Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1884-04-10

trac; than the elite ordinance OF August, lsOl.
ARRNNGING WEsr NIwitSiAs LIABILITY
Have you ever ycurselfthousht oil any pan
OF scheme for the Arrangement oi TINS haDiii'y
by West Virginia
= havs. all feel no disposition - withhold
my views. although they have not been Is
carefully considered in detail rs they should De
In reaching my conclusions assume, hrst,
that there will be some liability on the part oi
Wcst Virginia second, that these deferred
'certif ates' are no measure OF that hAoili'y'
and that she Is NJ moe ai.c,el b. their issue
than ii they were 50 much Continental or Ooh-
f., lerate currency. Oar State was no party -
thair issue. and has never recognized them III
any manner and form whatever. There Is no
court Federal or Safe, tina. would assume lu-
rialirtion 10 enforce them. The holders are
utterly without remedy except through the
STATE powcr of Virginia. which she denies TO
them. Nv plan. therefore. contempiates TWO
objects First-TO satisfy Virginia and relieve
her f.Om the contingent burden OF these ceru-
ticates Second-TO fix upon some amount
that will fairly represent our liability, and make
that sum absorb these certificates.
Now the question is, wia, sum shall west
Vir,inia fix upon as the basis of this arrange
NEXT? 4 careful consideration Of all the ele-
nieuts entering into this complex and intricate
question might lead 10 the conclusion that
there j nothing due by West Virginia can
not now enter into those multiiarlOus consul
er,tinaS which embrace history OF many
wears; statistics without number; sacrifices o.
State property during the Confederate war and
since reputation OF 50 large part OF her own
debt. with many social and political problems
But have read the report Ol 1871, ana am
disclosed In a spirit of Cancellation and justice
an after q careful exami nation OF H. 20 ter
inmate a condition OF things injurious 10 ouF
state. and 10 adopt the results when our tnFec
able aud intelligent Commissioners arrNod III
their re2oF, and fix oar liability at one mill
ion dollars
How j. this to be provided for?'
BY an Issue of three per cent. bonds for one
million of dollars, which issue OF bonds snail
be 50 regulated that not one dollar Ot that a
mount can be delivered except by absorbing
Gfcen of the principal OF those deferred certih-
GATES. The preamble OF such bill should DC
most carefully guarded 50 rs 70 rcpc! all ljea
that We arc ia any way responApiG LOT 'ho &c
G-rcl certificates bat THAI we tender the entire
pro09-iiln In q spirit of peace amt cUnclll
hon % close this long delayed and veXatouS
busincss.'
What burden would sach an arrangement
impose upon our state
'Thc payment OF co0 . year t. discharge
the interest. and orc per cent. "a discharge tne
principal in 81 years. would DC all that would
II. r..tlir,~l-Siv 8 40 O0) pcr auHu;a and II viii
this sum without imposing a cent OF additional
taxation upon real ug personal properly "rany
of thep-e-cut sources of revenue. AMI py adopt
inr "a system OF indirect taxation that would
not Affect Che community 40 large, but only
thn.c who received some special benefit irOm
the Government and would chccrtu!y pay the
tax in consideration of that special heneh' 50
received. / ANA perfectly satisfied That new
sources of taxation may be suggested that wd.
!
IL would attest tl,at 0i,ly snail portion oil thc
pcoplc Of the STATE would Ice aware that we had
assumed ANY burden whatever additional TO
our ordinary annual State expenses
Your plan seems plausible, bat why do
Won make. rs part of IT, the absorption OF the
100000 certificates for which West Virginia
l. in no respect responsible!
simply rs an act OF justice to Virginia. 1t
relieves her of that contingent liability with
ont imposing any additional burden upon us.
Ii removes from her any possible motive 70 lend
her name 10 those who would annoy Us by a
suit in the Supreme Court. All she need care
for is the eXtinguishmcnt OF that contingent IL
ability. and if We can accomplish II without
burden TO ourselves, We satisfy her as eiicctuai-
Is. ii not more ettectually, than the release
promised her by the syndicate of certificate
holders
But will the syndicate Of certificate holders
accept yOur plan of settlement
No: no. Willingly and not Immediately
They will struggle desperately against 1t; but
they are utterly powerlcSs They cannot sue
Virginia; they cannot sue West Virginia. Tn
edrd ny {Tsp {RlfY aha hazf n2 Fe e9t
they will accept our proposition, and the who.c
matter will be closed Ou our part We are per
G-tlv safe. Our bonds Will remain in the At
ditor's Office without charge or interest 20 the
State until the certificates are presented Tor re-
dcmpiion ou the terms we prescribe Tor them.
Let me illustrate It's operation by my own case;
hold so 900 of these certificates; that would
cntitle me 10 West Virginia bond Of 81 ,33j.-
With that as a creditor would be content
But tha, mo- impuiatiun shall be cast upon me
that am >o.ccstiag this plan for my own ben
ciit. / proppsC go transfer my bond - the state
and mlkeit "a contribution 90 the Permanent
school Fund. O,her citizens of the state may
do the same.
BrYING yP ruE CEETIFictr1s.
"I hive heard il often >.ii that West Nir-
eiuia should have hId an agent 60 purchase g.
nuush of those certificates when selling for !
and > per cont. 20 pay what might he supposed
To bc her portion OF the public debt and ho!d
them for that purpose.
"Sich "a scheme would have been impracti-
cable Il could only have been done toy lcsiS-
lativc action The fact could not have been
kept secret from the keen eyed Spccuaiurs OF
Wall street. and the price of those certificates
would have immc lately risen ia the market.
Best les i. was ftirtivc and ClmdcStine mode
of reaching the result unworthy of the State
Nv plan meets the issue openly and boldly,
ana will not cost the State as much rs such an
a;tcmptcl purchase Besides iseiS doing full
ius,icc 10 the certificate holders according 10
their present value and probably more than
they paid for them.
WEST NIRGINNS PROBABLE ACrioN.
sinia Will sanction your plan of settlement?
" That / cannot say l throw it out for Goa
side-ation I'm It's rough state, hoping Il may
III .yc>t something for reflection To- better minds
Many of our people from the long delay which
has occurred. think We owe nothing, andmisht
be mdi-poScd to take any action whatever on
the subject
" Did You mike any reference TO your plan
of settlement durin, your recent visit to Rich
moad ~
Il lid refer "a it i'm nay interviews with some
If the leading mind, in the Legislatures but on
IL so far rs to express the hope that Virginia
would not lend hcr name as a sovereign state
% This New York syndicate and intiiudtcd the
possibility thot ihc LEGISLATURE of West Virgin
ia might take some action 40 its next session
which would dispose OF the question, inclu-
ding an absorption of the deferred certificates
Have you no fear. Il such bin as yoU sue
scst should pass the West Virginia l.e-islaSure
that the moned influence and persistent inn
portmitieS OF the New \ ork syndicate and H.
agents would Dee abe 90 procure the repeal OF
such Law AND the assumption ot much lar
ger deltr'
L can hardly conceive of any slch danger
think our people iu West Virginia are vet Toe
pure frr ;he success Of such lohhyi-m Bui ?,
guard acsius, their anuoyiag thc LcZi-.atur,
by their presence an3 imp'r'Init'c- 10 would
hc very easy Oh have q constitutional amend