The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1885-10-27
THE OLD SCHEME AGAIN.
The West Virginia Certificates aud Wal
Street Syndicate.

The West Virginia Certificates aud Wall
Street Syndicate.
Wheeling Register.
The information contained in an adver-
tisement 10 the New York Fleming Post,
and reproduced in the Register several days
ago in reference to the movements Of the
Wall Street Syndicate, relating to the SO.
called West yirSinis certificates, is in
teresling and significant, as it contains the
first authentic information OF the exist
ence Of any organized syndicate 10 enforce
the payment OF these certificates, or some
part OF them, by the State Of West Vir-
ginia.
1t has been asserted and generally be-
lieyed for some time that such syndicate
did exist, and that it had paid agents in
this State TO work up its scheme, but 1t
was not known what persons or financial
agencies were at the head OF the Wall
Street end Of it. In the advertisement re-
ferred to it now appears that the move
ment has strong financial backing in New
York, and that the organization is based
upon ingenious and well conceived bust
ness methods which enable the certificates
to be pooled and held rs whole, to be
managed and manipulated as one interest
and at the same time to give each indi-
yidual holder a convertible receipt, from
the Farmers' Loan and Trust Company OF
New York, which is negotiable and mar
ketable upon the New York Stock Board.
This method enables all the certificates TO
remain pooled with the Trust Company
| 20, tnl
vidual holder the privilege Of specializing
upon his investment by selling the re-
ceip's, representing tho certificates on the
New York Stock Board.
The Importance OF this organization
must not be underestimate by the tax
payers Of West Virginia. 1t is now evl-
dent that strong syndicate does exist
that these certificates are pesletfand held
in body by the Farmers Loan and Trust
Company, OF New York, and that it ia
backed by such strong financial insIitu-
tions as the First National Bank OF New
York and other well known Wall street
bankers, and that the trust company's re-
ceipts have been engraved 10 comply with
The requirements OF the New York Stock
Exchange, and that they have been
admitted 10 the dignity Of place on the
New York Stock Board. The advertise
ment Of the syndicate states that these
certificates are issued under an agreement
with the First National Bank OF New
York and other holders OF the certificates,
and "the agents OF the movement now be.
ing conducted for the settlement OF that
portion Of the Virginia debt represented
by these certificates"
| Il 81 ;Tnnorlopk that - phpf,Ij In ,,pInr
stood what is meant by such POOL. and
how such matters are usually managed in
Wall street. These certificates amount to
EabOnt fifteen millions OF dollars, with in
terest for fourteen years, the principal and
interest amounting now to over twenty.
five millions6f dollars. 1t is stated that
these certificates are TO be deposited with
the farmers Loan and Trust Company OF
New York under an agreement with con-
ditiohs-one OF tho important conditions
will be 10 deposit with the certificates u
small percentage in money to create a
fund for expenses, to be used by "the agents
OF the syndicate for the movement now
being conducted" 1.-THE holders deposit
with their certificates one percent OF their
face value in money, 1t will create fund
Of $4,000, to be used by "the agents OF
the movement" in such methods as may
seem best adapted to accomplish its ends,
which are, frst-to create q speculative
advance in the price Of these certificates
in Wall street, and then to secure in some
way or in some form the payment OF the
largest amount possible from the taxpay-
ers OF West Virginia. The State OF Yir-
ginia, in the settlement with her bond
creditors, made nearly fourteen years ago,
was forever released from any demand for
the payment OF these certificates unless
she should afterwards voluntarily assume
it in settlements be made by her with
the State Of West Virginia. No settle
ment has since been asked OF West Vir-
ginia by tho State Of Virginia, nor will
any ever be asked. The holders OF the
certificates BY their own. agreement can
not look-to Virginia for payment, hence
the effort is now to be made to saddle
upon West Virginia the responsibilities
OF transaction in which she was never
consulted, took no part, nor had any
knowledge OF what was Transporting. What
ever relation West Virginia could, under
any circumstances, bear to the Virginia
debts with Virginia, and not with the
holders OF the certificates issued by the
State. II Is not, however, our purpose to
diEcuss the debt question at this time, but
to bring the taxpayers OF this State
face to face with the clearly defined
fact that powerful influence ia
on foot to fasten this debt in some
way upon West Virginia, and that it
makes no secret OF having agents with an
abundance OF money at their disposal to
work 1t up. There is, therefore, no doubt
that under various DISCUSSES 1t will, from
time to time, seek to gain control OF our
Legislature, and TO open up negotiations,
or 10 inGugurate some form OF arbitration
to In Tolve the State with these fictitious
certificates. 1t is now time for our people
to open their eyes and to view with
jealousy and suspicion all efforts OF the
agents Of the syndicate 10 work up this
scheme under disguis6s,
II Mr.. Mason Is the agent OF the syndi-
cate in this State, which seems to be ad-
mitled, aud his paper is its organ, to work
up the tax schemesa aud Legislative tickets
in that interest, then its free circulation
throughout every county in the State is
easily understood, and the free education
TO which he is treating the people OF the
State with ouch virtuous parade is only a
thin disguise.
The R,gisi,r has paid very little atten-
ton TO the alleged existence Of such
syndicate and its plans IS long as II was
6ased only on rumor, but nov that It has
assumed deiinile shape and formidable
A i