The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-01-13
THE VIRGINIA DEBT
AND THE OEFrRRED CERTIFICATES.
Son. Iusrnluon .Dd SON, Comment ga til. sab.
Jsst By HOA. JlnHH. AAlSA-A hsthodOtLr
rItlsT At a TSlr AppOrtiOnmsnt Of the
Dsbt Between the TIVE SiAtsL

Hon. J. N. Mason, Of Jefferson county. ar.
rived in the city yesterday, and stopped atthO
Mcclure House. Shortly after bis arrival On
man who bad heard II inti'
mated that Nj. Mason was possessed Of some
information In regard to the old
Virginia State debt, called at bis room, and
In the COure Of conversation said to him:
i hear that movement Is on foot 10 col
lect from this State a portion Of the debt
which was contracted before the war by old
Virginia. Will you give the ISrELLIOENCEE
the iActSy
"Ths press Isyery welcome to all the facts, "
said Mr.. Mason. "MAny OF The public imprO.
VeulenlS we arc now usiDg were constructed
with the bonds Issued BY Virginia. WehAVs
the roads, bridges, &c, while tile creditors
have the bonds, For example, the turnpike
running through ChRrlestoWn Is more travel.
led than any road In Jefferson county, and
Em we'll acquainted with the man who lent to
virginia the money which builtit.
in 1871 the Virginia Legislature declared
that West Virginia ought 10 shoulder one
ihIrd Of the entire debt Of the old State, be.
cause she contained ons-third Of the territory
aud the bulk Of tho anti.wAr bonds were
funded on the assumption that our share
was about sl5,0OO0OO. But the report Of
Gen. Jackson, Mr.. Campbell and Mr.. Ben.
nett demonstrated that our proportion ought
not TO be determined by the size Of our terri
tory. Everybody admits that we owe some
thing, and everybody denies that We owe Is
much Us fifteen millions.
"under her funding bill Virginia Issued
certificates. for this One.third. whereby abe
promised TO settle with West Virginia aud 70
pay the proceeds over to the holders Of these
certificates. The creditors want Virginia to
carry out this contract"
did Virginia promise to settle with West
VirginiAr
Certainly. The certificates carry the
promise on their face, and bc4ldes this the
Of Virginia will aid the holders Of such Ger
West Virginia. ,"
"why has not Virginia moved in this mat
terri
"Because Il Is we'll known that our share
Is very much less than $l5.OOO,O0O. and she
Is afraid OF being called on for the deficit
Hence, the creditors came together aud au
thOriEs m agent 10 agree 10 accept In full
satisfaction whatever Is HScertAined 10 be thI
fair and equitable share OF this State. Viz
ginla will not move unless released from tn
deficit, whereas West Virginia will never I'D
init that these certificates are In any wis
obligatory upon her. The extent OF Ou
liability can only be determined by stating
an account between the two States and thu
circumstance that Virginia has Issued iitteel
millions OF securities cannot measure thu
size OF our debt. Our liability is the SAINT
whether she Issued one million or twenty
million OF certificates"
"WhO 10 TO state this AccOuntg
heQuestiOn Is, what amount Is the equitA
BILE share OF West Virginia? This being
controversy between two States the Fedora
Supreme Court has exclusive Jurisdiction
aud everybody will be satisfied with itS drCi
ion."
what 10 the present movement"
1.-THE creditors cooperate TO bring about |
settlement. They appoint an agent who vii
accept what Is paid by West Virginia. Thu
State OF Virginia will institute In the Supreme
-Court friendly suit for settlement, Agalns
West Virginia. The Court will order CON
missioner. (who will probably be selected BY
the two States), To state an account and 1
Judgment will be rendered Hgainst West Viz
gipis In favor Of Virginia for the balance as
Contained TO DO due"
"nid not Messr, jackson, Campbell ant
Bennett G'Rte an account In ls7lY'
These gentlemen did not attempt 10 de
terRiine the amount due by West v lrginla
lheIr duty was TO prove that the Legislature
Of Virginia bad proceeded on wrongprihci
ME. Virginia hpd declared that the debl
ought TO b. divided scaQ.ding to the size o.
our territory, and this theory sSs Exploded
with conSpiGuouS ability; but they depllned
10 tix the sum 10 10 paid ny West virginia
For example. this report uoHtBl ps many sen
fences like this, From the beginning We
realized the that the results arrived at by u
must necessarily DO only prOxinlAte Ia theii
character ilRStnuch as our sources oil intor
nation were limited, Now as the amount
dlA by uS may hR aSceIt4inS9 within the
fraction OF . penny, nobody Is satisfied With
'proIimAte results We want the exact
amounL"
II understand the certificates are to be
pooled; why Is this doue"'
''ItlS simply common continuance to
create thu necessary agency without tying
up the certificates. The seOurities are
lodged with 4 stakeholder, under contract
which deines the power and duty OF the
agent aud the stakeholder issues for
each certificate . negotiable receipt. We
distinguish between The SecuritY aud It's
owner; the agent represents the owner, Who
kAp f'Gh419 tASAA
TO has d precisely as the certificate would do.
aud Il carries notice TO every subsequent
holder that the certificate has been subjected
to the terms OF the contract
lis not this very expensive"
"Ot cOuTSe Il 10, but In case lie this We
could not move step without some such
continuance. However when the creditors
understand the matter they are very willing
To cOmpepE8te parties for conducting the
business"
''Will not the promoters Of Ibis movement
realize large sun when West Virginia Get
tles2'"
at seems large sum 10 village lawyer
like me, but the class oil men who alone are
competent 10 manage successfully business o.
this character generally obtain pretty good
wages, and the profits at thp movement, con
siderng the AmOuntOl labor aud cHpltGl IN
volyed, will not DO Crater than that yielded
by the ordinary employmenS OF such men
II costs vast deal Of time and money to ex
plain tho programme 10 each holder, so thai
be will cooperate, The movement demand
the constant personal management 81 bpSl
nessmen Of approved standing In Richmond
Baltimore, New York And London; Il re
guIred q considerable snm 10 compensate
the stake holder; jim fact no one who hn!
not examined the subject eau form an idea
Oiths AIpoHpt gl work and expense incident
70 business Of this charactFF."
"WhRt IL your connection WITH itT
III am one Of the counsel for the gentle
men selected to represent the creditors ~
i'Do you object TO disclosing your cIentt!'
"fheTu 10 aoihlng to conceal the more the
public knows the neLt5F ye will be pleased.
boptter 4 Co. OF is Broadway, ,sF:esent the
creditors, This house was established BY
James 7. 8outt .. Be was the President Of
the Bank Of Norfolk, and went 10 New York
many years before the war TO become PrcSi.
dent Of the Bank Of the Republic, and the
agent Of Virginia, TO negotiate her loans
Tie certificates Will bs deposited with the
P4warp Loan and Trust GoppGi.S,. one Of
ths Oldest and post respectable Institutions
In this country ,
"Will the present Legislature b asked for
any action:
bsioTe our Legislature until old Virginia
How much aOss West Virginia owe to
VirnniAT
mo one has eTeT attempted to stats such
an account as will be required BIZ the court.
have examined the subject sufficiently to
satisfy myself that we can carry our proper
Shara OF the debt without the slightest lncon.
yenIspGs, In my judgment the best thing
for Us IL 70 Rpt this matter settled. It is with
q STATE % With % indlyi1uAl. Ayoung man
don't care 10 hBV0 M Hnspttled liability
hanging over bis bad while bis lDtghhors
are saying that he refuses To pay IN honest
debt"
is Davis, Camden and Garrett concerned
with Tonr lllantAT