The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-03-20
THEIR REcsST VISIT.
why Did Senators Davis and Camden
Come to wheeIing9-A Correspondent
Who Puts This and That Together.

] Come TO WheelIng?-A Correspondent
Who Puts This aud That Together.
Edition. IntellIgcncer,
The RtgisIer Of the 14th Inns q peculiar
editorial in regard to the West Virginia
debt. This editorial is plausible and very
specious, and is well calculated to mislead
the legislature, A few facts, (which the
writer is prepared TO prove) make an in
teresting preface and will explain q good
many things we have recently seen Ia
print. Some ten years ago, old Virginia
quietly Invested herself Of fifteen millions
OF debt, by declaring that, in her Judge.
nent, this State ought toassume one.third Of
her ante.war bonds. Thereupon commit.
tee, appointed by Gov. Jacob, examined the
subject and reported that our share Of the
Virginia debt was about $O5O,OO0. This
report was received on Wall Street rs
"otticial figures and the spectators in
uncurrent funds reasoned thus: "Vir.
ginn will never pay any part OF this fifteen
millions; West Virginia will never pay
over $g50,0O0; consequently the SECURITIES
which represent this fifteen millions are
only worth % cents on the dollar" We all
remember these securities were quoted at
5eents and 9 eehts,a after whiia we were
surprised to see them advanced to III
cents While they were selling very low,
Aessrs. Garrett, Davis aud Camden bought
largely. I'VE would give the figures, but
our present space is restricted.) Last wear
a pool was formed, the market butted and
the price carried above q cents. Davis
and Camden sold out. Garrett sold $780,
600, but the market fell and left him with
over million on his hands.
These speCnlations are easily calculated:
to buy Il million ut 0! cents, requires only
$4,000. Sell this million at II cents and
you have profit OF Sl05. 600.
Two months ago Virginia deferred"
were quoted ut -, and in fact cannot be
sold in any quantity Mt 10. But il your
Legislature will make some ambiguous
move towards a settlement, the speCulators
will manipulate the market again, and
those whoar heavily burdened may un-
load upon the unWary.
We now answer the editorial and in
yolr next issue We will print some facts
about the Virginia debt that will put "A
qHietus upon the scheme which has been
cOncocted.
The Register, gushing with state pride,
declares that "West Virginia cannot afford
to remain quiet about her share OF the
debt, because an erroneous impression
prevails, outside 0fMC See, that we are re-
puiiating." This is no so. People out
side OF the State have precisely the same
access 10 the sources OF Information MS the
people who are inside the State, and those
who wish 10 get at the truth can easily do
SO Are we 10 shoulder debt we do not
owe, because ian erroneous impression
prevails among ignorant persons who re.
fuse TO hunt up the facts? Depend upon
it, that counterfeit virtue and honesty,
which some men assume when they mount
themselves on. stills for public inspection,
is lairly discounted ut 90 per cent
But the Register says; population and
capital are deferred from coming into
a repudiating State and the European
holders OF these securities scatter this sian.
der among people disposed to emigrate to
West Virginia "
Here are two plausible statements and
both are absolutely without foundation.
Experience has shown that capital does not
shun rcpddiating State. Facts are stub.
born things. Mississippi advanced more
rapidly after her reputation than before,
Money has been flowing into Virginia and
into this State, during the past three years,
at rate beyond all expectation or prece.
dent Ben Butler bought his wild lands
after Governor jackson issued his proCla.
nation that-"We have no bonds we don't
want credit and We will never pay
penny" Reputation means low taxes
and investors hunt places where taxes are
low. This editorial sounds like we were
drifting into destitutiou, whereas we are
bounding forward into both wealth and
population. Reputation hurts the man
who happens TO own the securities, but II
the debt is held abroad, viewed rs ma
teriNlistic proposition, Reputation does not
injure the State, We admit reputation
delays credit, but il We do not want 10 Dor
row, our credit is perfectly useless. jay
Gould showed his sixty millions to his
friends because his credit was OF greater
value than bis cash.
AgNin, the English and German specu.
lat0rs will read the face OF their boads aud
will readily understand which State issued
the securities they have purchased for
few cents on the dollar The. emigraut
does not know and he does not care
whether virginia deferred" sells at 10 or
20 cents. He says TO himself, "ff money
making men like Ben Butler, Camden and
Davis make investments in West Virginia,
it is u good place for me TO find wages"
and il the emigant is tolerably well post
ed in the mysteries OF West Virginia poll
tics he will take into consideration that he
may turn a penny once every three years
ms an election for Senator approaches.
,1UNtTs