Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-12-05
West Virginia and the Virginia Debt

v
Colonel ELLIOTT +. SHEPARD. of New
York, has but little information on the
subject Of the present condition OF the
debt of Virginia.
In fact, be manifests inexcusable igno-
rance when he declares, as he has done IN
his paper, the MAI and Express, that the
principal difficulty in the way Of settlement
has been the refusal of West Virginia to
assume her just.share of the debt.
This statement is ridiculous in view OF
the fact that the settlement agreed
upon recently was effected without any
further reference to what West Virginia
ought to do in the premises than the mere
statement of what was understood to be
the relation Of that State TO the debt.
In 1871 Virginia turned over $15,CO0,0OO
of her debt TO West Virginia. 1t is not
likely that she will ever ask any of that
sum to be returned to the State Treasury
OF Virginia tor payment. In fact, TO those
who know the true state of the case 1t APP
pears to be ludicrously foolish to talk
about West Virglnia's owing any more
than Virginia has already assigned to her,
OF, we might add, TO hold out to our
creditors the hope that West Virginia will
ever pay the S15. 1000 900 we assigned to her
twenty years ago, or even 1.-THE Of 1T. We
clAim to know what the people of West
Virginia think upon this subject and what
they may be expected TO do IN the pre-
misses. and we say emphatically that they
laugh to seorn the proposition that their
State shall pay even one 1.-THE OF the
amount so generously assigned TO her by
her. mother. Colonel SHEPARD misun-
derstands the facts. West Virginia has
never consented to pay any portion OF
what she calls the debt of Virginia.
This West Virginia portion Is not SO
small a matter Us Colonel SHEPARD seems
to consider il to be. The fifteen millions
of debt which Virginia assigned to her
daughter in 1871 has grown Git bears
per cent. per annum INTEREST," to more
than thirty millionsl Think of that little
States trying to pay such sum as that.
The portion which she could pay, If dis
posed to pay any, is SO small contrasted
with the sum total of the debt assigned TO
her that the people there refuse even to
consider seriously the proposition to un-
dertake to make any kind of arrange
Inent for the payment even OF the former.
Virginia is in condition somewhat sim
liar. Many of her people do not like to
use the word reputation" or even to
think of that dire alternative. But like
West Virginis's. Virginia's debt has grown
10 be 30 large by the accumulation of in
terest, and has had to be cut down in so
Ahok -
that the good old State will despair OF
ever satisfying her creditors, and proceed
70 let the State debt severely alone. II
diBcourages the debt-payers amongst our
people 10 be told that they are dishonesty
trying TO cut down the debt TO uniustifa.
bly, small proportions at the very time
that they are using all their best exertions
TO induce the people to agree to pay
the sum fixed upon in the oLcoTr settle.
ment.
Therefore, when we warn the creditors
of Virginia that Reputation stalks behind
Rejeetion--rejection Of the oLcorT settle.
incentive consider ourselves as acting the
part Of friends to those creditors. We de.
sire to let them know that it will not be an
easy matter to effect new settlement
We would have them TO know-and
10 set upon tho knowledge-that The
latest settlement (for the payment Of
e2s.OOO,O OO) provides in effect for trans.
ferring every year from this country to
England large sum of money. The as.
sessed value Of all the lands in Virgins
shows so small total that our creditors
ought 10 consider themselves fortunate K
have secured terms so good as those ",
now offer.
However, we have said enough. We d.
not wish TO be classed with regulators
We started out twenty years ago with th'
determination to get the whole State deb
paid. We supported the McCurLocH bil
In 1879. Next we even condescended I,
advocate the RpDIEBERcER settlement IL
order 10 remove the State debt from th,
feld of politics. But all in vain. Now tn,
people are unwilling 70 settle on the basr
of the RIDDLKBEEoER bin. What else is lef
except acceptance or repudiation? VI
put the question 10 Yirginias bondholdsrs
Ponder II, and decide wisely.