West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1883-03-24
THE rIRGIsr1 Drsr oursrh,S.

tsrest by our West Virginia readers.
II saws
AT the close OF the war oil the re-
bslhon he State OF Virginia found
ltseli with 4 debt. incurred before
the war, which, with accumulated
ipterest. amounted TO abou $40 00O,-
OOO. West Virginia had been made
State from its territory, the new
State taking from the pareht State
about one-third Of its wealth, ter
r'ory and population. As West
Vagina had enjoyed portion Of
the benefits OF the money raised by
the Virginia bonds it was held taat
The De~ State should assum. her
proportion OF the debt of the mot her
State. Tbs he political fathers of
both States agreed IN. Virginia set
sslte oue-thlrd OF the debt AZ West
Vnglnia share. West Virginia
denied that thus was her proportion
because one-thIrd of the amount bad
not been expanded within her bor-
ders. Nevertheless, wnen Virginia
iunded her debt ia 1871. under the
reiunding hlli, she lundsd only two
thirds, and tor the other third
which was assumed TO be West Vrr-
glnIa's share-certficdtso were Issu-
Ell which soon came TO be known as
"V'r2lnls deferred certificates. The
payment OF these certificates was to
be made upon the basis oil such set.
tlement 80 shall hereafter be made
between the States Of Virginia aud
"est Virginia In regard 20 the debt
OF Virginia existing at the time of
us dIsmembetment.' These were
acc Fted upon an understanding that
Virginia would take steps to bnap
About settlement, and that the
amount assumed by West Virginia
should be divided pro rata among
the holders oil the certificates. The
Wheeling Convention of 1861, which
created the State Of West Virginia.
agreed to accept such proportion OF
the debt 40 should be shown TO be
bers upon an accounting between the
q
TWO Slates. Such an accouuting hae
never been bed. The holders OF the
Virginia deferred certificates have
never seen any prospect OF settle
rEent OF their clsIms
In order TO force West Virginia to
pay her share OF the debt the hold.
ers Of the certificates have united 10
pool aud propose % force settle
uent by somewhat novsl m.thol.
Steps are to bs taken to induce Vir-
sInIA to bring suit against West
Virginia IN the United States Su-
preme Court tor sn accounting, 70
compe West Virginia to assume un.
der such accounting her share Of the
debt, and settle with Virginia by
giving her bonds Tor the amount.
These bends are to be accepted by
the creditors IN lieu Of their deter
red certificates. In order that these
proceedings may be properly carried
out, the First National Bank, OF this
city, II made tne agsnt Of the hold
eTs OF the certificates, and the Farm
ers' Loan and Trust Company the
stockholders. The certificates are TO
be deposted with the Farmers Losn
and TIust Compsny, aud The owner
OF the certificate receives in exchange
a negotiable receipt therefor. These
certificates are TO BE- e1changeab.e
for toe West Virginia bonds, If that
State sccspts the accounting Of the
Supreme Court and issues such
bonds. The bo den Of cert hcatss
who agree to thls plan are 0 receive,
10 case Of Z settlement, 10 cents on
the dollar Of the face value Of their
certificates and so per cent Of any
sum above that amount that may be
secured on the dollar from that
State. For example, if the State
agrees to pay 20 cents on the dollar,
holders OF certificates will rscsiye
l6t cents, the remaining 81 cents
gong TO t1e pfoJ ctors Of tho plan
Ihs contamination OF THE plan
NJ Msssis. Sodtter B. Co.. OF No 78
Broadway, bsve attempted 70 under
take a. their own risk, depending
Tor reimbursement upon what would
~ccrue TO them from the 90 per cent
over aud above the l3 cents on the
dollsr insured TO holders, or upon a
pay ment OF 10 per cent com mission
10 ts paid from the gross amount
received by certificate hoiders. The
plsn which Gas been proposed has
Oven accepted by holders Of nearly
" 100000 oil these Ger, i6ostes, aud
many Thousands OF dollars OF the Ger
tIEoates are daily received from En-
.f,.h H.I1.ra To- .v.h.ra