Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1884-04-22
MISCELLANEOUS.
The Debt Question.

| was lnCerVIcWcu Oy reporter OF the
Wheeling Register on the subject of
West Virginia's liability for a portion
of Virginia's debt, and the means to
be used in paying the same. Mr..
Faulkner said that he considered it
the imperative duty of West vir-
ginia to determine for herself what
portion of that debt it is proper for
her to assume, and make the ne
cessary provisions for its liquidation.
Such step is required both by her
interest and honor. She will rest
under cloud until some definite and
decisive actionis taken, and her ma
terial interests will continue to be
greatly prcjudiced.
Have you ever yourself thought
ofany plan or scheme for the arrange
ment of this liability by West Vir-
ginia?" asked the reporter.
g have, and feel no disposition to
withhold my views, although they
have not been as carefully considered
in details as they should be. In
reaching my conclusion 1 assume,
first, that there will be some liability
on the part of West Virginia; second,
that these deferred certificates arc
no measure of that liability, and that
she is no more affected by theif issue
than if they were so much Continen-
tai or Confederate. currency. Our
State was no party to their issue, and
has never recognized them in any
manner or form whatever. There
is no court, Federal or State, that
would assume jurisdiction to enforce
them. The holders are utterly with
out remedy except through the State
power of Virginia, which she denies
to them. My plan, therefore, con-
templates two objects: First-To
satisfy Virginia and relieve her from
the contingent burden of these certi-
ficates. Second-To fix upon some
amount that will fairly represent our
liability, and make that absorb these
certificates.
I" Now the question is, what sum
shall West Virginia fix upon as the
basis of this argument? A careful
consideration of all the elements en-
tcring into this complex and intricate
question might lead to the conclusion
that there is nothing due by West
Virginia. I cannot now enter into
those multifarious considerations,
which embrace history of many
years; statistics without number;
sacrifices of State property during the
Confederate war and since; repudia-
ton of so large part of her own debt,
with many social and political prob
lens. But have read the report of
1871, and 1 am disposed in spirit of
cancellation and justice, and after n
careful examination of it, to terminate
n condition of things injurious to our
State, and to adopt the results which
our three able and intelligent Commis-
sioners arrived in their report and fix
our liability at one million dollars" /"
Z" How is this to be provided for!''
BY an issue of three per cent.
bonds for one million of dollars,
which issue of bonds shall be so reg
ulated that not one dollar of that
amount can be delivered except bv
absorbing fifteen of the principal of
those deferred certificates. The pre-
ambIe of such bill should be most
carefully guarded so as to repel all
idea that We are in any way response
bic for the deferred certificates, but
that We tender the entire proposition
in spirit of peace and conciliation to
close his long delayed and vexatious
business"
I" What burden would such on ar
rangement impose upon our Statc?'
The payment of $4,000 year to
discharge the interest, and one per
cent. to discharge the principal in 81
years, would be all that would be re-
required-say $4,000 per annum,
and it Will be perfectly feasible and
practicable to raise this sum, without
Imposing a cent of additional taxation
upon real or personal property, or
any of the present sources of revenue,
and by adopting system of indirect
taxation that would not affect the
community at large, but only those
who received come special benefit
from the Government, and would
cheerfully pay the tax in considera-
tion of that special benefit so received.
I am perfectly satisfied that new
sources of taxation may be suggested
that would operate so justly and
mildly upon those whom it would af-
feet, that only small portion of the
people of the State would be aware
that we had assumed any burden
whatever additional to our ordinary
annual State expenses"
Your plan seems plausible, but
why do you make, as part of it, the
absorption of the Is, ,00O, 900 certifi-
Gates for which West Virginia is in
no respect responsible 90
Simply as an act of justice to
Virginia. 1t relieves her of that con-
tingent liability without imposing any
additional burden upon us. It re-
moves from her any possible motive
to lend her name to those who would
annoy rs by suit in the Supreme
Court. All she need care for is the
iextinguishment of that contingent IL
ability, and if we can accomplish it
without burden tn ouraoIyos- xvo GOT