Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1884-04-12
THE DEBT QUESTION.

HUI. -. ~ vi hiSAptokSt w hiS
on u recent visit to Washington, was in
terviewed by reporter of the Wheeling
Register on the subject of West Virginia's
liability for portion of Virginia's debt,
and the means to be used in paying the
same. MIR. Faulkner said that he consid-
cred it the imperative duty of West Vir-
yinia TO determine for herself what por-
ton of that debt it is proper for her to as
sumo, and to make the necessary provis-
ions for its liquidation. Such a step is re-
0uired both by her interest and honor.
She will rest under cloud until some
definite and decisive action is taken, and
her material interests will continue to be
greatly prcjudiced.
"Have you ever yourself thought Of any
plan or scheme for the arrangement of this
liability by West virginia." asked the
reporter.
IL have, and feel no disposition to with
hold my views, although they have not
been Us carefully considered i'll detail as
they should be. In reaching my conclu-
sious | assume, first, that there will be
some liability ON the part Of West Nir-
yinia; second, that these deferred 'certifi-
Gates are no measure OF that liability, and
that she is no more affected by their issue
than if they were so much Continental or
Confederate currency. Our State was 10
party to their issue, and has never recog-
nizcd them in any manner and form what
ever. There is no court, Federal or State,
that would assume Jurisdiction to enforce
them. The holders are utterly without
remedy except through the State power
of Virginia, which she denies to them.
MY plan, therefore, cOntemplates two OBJ
iccts: First-To satisfy Virginia and re-
lieve her from the contingent burden OF
these certificates. SecOnd-To fix upon
some amount that will fairly represent
our liability, and make that sum absorb
these certificates.
''Now the question is, what sum shall
West Virginia fix upon as the basis OF this
argument? A careful consideration of all
the elements entering into this complex
AMI intricate question might lead to the
conclusion that there is nothing due by
West Virginia. | cannot now enter into
those multifariouS considerations, which
embrace Il history of many years; statis-
tics wilhodt number; sacrifices of State
property during the Confederate war ami
since; reputation of so large part of
her own debt, with many social and polit-
l.. D,,t hn,. fln nrf
of 1871, and | am disposed in spirit Of
Cancellation and Justice, and after care
full examination of it, to terminate a con-
tition of things injurious TO our State, and
10 adopt the results which our three able
and intelligent Commissioners arrived in
their report and fix our liability at one
million dollars"
GLOW 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 regulated that not one
dollar of that amount can be delivered eX-
cept By absorbing fifteen of the principal
of those deferred certificates. The pre-
amble of such bill should be most care
fully guarded so rs to repel all idea that
we arc in any way responsible for the de-
fcrred certificates, but that we tender the
entire proposition in spirit of peace and
cancellation to close this long delayed and
vexatious business"
"What burden would such an arrange
ment impose upon our State?"
"The payment of $50, 900 year to dis
charge the interest, and one per cent. TO
discharge the principal in 81 years, would
be all that would be required-say SAC, 900
per annum, and it will be perfectly feast
bic and practicable to raise this sum, with
out imposing 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 some special
benefit from the Government, and would
clfterfully pay the tax in consideration Of
that special benefit so received. am per-
fcctly satisfied that new sources of taxa
ton may be suggested that would operate
So justly and mildly upon those whom it
would affect, that only Il 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 Il part of it, the absorption
of the $4,000, 900 certificates for which
West Virginia is in no respect response
ble?"
"Simply as an act of justice to Virginia.
1t relieves her of that contingent liability
without imposing any additional burden
upon us. 1t removes from her any posi-
bic motive TO lend her name TO those who
would annoy us by suit in the Supreme
Court. All she need care for is the eX-
linguishmcnt Of that contingent liability,
and if we can accomplish it without bur-
den 10 ourselves, we satisfy her rs effect
ually, if not more eifectually, than the
release promised her by the syndicate Of
certificate holders"
"But will the syndicate OF certificate
holders accept your plan Of settlements"
"No; not willingly and not Immediately.
They will struggle desperately against it;
but they are utterly powerless. They
cannot sue Virginia; they cannot sue
West Virginia. Unaided by Virginia. thew