Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1885-10-29
From ne Wheeling Register.
Tee Hest ViTgiAiiG Certificates ana hatt
Street Syndicate.

Tue information contained in All adver.
tisement in the New York EpeRiHg Post, and
reproduced in the Register few days ago,
| in reference TO the movements OF the wall
Street Syndicate relating to he so-called
[ West Virginia certificates, is interesting and
! significant. as it contains the first authentic
information of the existence of any organ
lied syndicate TO enforce the payment OF
these certificates, or some part OF them, oy
! the State of West Virginia.
/ Il has been asserted and generally be-
/ lieved for some time that such syndicate
/ did exist, and that it had paid agents IN this
State 10 work up its scheme but 1t was not
/ known what persons or financial agencies
were al the head of the Wall Street end OF
I IL. I'm the adve! tisement referred to 1t now
appears that the movement has strong tinan-
/ cial backing in New York, and that the or
s..nization is based upon ingenious and well
conceived business methods which enable
/ the certificates 10 be pooled and held as a
whole. 10 be managed and manipulated rs
one interest and at the same time 10 give
/ each individual holder Q convertible receipt,
/ from the Farmers Loan and Trust Company
/ of New York, which is negotiable and mar
/ ketahle upon the New York Stock Board.
/ This an Lhod enables all the certificates 10
remain pooled with the Trust Company ana
at the same time gives to each individual
holder the privilege Of specializing upon ms
investment by selling hereceipt-, represent
/ ing the certificates, on The New ork STOCK
Board
The importance of this organization must
not be underestimated by the tax payers OF
/ West Virginia: Ii Is now evident that a
/ strong syndicate doe, exist-that these Ger
tifrttes are pooled and held in Il body by
the Farmers Loa aud Trust Company OF
New York. and that it Is backed by such
strong financial institute n- - the FIRST VA
tiona Sank Of New York and other we'll
kaown Wall street bankers and that The
trust company'- receipt, have been engray-
ed 20 comply with tie requirements OF the
New York Stock Exchange and that they
have been admitted to the dignity OF a
place ON the New York stock Board. The
advertisement OF the syndicate states that
these receipt. are issued under an agreement
with the First National b nix of New York
and other holders of the certificates, and
"the agents Of the movement now being
conducted for the settlement of that portion
OF the Virginia debt represented by these
certificates
IL Is important that it should be under
stood what is meant by such pool, and
how such matters are usually managed IN
Wall street These certificates amount TO
shout fifteen millions of dollars, with inter
est tor fourteen years, the principal and IN
terest amounting 70 over twenty five mill
lions of dollars. 1t is stated that these Ger
tifcates are to be deposited with the Farm
e..' Loan and Trust Company of New YORK,
under au agreement with couditions-one
OF the important conditions will be to de-
posit with the certificates small percentage
i'm money 10 create a fund for expenses, 10
be used by the agents of syndicate for the
Increment nor being c0Hducted' 1t the
holders deposit with their certificates one
per cent of their face value in money, 1t
will create FUND of $50 600 to be used
by the agents of the movement" in such
methods as may seem best adapted to ac-
c3mplish its ends, which are First-to Gre
ate speculative advance in the price OF
these certificates in Wall street and then
10 secure in some way or in some form the
payment of the largest amount possible
from the taxpayers of West Virginia. The
State of Virginia, in the settlement with
her bond creditors, made nearly fourteen
wears ago. was forever released from any
demand Tor the payment of these certltl-
Gates unless she should afterwards volunta-
rally assume il in settlement to be made
bv her with the State of West Virginia.
No settlement has since been asked of West
Virginia by the State of Virginia, nor will
any be asked The holders OF The certui-
Gates, by their own agreement cannot look
TO Virginia for payment, hence the effort Is
now % be made to saddle upon West Nir-
giuia the responsibilities of a transaction
in which she was never consulted, took no
part, nor had any knowledge Of what was
trausuiring Whatever relation West Viz
ginia could. under any circumstances, bear
10 the Virginia debts with Virginia. and
not with the holders Of the certificates IS
sued by that State. IL is not, however. our
purpose % discuss the debt question al this
time. bat 90 bring the taxpayers of this
State face To face with the fact that q pow
eriul influence is on foot to fasten this debt
in some way upon West Virginia, and that
il makes no secret of having agents with an
abundance of money at their disposal 70
work it up There is. therefore, no doubt
that under various DISCUSSES ii will, in
TIM. seek O. gain control of our legislature,
aud to open up negotiations, or To inaugu-
rate some nrn Of arbitration 60 involve the
state with these fic:icioUs certificates. It's
now time for our people t. open their eyes
and % view with jealousy and suspicion all
efforts of the agents of the syndicate to work
up this scheme under DISCUSSES.
If Mr. Mason is theagent of the syndicate
in this State, which seems to be admitted,
and his paper IS its organ, to work up the
tax schemes and Legislative tickets in that
interest. then it, free circulation throughout
every county in the State is easily under
stood, and the free education to which he is
treating the people OF the State with such
yirtuous parade is only thin disguise.
The Register has paid very little atten-
ton 10 the alleged existence of such syn
dictate and It's plans as long as it was based
only on rumor, but now that it has assumed
definite shape and formidable proportions,
it will keep its readers informed rs tao
scheme develops
These are Solid Facts
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