adjustment OF this matter is
reached it can only be regarded in the
light of a claim or asset OF uncertain
value, not in any wise affecting our liza
bility for the whole debt.
This is the language OF the Governor
of Virginia.
The certificates issued under this bill
without the consent or knowledge OF
West Virginia have improperly come to
be known as "West Virginia certiii-
Gates" To show the form and character
of these certificates i submit one, and
ask the Secretary TO read it.
~ N1,.l, raaI ac fNllnu.o.
TREASURES OFFICE,
RICHMOND, July |, 1871.
This is to certify that there is due
unto - heirs, executors, admins
traitors. or assigns dollars. being
one.third of bond surrendered under
the provisions Of an act approved March
30, 1871, entitled IAN act 10 provide for
the funding and payment OF the public
debt" (viz: bond No. -, with interest
amounting to - dollars.) Payment
of said one-third with interest thereon
at the rate OF per cent. per annum will
be provided for in accordance with such
settlement "a shall hereafter be had be-
tween the States of Virginia and West
Virginia in regard to the pubic debt oil
the State OF Virginia existing at the time
of it's ACKNOWLEDGMENT, aud the State oil
Virginia holds said bonds so far as IN
funded in trust for the holder hereof oil
his assigns.
IN testimony whereof this certificate
has been signed by the Treasurer and
countersigned by tue Second Auditor AZ
provided by law.
Treasurer Commonwealth Of IUyinid.