Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-01-05


way antagonistic to the Olcott settle
ment. son the contrary" he said. ''our
success depends very largely, IL not en-
tirely, upon that settlement, for Vir-
ginia has contended all along that she
could not enforce our claim against West
Virginia until she had adjusted her own
differences with her own creditors.
That doubtless is one reason for Viz
ginia's inactivity, and another Is that
when an adjustment 10 effected between
the two States, Virginia viii have to
assume whatever difference there may
be between the amount found to be due
from West Virginia and the amount
which she arbitrarily charged TO that
State In 1871.
$50 far as West Virginia Is concern
ed" continued the committeeman, "the
reason for its apparent Indifference Is
easily explained. The obligation on her
part is not one for which she has issued
her own securities, and consequently
she has felt that she has suffered no dis
grace by letting the matter drift. In
that State the issue has of late years
has been kept out of politics, and there
1.-THE situation Is peculiar one, aD
both States appear to have taken ad-
vantage Of 1t to keep their creditors out
of their just dues. In my opinion Vir-
ginia will not be entitled to restoration
OF her credit when she accepts the o.
colt settlement, unless she proceeds at
once to discharge her duty as trustee
for the holders of her preferred certiti-
Gates. Besides, II West Virginia does
not owe all the money represented by
the original bonds held by Virginia for
US, Virginia owes the balance; and un-
I'll the differences between the two are
adjusted, and the deferred certificates
liQuidated, both States should be con-
sidered as in arrears to to their cred
itors.
at should be no hardship for West
Virginia to pay its proportion OF the
debt, for it was largely incurred In be-
half of that section of the State before
the division took place. The entire
bonded debt of the original State OF
Virginia was incurred in making in
ternal Improvements, and these were OF
greater value to the western part OF the
State than to that portion which lay
nearest the sea coast"
Ex-Judge Granville p. HAYES, coun-
sci for the Bondholders' Committee,
makes the following statement in re-
gard to the rights of the certificate
holders: "The whole matter Is simple
one" said Judge Halves. "Under the
Funding act of 1871 the State OF Vir-
ginia agreed to hold one-third Of her
Indebtedness In trust and gave the
usual certificates, known as the de-
ferred certificates Begged question,
the duty of the State of Virginia is
either to execute the trust or return the
bonds and take np the certificates"
AS to the legal rights and obligations
of tho several parties and the power Of
the certificate holders to enforce their
rights at law, Judge Halves said:
Under the ruling in the case OF Antoni
agt Greenh6w, decided by the Supreme
Court In the year 1885, the Court would
seem to entertain Jurisdiction OF suit
by citizen against State, although 1t
has always been understood that citi-
zen could not sue State. The case OF
Antoni agt. Greenhow grew out OF one
of these Virginia complications. l do
not think there is any occasion to dis
cuss that phase of the case, however,
because l am quite convinced that the
State of Virginia will not fail to take
some action in regard to this matter
She has had too sorry an experience In
an attempt to settle her debts in piece
meal, besides there is no occasion for
her to pay any money or issue any new
bonds in order to carry out her full obi
CATION so far as regards the deferred
certificates.
SIN order to execute her trusts she
can bring, through her proper legal
officers, friendly action against the
State Of West Virginia and have an ac-
counting as to any Indebtedness which
may be due from West Virginia to the
mother State, and that, I understand,
the State OF West Virginia has always
been ready and willing to do. And the
certificate holders are, in turn, per-
fectly willing to abide by such an audit
and relieve Virginia from any obliga-
lions, and clearly nothing less could be
done by the State Of Virginia than to
enforce such an obligation and at the
same time relieve her Of any liability.
This would result in Justice to all
parties aud absolye her also from any
further claim or complication, or her
Legislature could appoint committee
of conference, and / have no doubt
they would be frankly met by the State
of West Virginia and this accounting
could be had by mutual consent. In
any event, / am perfectly confident
that satisfactory arrangement will be
made to protect all parties in interest,
and that Virginia will not attempt to
settle portion OF her debt and leave
the balance wholly undetermined. We
are relying upon her good faith in the