The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-12-07


he is largely interested iu the develop
ment Of the state and loyal To her peo-
pie. He can and will be OF great service
to the state in the United States senate.
THE DEBT QUESTION.
Have you thought much about the
so.called debt question. which seems to
have been revived recently2
"Yes; one of the most important
questions which will be before the leg
islature will be a proposition TO ap-
point commissioners to meet commit
tee from the state OF Virginia TO consd-
er the question OF settling the old con-
troversy OF West VIrginia's part oil the
state debt OF Virginia This is very
delicate question, not only because 1t
involves a large sum Of money, but be-
cause 1t affects the honor oi our people.
The people OF West Virginia will not
recklessly and blindly assume debt
they do not owe and ought not pay
neither will they be placed in false or
eouiyocal position. West Virginia has
always been ready and willing to settle
and to pay, !. she owed anything. In
the constitution adopted at the time OF
the formation OF the state it was de-
clured that 'sn equitable proportion OF
the public debt OF Virginia prior to the
first day OF January, 1851, shall be as
sumed by this state It may be
that this was simply declaratory OF
West Virginia's legal liability, yet it
shows that our people were not un-
mindful OF this debt nor endeavoring to
escape liability. Following up this
constitutional provision the legislature
OF West Virginia in 1871 appointed a
committee consisting OF General John
J. Jackson, Hon. A. W. Campbell and
Jonathan N. Bennett to treat with the
authorities OF Virginia on proposed
adjustment OF the public debt OF that
state prior to the first day Of January,
1861. No better or more competent
and lust committee could have been se-
lected. II that committee had been ac-
corded hearing by the Virginia au-
thorities and given an opportunity to
make full investigation, its report
would have been accepted by our people
as an end OF the controversy.
"AIr. Bennett had been auditor OF Vir-
ginia while a part OF this debt was
created. General Jackson had been in
the legislature OF Virginia aud in public
life for many years. Mr.. Campbell is
SO thoroughly competent aud reliable
that whatever he does is taken as cor
rect without question. But the Virgin
ia authorities, for reasons and purposes
OF their own, declined to treat with this
committee. About the same time this
committee was appointed Virginia un.
dertook to reorganize her old debt, and
passed an act to issue new bonds for
two.thirds OF the old bonds and issue a
certificate for the other third. This one
third was arbitrarily assumed by the
state Of Virginia to be West Virginia's
part OF the old debt. It was much
easier for Virginia to assume that We'1
Virginia owed one.third OF the debt
than to make settlement with this
able and competent West Virginia
committee. This act OF the Virginia
legislature provided for the funding OF
two.thiyds Of the debt. This other third
was not funded" but merely sur
rendered.
TIE CERTIFICATES.
Certificates were issued for the other
third which reads as follows:
'Thiscertifies that s. is due the
bearer, being one-third OF an old bond
which has been surrendered, payment
OF which one-third win be provided Tor
in accordance with settlement to be
hereafter had with West Virginia. And
Virginia holds said bond so far as'un-
funded in trust for the holder Of this
certificate
Having thus easily disposed OF one.
third OF her debt. and not being liable
to be called on for any part Of 1t until a
settlement was had with West Virginia,
very naturally Virginia was in no hurry
about settling, especially when it
dawned on her authorities that under
no circumstances was West Virginia
liable for sum approximating any
thing like one.third OF the entire debt.
These certificates went uDon the mar
ket as West Virginia certificates, to the
prejudice OF the state. This unjust and
arbitrary action OF the legislature OF
Virginia was great wrong towards the
people OF West Virginia. These certit-
Gates have been hawked about in all the
money markets OF the. world. Their
market value is supposed to show the
financial standing OF West Virginia,
Notwithstanding West Virginia never
had anything whatever to do with issu'
ing them. Virginia might as well have
made their payment depend upon
settlement with the state OF Ohio, or
any other state, as West Virginia
"By this erroneous and exorbitant
demand OF West Virginia the state OF
Virginia has been enabled to suspend
payment OF one.third OF hor debt for
nearly quarter OF acentury, but in do
ing this she has deferred settlement
with West Virginia until most oil the
people who were living when this debt
was created and who were familiar with
the transactions are dead. A new gen.
Grafton hus come which knows nothing
personally about these matters. 1t is
insisted that West Virginia has done all
she should do. II Virginia had any
claim against West Virginia, why did
she not present it to our committee in
1871? Why oil this delay?
"a committee appointed by Virginia
and committee appointed by West
Virginia at this late date would not
likely avail any thing. They would
more than likely degenerate into pRrti-
sans OF thoir respective states and Hc.
complish nothing. II Virginia haa any
claim against West Virginia lot hor pre-
sent it in some definite form. and then
let tho West Virginia authorities give
the demand careful and digniaed con-
sideration. Until this Is done my nd
vice would bG for tho legislature 10 let
il 'seyorsIv alone"