The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-02-05
Communicated
WeAt Vfrw1niM,a Debt.

The Dispatch editorial OF Sunday places
General Wickbam and the Senate Finance
| Committee before the public In d position
which Is exactly the reverse Of the position
they actually occupy. Early in the session
| General Wickham defined precisely his po-
sition. His speech was printed In the Dis
pdtch and published by The leading jour
pals. His language was this: s.The debt
| must be settled on the basis OF the legisa-
ton OF 1882 ard taken out OF politics."
Now, what are the factsy This Legisla-
ture was confronted with three distinct
propositions:
1. That the coupOnkiiler did not kill:
| hence measures were Introduced to make it
effectual.
9. That the bondholders heSita,ei 70 ,c-
cept the Riddleberger bill; hence measures
| were introduced to stimulate the funding.
3. The holders OF the certificates Issued
under the act OF 1871 now volunteered 70
acquit Virginia OF all responsibility, pro-
yided this Legislature would, by settle
ment with West Virginia, place that State
in such position that she might safely adj
just or compromise her proportion ~ the
ante-bellum debt. These certificates stand
| like skeleton in the closet, and while IL
is fashionable TO proclaim that, by some
hocus-pocus which nobody preiends to
understand, the debt represented by them
has been mysteriorsly eliminated. yet
every one acquainted with the facts knows
full well that this part OF the debt il. 10 say
| the least, in very unsafe and unsatisfac-
tory condition. All parties are pledged 10
put the entire debt in such q shape that it,
future management cannot be made p0-
litical issue, and recital OF facts will con-
vince every one that the committee bas re-
ported bill which is necessary TO close up
some open questions, and thereby stop
further agitation.
Three different efforts 10 settle with
West Virginia having failed, there WAS no
alternative but for the Legislature OF 1871
to adjust and provide for such part of
the common debt ~ Virginia considered
her own proper share, and TO leave thc
other part open and upadiusted until the
two States could come TO all understand
ing. Hence, under the act OF 1871 new
bond was issued for two-thirds OF each old
bond, and the following certificate wa, Is
sued for the other One.third
"This certifies that there is due 10 A. Il.
s, being one-third OF bond numbered
-. Payment 81 said One-tbird
will be provided for In accordance with
such settlement as shall be had with West
| Virginia. and Virginia holds said bond, 20
| far as unfunded. in trust for the holder Of
| this certificate"
There is diversity Of opinion about the
effect OF this language. Some persons be-
leve that by accepting the act Of 1871 the
bondholdcr agreed to receive in full .ltis-
faction whatever West Virginia might
choose to pay be il much or liitle other
persons believe that Virginia will be liable
for the deficit il a settlement should dis
close that West Virginia does not Owe ~
much rs has been set aside a. her proper
ton. Hence. although our Constitution
expressly requires the Legislature to pro-
vide for settlement with West Virginia.
although everybody mas always been anx-
iOuS to rid our State OF her responsibilities
as trustee. and although our literary fund
and the sinking fund are interested in a
settlement TO the extent Of some three m;i-
lions OF these certificates, yet there
has been reluctance to move in
this matter. But the memorial OF
the certificate-holders offered Al opp0r-
tunity never before presented To nnaiv
dispose OF this whole subject without
trouble, without costing the Common.
wealth one penny, and TO the entire 'ati.-
faction OF the parties entitled TO receive
the money. Under these circum stance, /,
the committee would have been Justly GEN.
sured had it omitted so favorable IN op-
portunity to finally settle the only ques-
tons left untouched by the legislation OF
1882. 1t will be observed that the CON-
mttee has reported bill under which not
single step can possibly be taken unle,,
and until Virginia IS fully and finally re-
leased when settlement with West Nir-
ginia is made.
Hence the discussion is narrowed 70 the
single point, whether we shall utilize the
opportunity here presented 10 cIo.e No
what is regarded aS disputed question. or
whether we shall leave il oren and ulle-
cidcd. TO be agitated hereafter. and ~ be
disposed cf by some subsequent Legi,la-
ture, which subsequent Legislature will
not have before it the proposition now
made by the holders 10 acquit our State u
all reponSbility. 4 NIRGTN!,N.