The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-11-02
Ghn :I'1telki)Ie1lrts:,
wllEELING. NovEnlnEn =, 1901.
Tho Debt of tho yirginias.

iho 4 'huHLut CfFoHlCtc VI OCtOUpT 81
brings with it the first issue OF the
State and City supplement-" Of which
the Financial Chronicle intends to make
feature. The same information, SO
lar as the ISTELLlGIScER is aware, is not
to be found elsewhere. That it is OF
the highcs. value to investors in state,
county, city and town securities goes
without saying; and that it is worth
tho while of these communities to be
accurately represented in n publication
OF this character, is equally obvious
The supplement" contains ISL pages,
embracing condensed historical sketch
OF every state debt, digest Of the con-
stitutional and statutory limitations OF
the debts OF states and cities; sum-
mary OF provisions relating to banks
and the like. The publication accom-
panies the Financial Chronicle for sub.
scribcrs and is not sold separately.
Under the head OF the, debt OF Vir-
ginia there is, OF course, a statement
concerning what the old state has been
pleased to call West, Virginia ccrtiti-
Gates, OF the face value OF Sla,339, $40,
representing one-third OF the debt OF
Virginia at the time OF the partition OF
the old state. OF these certii Gates it is
said: "All efforts, however, to induce
West Virginia to take recognition OF
these certificates have thus lar been un-
availing. In 1885 the holders OF about
$S,00O00O certificates united for the pur-
pose OF obtaining compromise, and de-
posted their holdings with the Farmers
Loan and Trust Company, which gave
its receipts therefor. The attempt came
to nothing" etc. This is true, and yet
it may mislead.
February IS, 1870, the Legislature OF
Virginia authorized the governor to APP
point three commissioners TO treat with
the authorities Of West Virginia on the
debt question February Is and "a, 1871,
the Legislature OF West Virginia au-
thorized the appointment OF three com
missionors for this purpose. The
governor OF West Virginia appointed
Gen. John ]. Jackson, Jonathan NJ.
Bennett, formerly auditor OF Virginia,
and A. W. Campbell.
The West Virginia commissioners no.
tilted Gov. Walker, of Virginia, that
they had been appointed and asked
him to indicate at his earliest convcn-
fence what action, ii any had been, or
was likely to be, taken by Virginia in
the matter OF appointing commission
ers;or, in the event OF no such appoint
ments, what channel OF communication
would be open TO them. Tho governor
Of Virginia replied that he did not
feel authorized to appoint commission
ers, and pressed arbitration as more
speedy and satisfactory mode of settle
mcnt.
The West Virginia commissioners
gathered what Information they could
i'll Richmond and came homo. Nobody
in Virginia was authorized to meet
them. Willie, therefore, it is true that
West Virginia has never recognized
and equally true that she never will TO-
cognize-thc West Virginia certificates
as her certificates, West Virginia has
never taken the position that she will
not pay her equitable portion OF tho
Virginia debt when that portion shall
be properly. determined. The appoint.
ment Of commissioners to meet the rep.
resentativcs OF Virginia was not in the
line ofrepudiation.
The suspicion seemed to be well
founded that Virginia did not wish to
come 10 q settlement; for when that
day came she would DO liable for the
face value oil those certificates and
would have to make up the difference
between that and the amount she might
receive from West Virginia, which was
. SCA Tain ~ w WI IuuGll lcS5.
The proposition OF 1855 came to moth
ing, mainly. we think, because it had
not been discussed, was not understood
and the Legislature was not prepared
for it. This proposition was based
on the report Of the West Virginia COM
mission, OF 1871, which found tho bal
ance duo Virginia to be S95S,SGO %. It
was proposed to turn over the IS 1000.
900 Of certificates Tor this sum plus in
tercst, to be paid in long bonds at 4
( low rate OF interest as might be agreed
on. The Legislature was asked to ap-
point q committee to take up the ques-
ton and to inquire particularly whether
these certificates, beingin the possession
ofWest Virginia, would DO good ten
der to Virginia when settling day
came. 5,S 49, j. IN
BY all means this inquiry should
have been instituted, for it seemed to
open to West Virginia q comparatively
easy, certainly honorable, way to meet
old state in settlement without any
he icing crippled or unjussly bur.
'oar OF N 70 adjustment. Tho INTEL
lcneain t. oped that u similar ad-
has l. n DO made SO that it
vance would aga.