The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-03-22
rrnTiiEiI PROM JISIUs
IN Regard to the virginia aud We
virginia Debt ScttieInent.

Edlton Intelligencer
We cpitomize the concluding para.
graphs Of the RcgiEtsr'S editorial on the
18th: "West Virginia should not remain
quiet under the imputNtion OF rcpudiating
her share Of the Virginia debt. Some
action should be taken to set the State
right before the outside world. A few
whereas will explain her exact position
towards this debt and her willingness to
meet every Just liability"
This sounds pretty well, but II Is as boil
low IN u drum. "a few whereas" and u
resolution that the Legislature has deter
mined to pay an equitable part Of the debt
may check, for u while, the downward
tendency Of the certificates aud enable
SPECTATORS to bull the market, but the
stubborn facts demonstrate that such
action will bring lasting ridiCule upon this
State.
We present the facts briefly: Old Vir.
ginia owed, with interest, iorty.tve mil
lions; she was divided into two States; the
question was, what proportion Of the debt
should be ASSUMED byeGch State? People
differed about this proportion and while
they differed, Virginia passed the funding
BIZ OF 1871. Thus net wns accepted by
thirty millions OF her bonds; fifteen millions
did not accept. Those who accepted IRE,
OF course, bound to abide the consequences.
The funding bill offered, in exchange for
the old bonds, u new bond Tor G6 2.3 cents
and certificate for the balance. This Ger.
tiGcutc declares, that 1t will be paid by
virginia "in accordance with such settle.
ment us may be had with West Virginia"
As between herself and her creditors, she
undertook 10 determine the proportion for
West Virginia. Oi course this ex parte
action Is not obligatory upon our State.
The old COMMONWEALTH God bless her,
in her misiortunes,) was trying 10 cOmpro.
mise, as best she might, with her creditors
She agreed 10 divide among the holders Of
these certificates whatever might be paid
by West Virginia. II this State assumed
onc.third, the holders would receive the
face value OF their certificates. II she us
sumed only one million, they would re,
Ceive only few cents on the dollar. llav'
ing accepted the funding net, the holders o.
certificates have not the semblanCG Of anl
claim upon this State. They look ex
Clusely to Virginia. Hence it would bt
the very hight OF folly for our legislature Il
volunteer to fight the battles OF thOs. who
have been specializing ia these certificates
We might as well champion the cause O
any other class OF the creditors Of Virginia
1t will be remembered the funding nc
get apart one-third OF each bond MS thl
shure of West Virginia, and TINT l5,0QO,OO(
have never been rciunded hence (i6r nj
the purposes Of this paper the present deb
Of Virginia is represented by 81, 900 900 o
bonds issued in 1871; 100000 Of certi
hcatCs issued in 1871; and 100000 o
bonds issued before the war.
1t will be observed also that the portion
set apart for this State is represented by
lO,O0O,OOO OF certificates, with interest since
1871, and One.third Of the 100000 Jun
iGuded unte.war bonds.
III respect to these l5,098,G90 ante.waI
bonds, there is this curious complication
The act OF 1871 has been repealed: henct
they can not be funded, and consequent,
the holders cannot obtain ceiiihcalcs TO
the 100000 which Virginia refuses to pay
Again; since the holders hive never agreed
to accept their pro rata OF what may be pait
by West Virginia, the old State, in respeC
to this 100000, is in dilemma. Should
she accept IRON West Virginia ieSS than tn,
one-third, and tue holders of these bond!
should demand par, she would be obligct
10 rcshOuider this 100000. Hence, it i.
the lnerest twaddle 10 talk about ''tamH,
settlement" unless and until Il Law
is lirSt passed by the Legislature o
Virginia 10 enable the holders Of these III
teen millions to accept the provisions 0
the funding act. For example, suppose .
compromise is effected and West Virgin.
pays to old Virginia 81 $780, 600, the holden
Of the certificates will he entitled TO !
l0.l5) and there is left only 100000 Will
which to pay the five million. The hold
ers Of certificates must accept payment ''iI
accordance with this settlement but thu
holders OF the bonds may refuse to receive
ten cents on the dollar and should they dc
so Virginin would be confronted with thu
alternative Of either taking up four and q
half millions which she has laid down, Oh
else, directly ana uneQuivOcally repudiat
ing this portion OF her debt. We repeat, il
is absolutely impossible for the two States
to compromise, until some arrangements arc
first made with the holders Of these bonds
These familiar facts are, or ought to bt
known to those who presume TO udmonisl
the Legislature MS to its duty; these facts
ar or ought to be, knOEn TO gentlemen
who pretend TO possess special and prcu
liar information rs 10 what is thought abou
us -"outsiie the State" but in view Of
tn sc facts, how supremacy ridiculous il
til suggestion that "Our Legislature should
make an Gr pdrIe settlement" OF verify
IA lK,,p Il