The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1883-01-18
The Tmn Uiruinias

Every year seems to bring with it barrier
to the final settlement of the debt of Virginia.
As fast as one plan is proposed, and action had
under it, along comes some party aggrieved,
and Immediately the smouldering embers burst
forth afresh. The latest complication of the
much complicated subject reaches us from
West Virginia,in the shape of a teapot tempest
which threatens to boil over at any moment
and deluge the Old Commonwealth. Accord
ing to statement of Mr.. Jas. M. Mason, OF
Charlestown, W. Va. who claims to be, OF
counsel, syndicate of English and.. American
holders of Virginia certificates has been formed
to make bold dash for the settlement of the
debt question between the Virginlas. The
first step is to be the secul ement OF stating
of account between the two states, to ascertain
the equitable share of West Virginia's portion
ofthe debt. This being a controversy between
the two states, Mr.. Mason says the Federal
Supreme Court has exclusive jurisdiction, and
every one will be satisfied with the decision
Mr.. Mason, who is now in Wheeling, gives the
following as the present movement:
"The creditors cooperate to bring about q
settlement. They appoint an agent, who VIII
accept what is paid by West Virginia. The
State of Virginia will institute in the Su
preme Court friendly suit for settlement
against West Virginia. The court will order
Commissioners (who will probably be selected
| by the two States) to state an account, and 8
| Judgment will be rendered against West Vir
ginia in favor OF Virginia for the balance as
certained to be DUE"
"The certificates are to be pooled. 1t il
simply a common continuance to create the
necessary agency without tying up the Ger
tificates. The certificates are lodged with 6
stakeholder, under a contract, which defines
the power and duty of the agent, and thu
stakeholder issues for each certificate nego
table receipt. We distinguish between thu
security and its owner. The agent represents
the owner, whoever he may be. The recelp
passes from hand to hand precisely as the Ger
tificate would do, and it carries notice tt
every subsequent holder that the certificate
has been subjected to the terms of the con
tract.
There is nothing to conceal. The more
the public knows the better we Will bt
pleased. Soutler s. Co., of rs Broadway, rep
resent the creditors This house was estab
lished by James T. Soutler. He was the presi
dent of the Bank of Norfolk, and went tt
New York many years before the war to De
come president of the Bank of the Republic
and the agent of Virginia to negotiate hel
loans. The certificates will be deposited
with the Farmers Loan and Trust Company
one of the oldest and most respectable lnsti
buttons in this country"
The present legislature of West Virginia
according to the statement of Mr. Mason, will
be asked to take action in the matter. MIR
Mason disclaims any speculative scheme, ant
says the whole movement is to be conducted
publicly, and under the supervision of com
mittees composed of gentlemen of the highes
integrity. These committees, it is said, hav
already been selected by the English and Amer
icQn holders 0f certificates