The Huntington argus. [volume] (Huntington, W. Va.) 1872-1905, 1883-03-01

ueClSlON.
"What is the present movement"
"The creditors cooperate to bring
about a settlement. They appoint
an agent who viii accept what is paid
by West Virginia. The State Of
Virginia will institute in the Supreme
Court a friendly suit for a settlement
against West Virginia. The Court
will order commissioners, (who will
probably be selected by the two
States), to state an account and a
Judgment will be rendered against
West Virginia in favor Of Virginia
for the balance ascerIained to be
due"
"Did not Messrs. Jackson, and
Campbell and Bennett state an ac-
count in 1877"
"Ihese gentlemen did not attempt
to determine the amount due by West
Virginia; their duty was to prove
that the Legislature Of Virginia had
proceeded on wrong principle; Vir-
ginia had declared that the debt
ought to be divided according to the
size of our territory, and this theory
was exploded with conspicuous abili-
ity; but they declined to fix the sum
to be paid by West Virginia. For
example, this report contains many
sentences like this, from the begin
ming we realized that the results ar
rived at by us must necessarily be
only proximate in their character in
asniueh as our sources Of information
were limited Now as the amount
due by US may be asceriained within
the fractioa of penny, nobody is
satisfied with "proximate results, We
want the exact amount. ."
II understand tae certificates are
to be pooled; why is this done?"
at IS simply common contriv-
ance to create the necessary agency
without tying up the certificates
Their securities are lodged with
stakeholder, under a contract which
defines the power and duty Of the
agent, and the stakeholder issues for
each. certificate a Negotiable receipt
Wedistiaguish between the security
and It's owner; the sgept represents
the owner, who ever he may be; the
receipt passes from hand to hand pre-
cisely us tie certificate would do ami
it carries notice to every subsequent
holder that the certificate has been
subjected to the terms Of the con
tract"
Is not this very expensive?"
COZ course it is, but in case like
this we could not move step with
out some such contrivance. How
ever, when the creditors understand
the matter they are very willing to
compensate parties for conducting the
business"
"Wnl rot promoters Of this move
ment real re a large sum when West
Virginia settles?"
1t seems large sum to a village
lawyer ike me, but the class Of men
who alone are competent to manage
successfully business of this character
generally obtain pretty good wages,
and the profits of the movement,
considering the amount Of labor and
capital involved, viii not be greater
than that ielded by the ordinary en-
Payments Of. such men. 1t costs a
vast deal Of time and mSney to ex-
plain the programme to each holder,
so that he cooperate. The move
ment demands, the constant personal
management Of business men of ap-
proved standing in Richmond, Balti-
more, New York and London; it re-
quired considerable sum to compen-
safe the stake holder; in fact no one
who has not examined the subject can
form an idea of the amount of work
and expense incident to business OF
this character"
|