Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1883-01-16
IFrom the WheeIfng Intelngencer.l


Shortly after his arrival an IntelIigeneer
man who had heard it minated that
MIR. Mason was possessed of some in
formation in regard to the old Vir-
ginia State debt, called at his room,
and in the course of 4 conversation
said to him
81 hear that a movement is on foot
to collect from this State a portion of
the debt which was contracted before
the war by old Virginia. Will you
give the Intelligence. the facts!''
THE press is very welcome to all
the facts" said8Ir. Mason. s'Many
of the public improvements we are
now using were constructed with the
bonds issued by Virginia We have
the roads, bridges. &C., while the
creditors have the bonds. For ex-
ample, the turnpike running through
Charlestownismo more travelled than any
road in jefferson county, and I am
we'll acquainted with the man who lent
to Virginia the money which built it.
SIN 1871 the Virginia Legislature
declared that West Virginia ought to
shoulder one-third of the entire debt
of the old State, because she con-
tanned one-third of the territory and
the bulk of the anti-war bonds were
funded on the. assumption that our
share was about SIS 100000. But
the report of Gen. Jackson, IHr. Camp
bell and Hr- Bennett demonstrated
that our proportion ought not to be
determined by the size of our terri
tory Everybody admits that we owe
something, and everybody denies that
we owe as much as fifteen millions.
ssUnder her funding bill Virginia
issued certificates for this one-third,
whereby she promised to settle with
West Virginia and to pay the proceeds
over to the holders of these certif-
icates- The creditors want Virginia
to carry out this contract
'iDid Virginia promise to settle with
West Virginial'
Certainty. The certificates carry
the promise on their face, and be-
sides this the Legislature expressly
declared that the State of Virginia
will aid the holders of such certif-
icates in negotiating a settlement with
w CSI '
s-Why has not Virginia moved in
this matter?"
because it is well known that our
share is very much less than SIS. OOO.-
600, and she is afraid of being called
on for the deficit. Hence, the cred
itors came together and authorize an
agent to agree to accept in full salts
faction whatever is ascertained to be
the fair and equitable share of this
State. Virginia Will not move unless
released from the deficit. whereas
West Virginia will never admit that
these certificates are in any wise OBJ
ligatory upon her. The extent of our
liability can only be determined by
stating an account between the two
States. and the circumstances that
Virginia has issued fifteen millions of
securities cannot measure the size of
our debt Our liability is the same
whether she issued one million or
twenty million of certificates
WHO is to state this accounts''
1.-The question is. what amount is
the equitable share of West Virginia?
This being 4 controversy between two
States. the Federal Supreme Court has
exclusive Jurisdiction. and everybody
will ne satisfied with its dccision.''
''What is the present movement?"
The creditors cooperate to bring
about n settlement. They appoint an
agent who will accept what is paid by
West Virginia The State of Virginia
will institute in the Supreme Court a
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 Judgment will be
rendered against West Virginia in
favor of Virginia for the balance as
ccrtained to be DUE
Ibid not IUcssrs. jackson. Campbell
and Bennett state an account in 1871 -
';These gentlemen did not attempt
to determine the amount due by West
Virginia: their duty was to prove that
the Legislature of Virginia had pro-
ceedcl on n wrongprincipIe; Virginia
had declared that the debt ought to
he divided according to the size of our
territory. and this theory was explod-
ed with conspicuous ability; but they
declined to fix the sum to be paid by
West Virginia. For example, this
report contains many sentences like
this. From the beginning we realized
that the results arrived at by us must
necessarily be only p-oximate in their
character. inasmuch Us our sources of
information were limited Now rs
the amount due by us may be ascer-
tanned within the fraction of penny.
nobody is satisfied with .proximate
results we want the exact amount -
Il understand the certificates arc
to be pooled; why is this donc?''
1T IS simply common contri-
vance to create the necessary agency
withou: tying up the certificates. The
securities are lodged witt. a stake
holder, under a contract which defines
the power and duty of the agent, and
the stakeholder issues for each GER
tificate 4 negotiable receipt. We dis
tinguish between the security and its
owner; the agent represents the
owner, whoever he may be: the receipt
passes from hand to hand precisely
as the certificate would do. and it
carries notice TO every subsequent