West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1893-12-14
OUR STATE OWES NO DEBT.
The Old Virginia Bond Question
Comes to the Front Again and
Gov MacCorkle Writes an
Able Article on the
Subject.

Ex. CHAMBER, CHARLESTON,
December 1st. 1898.
DEAR SIR -
AS the Virginia debt question is
being vigorously pressed upon us,
and AS il is Of vital importance to
us that our people should have as
much Information on the question
as possible, would thank you to
publish the enclosed statement in
your valuable journal, with what
ever comment you may think the
subject requires.
Very truly yours.
WM. A. MACCoRKLE, Governor.
For some time the newspapers of
the country have been teeming with
statements concerning the "West
Virginia Debt" A statement in
reference thereto recently appeared
IN your columns. The statements
are generally to the effect that a
powerful financial organization has
undertaken to settle the "West
Virginia State Debt" These
statements work vast injury to our
State. The inference is that we
owe debt which we will not, or
cannot, pay. That such an organ
ization has been effected is borne
out by the statements above men
toned as well as by repeated de-
mands for information made upon
this Office.
This organization is composed Of
the owners Of a part of the old Vir-
gInia debt, and its effort is to
saddle upon West Virginia the
incubus of State debt.
Every interest of our Statehood
demands that we should repeal
even the suspicion of a State debt
with IFS rulnous and 5hghting tax
alton and the inseparable burden
some accompanlments of q State
debt. The State of West Virginia
neither in law or equity owes any
debt.
A brief statement of the question
will enable tins to be seen.
In April 1861, the State Of Vir-
ginia seeded. In June 1861, the
convention for the re organization
of Virginie met in Wheeling, and in
August adopted "An ordinance to-
provide for the formation Of new
State out Of a portion of the terri
tory Of this State" The ninth
section Of this ordinance provided
that
"The new State shall take upon
itself just proportion Of the public
debt of the Commonwealth OF Vir-
ginia prior to the first dag Of Janu-
ary, 1861, to be ascertained by
charging to it all State expendi-
tnres within the limits thereof, and
just proportion of the ordinary
expenses Of the State government
since any part Of the debt was CON
tracted aud deducting therefrom
the monies paid into the treasury
OF the commonwealth from the
counties included within the said
new State during the same period. 4"
This ordinance was fpndameu-
tai and organic stipulation pre-
scribed by Virginia for our separa-
tion from her and upon compliance
Herewith the people within the
counties now known as West Vir-
gihia we're authorized to form a
Constitution. The people acting
under the provisions Of the Ordi.
nance above mentioned, accordingly
did form q constitution, and carry
ing out the conditions Of the Ordi.
nance, provided in section eight Of
the Coustitation that
"An equitable proportion Of the
public debt Of the Commonwealth
Of Virginia prior to the frst day Of
January. 1861, shall be assumed by
this State; and that the Legislature
shall ascertain the same as soon as
may be practicable, and provide for
the liquidation thereof by sinking
fund sufficient 10 pay the accruing
interest and redeem the principal
within thirty-f0ur years"
repeat that the clause first
above referred 10 is cd absoluted
organic stipulation, the very basis
Of our authority for the States for-
nation and inhefcs into every ger.
name enactment Of the State
whether Constitutional OF LcQisla.
tive. II was approved by tho peo.
pie Of this State. the Congress Of
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