The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-01-07
VIRGINIA AfFAIKs.
Governor Cameron's nrst Message I,
the Virginia Legislature.

governor Cameron's nrSt Message TO
the Virginia Legislature.
RICHMOND, Va, January 6.-Governor
Cameron sent in his first message to the
General Assembly to-day. In it he recon-
mends the adoption, without unnecessary
delay, Of q measure which shall provide
for the discharge Of public obligations upon
the basis set forth in an ac: passed by the
last General Assembly and known as the
Riddleberger bill. Great misapprehension
exists, he says, as to the purpose of
Virginia in regard to the final settlement
of all controversy concerningthe State debt.
AS he understands the views and will OF
the people, they don't intend to repudiate
any just obligation. The bill is to assume
and to pay that portion Of the principi
which is properly chargeable to the present
State Of Virginia, and to restore all classes
Of creditors to plane Of equity. The true
Indebtedness OF the State, he says, should
be determined ny by computing
the full interest to date OF set
tlement from the period when Virginia
lost control OF, and ceased to draw Teye-
nue. from tho territory embraced in West
Virginia. (2) By crediting against it the
sum total OF principal and interest so OBJ
tanned, and the acknowledged payments
on both accounts made by Virginia since
the partition OF her territory. II this shall
be done and provision made for the liuui-
dation oil the amount so found to be due,
no charge OF reputation can be laid at the
door Of the people Of this commonwealth.
As to the rate OF interest which can and
should be paid on the principal so ascer.
tanned and ASSUMED, the Governor saws,
all parties interested agrecd that the pres.
ent rate OF taxation can't be increased,
aud that careful estimates establishes the
proposition that three per cent. is the
largest rate OF Interest that can be provided
for with certainty.
WASHINGTON, January 6.-General Ma.
hone has been busy for several weeks in
preparing the bill for settling the Virginia
debt question, which will be introduced in
the Legislature at Richmond next Monday
or Tuesday. The bill is based upon the
principle that in public debts the indebt.
edness follows the territory, and that there.
fore West Virginia, set off from Virginia
and made an independent State, ought in
justice to bear its proportion OF that part oi
the State debt which was contracted before
the separation and OF the interest, whether
paid by Virginia or unpaid, which has &c.
crued since the separation, West Virginia
having paid nothing since it became q
State.
West Virginia composes one-third OF the
original State OF Virginia, and it is held by
General Malone that, as the separation Of
this region from the State took away a
large part Of Its richest mineral and other
wealth. lit is but fair that the new State
should assume one-third OF the total debt,
including the interest account.
Very numerous calculations were neces.
sary before the exact proportion OF interest
on various bonds could be ascertained and
apportioned. The interest was carried for
the whole period OF the war, but not com.
pounded, and great care was used to omit
no charge OF this kind. The final result
states the proper debt OF Virginia in July,
1882, at $2l ,0S5, 377, Of which sum Sl8, ,S4S..
900 is principal and s, ,192, 900 interest past
due. The bill to be introduced next Mon.
day makes provision for the regular nav.
ment OF the interest on this debt. General
Malone asserts that there Is not cent Of
reputation in the bill, and that when the
debt statement Is made public in detail, az
It will be next week, no banker or account.
ant in the country will declare II anything
but honest and fair.