Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1882-04-15
FURTHER FROM JUNlUS.
In REGARD TO THE VIRGINIA AND WEST
VIRGINIA DEBT SETTLEMENT.

EullOIs w HCcliuS iutVlhSVHNCi
We epitomize the concluding para
graphs of the Registers editorial on the
14th: "West Virginia should not remain
quiet under the imputation of repudiatlng
her share of the Virginia debt. Some &C
ton should be taken to set the State right
before the outside world. y few where
as will explain her exact position towards
this debt and her willingness TO meet ev-
cry just liability"
This sounds pretty well, but it is as hol-
low as drum. "a few whereas ana
resolution that the Legislature has deter
mined to pay an equitable part OF the
debt may check, for Il while, the down.
ward tendency of the certificates and en-
able spectators to bull the market, but
the stubborn facts demonstrate that such
action will bring lasting ridiculc upon
this State.
We present the facts briefly: Old Nir-
ginia owed, with interest, forty-hve NIL
lions; she was divided into two States ;the
question was, what proportion OF the dept
should be assumed by each State: People
differed about this proportion and while
they differed Virginia passed the funding
bill of 1871. This act was accepted by
thirty millions Of her bonds; fifteen mil
are, Of course, bound TO abide the conse-
quences.
The funding bill offered, in exchange
for the old bonds, Il new bond for GO %
cents and a certificate for the balance.
This certificate declares, that it will be
paid by Virginia Sin accordance with
such settlement as may be had with West
Virginia." rs between herself and her
| I, IL L 70 loft
proportion for West Virginia. OF course
this eX parte action is not obligatory upon
! our State. The old Commonwealth God
bless her, in her msfortunes,) was trying
TO compromise, as best she might, with her
creditors. She agreed to divide among
| the holders of these certificates whatever
might be paid by West Virginia. If this
! State assumed One-third, the holders
would receive the face value Of their GER
tificates. If she assumed only one million,
they would receive only few cents on
the dollar. Having accepted the funding
act, the holders of certificates have not
the semblance of any claim upon this
State. They look exclusively TO Virginia.
Hence it would he the very height OF folly
for our legislature TO volunteer to hSht
the battles of those who have been specu-
| lating in these certificates. We might as
well champion the cause of any other
| class of the creditors of Virginia.
! 1t will be remembered the funding act
! set apart One-third of each bond as the
! share of West Virginia, and that l3,WO,-
! 600 have never been refunded hence DOR
all the purposes of this papcr) the present
| Cebt of Virginia is represented by T2O,-
! 600. 900 of bonds issued in 1871; 10000
coo OF certificates issued III 1S1l; and To-
! 600, 900 of bonds issued before the war.
! Tt will be observed also that the portion
! set apart for this State is represented by
! 10000, COO of certificates, with interest
since 1871, and one-third of the 10 .OOO,OOO
! (unfundcd) ante-war bonds.
! In respect 10 these 100000 ante-war
| bonds, there is this curious complication.
/ The act of 1871 has been repealed; hence
! they cannot be funded, and consequently
| the holders cannot obtain certificates for
T the 5000. coo which Virginia refuses to
pay. Again; since the holders have Hcv-
| er agreed to accept their pro rata of what
may be paid by West Virginia, the old
! State, in respect to this 10000 IS in a
| dilemma. Should she accept from west
| Virginia LESS than the one-third, and the
holders of these bonds should demand
! par, she would be obliged to reshoulder
| this 5000, 900. Hence, it is the merest
Iwaddle to talk about "family settle
ment," unless and until law Is first
| passed by the Legislature of Virginia to
! enable the holders of these fifteen millions
/ 10 accent the provisions of the funding
! act. For example, suppose compromise
| is effected and West Virginia pays 10 old
| Virginia 81 800, 900, the holders OF the
! certificates will he entitled to 2-3 90 lo)
( ard there is left only S5OO,OOO with which
TO nav the five million. The holders OF
! certificates must accept payment Yin ac-
/ cOrdancc with this settlements" but the
/ holders of the bonds may refuse to receive
/ ten cents on the dollar and should they do
! so Virginia would be confronted with the
! alternative of either taking up four anu Il
| half millions which she has laid down, or
! else. directly and unequiyOcallv repudl-
! atin@ this portion of her debt. We repeat,
! it is absolutely impossible for the two
/ States TO COMPROMISE. until some arrange
merits are first made with the holders OF
! these bonds.
These familiar facts are, or ought to
! be known to those who presume to admon-
| ish the Legislature as TO Its DUTY, these
facts are, or ought to be, known 10 gen
tlemcn who pretend to posses special ana
peculiar information as to what is thought
! about us-''outside the State: but in view
of these facts, how supremacy ridiculous
! is the suggestion that ''Our Legislature
| should make an TX PARTE settlement.
! OF a verify, the faculty some men posses
! of making themselves publicly ridiculous
! is trulv phenomenal. If it was wrong
! for Virginia to make and publish her IN
pARTE determination of the proportion
/ which this State ought 10 assume, why is
/ it not equally wrong for West Virginia to
. publish an TX PARTE decision: But worse
vet: what will the hOneSt-minded part of
that "outsidc world think Of us, If we
take advantage of the dilemma of the old
State, in respect to her tiftcen millions
unfuudcd and make this vain, unmeanlng
and impractcablc proposition, ITO pay as
much us WE consider orr equitable share.
Ave at time like this, when not single
creditor has solicited any action by West
Virginia, and when poor old Virginia Is
being tortured to degree almost beyond
human endurance, what will that ''out-
side world" think of us, if we volunteer
TO increase the confusion and aggravatc
the disaster?
Our next communication will offer
some suggestions concerning 1.-THE be-
smirched reputation of West Virginia"
JUNIUS.
FRANK LESLIE'S SUNDAY MAGAZINE
FOR MAY has even more than the usual number
of highly interesting aud edifyiDg articles The
editor, T. De Witt Talmage, ID. d, contributes
People have Metz with "reminiscences o. the
I.,a pcv Dr = II Cox Rev DIR, Dow ling and