Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-12-11


found mystery wells what they did. II
seems 70 me that you, standing as sen
tinel on the watch tower, should sound
the alarm. She speculative price OF
certificates has recently increased six
fold, because Wall Street believes that
a secret bargain exists between this
commission and certain West Virginia
parties, to trick our legislature into
some action which, while binding the
State, will not bind the creditors.
Members Of the Legislature, unae-
oualnted with such schemes, may be
misled Oy a lavish display OF intense re-
speciability and be rushed into improy-
ident action before the subject is un-
derstoOd. The scheme IS 70 make
noise about the honor and moral obi
cations OF West Virginia; whereas, the
real question IS. whether we shall De
tricked into useless discussion with
Virginia Commissioners, appointed at
the request Of, and paid By, a Wall
Street syndicate. No man who reads
the resolution passed at Richmond, oan
doubt that a concealed syndicate is be-
hind it.
SOME PECULIAR FEATUBEs
An West Virginians are agreed that
no discussion should be had unless the
creditors will be bound by proposition.
il would be foolish 10 bind our State
when nobody is authorized 20 bind the
creditors. We should profit by the ex-
perience Of Virginia. Her Legislature
was deceived by parties who falsely rep
resented that they could control Der
bondholders. The bond holders reject
ed terms agreed 10 by persons who
claimed 20 have authority 20 represent
them. The result was Infinite trouble
and q useless debt agitation. Finally,
in 1890, the Virginia Legislature deter
mined 20 refuse 20 discuss the SUBJECT
unless an her creditors were represent
cd bv an agency which exhibited and
published its authority 20 deliver all the
bonds West Virgins should refuse 10
listen 70 any one who does not produce
and publish uoeQuivOcal authority 10
surrender all the certificates, II prop
OsitiOn is accepted. A party who really
has authority will hasten 70 publish IT,
A party without authority, and who Is
trying 20 deceive the Legislature, will
claim TO have 10, but give excuses for
not producing it. His'efort will be TO
induce our Legislature 70 act before be
exhibits his pretended authority.
i call your particular attention TO the
plausible, but Speak-easy method by
which the Wall street syndicate expects
to escape being called on for its author-
ity % bird the certificates. You OBJ
serve, the effort is TO dodge this vital
point. Spectators object % publishing
their names. The scheme is TO rush
the Legislature into a debt discussion,
and commit the State before any one Is
authorized so CON init the creditors.
IIAluuITe-~VDinion is unanimous. against
doing anything unless there is absolute
security that a proposition, II accepted
by the State, will De accepted by all the
creditors and be, at<6ncs, final settle
ment.
Do - Bose that any man or
DeE Gld help this Wall street
ess expecting to share its
You are doubtless aware that
~ sseculat0rs have bought up sew
eral millions of tie certificates which
were selling az two cents on the dollar.
To is easy 20 estimate their profits, II
our Legislature is betrayed into this
Virginia-Wall street scheme.
lOmiuion certificates bought at ?
cents. ......... ........N ~uViVVV
10 million certificates sold at 70
cents. ....................... z,UJO'OUu
front. ....sss s'.FA''VV'VOV
or course manv will be active for
this scheme, hoping to gather crumbs
that fall from the table OF the syndl-
cate. The question Is, shall the Senti-
mel on the watch tower remain SILENT
when this danger threatens his State?
Virginia refused all discussion until
persons. protesting 20 represent the
creditors, produced UneQuiyocal proof
Of their authority TO deliver the bonds
N proposition was accepted by the
Legislature. But here Is a scheme for
West Virginia 90 commence negotia-
tiOns before she has any evidence that
creditors will abide terms agreed 20 BY
persons protesting TO represent them.
n presume the Virginia Commissioners
will say that they are satisfied, the
creditors Will accept; but what may
atisiy the commissioners might be
Fery unsatisfactory TO the West Vlr-
inia people. This State is to pay the
honey, and she is the one 20 decide
neither a party has authority to bind
be ere itors.
You lwill observe that this Virginia
es0lUgh n ignores the wishes, safety
BID rid hts of West Virginia, and pro-
ases I'd rush US into debt agitation
Before kny Que produces authority TO
deliver Due certificates.
The scheme is, tor the certificate
holders TO give assuranceS-nos to West
Virginia but 10 the Virginia Commis-
sioners, that they will accept whatever
results from negotiations. The COH-
missioners will then make such a dis
pisy OF official dignity that our legiSla-
ture will be afraid to suggest inquiry
into the character Of assurances they
accept as satisfactory" The scheme
further is, for the secret emissaries of
Wall Street 90 distract attention from
the real question, and make a noise
about State honor aud the Importance
Of avoiding an appearance OF repudiat-
Ing. But the only question which
oughLt0 be considered Is, whether we
shall commence a debt agitation with
these Virginia Commissioners?
Your attention Is called 20 the pecu-
liar provision of the resolution, as 10 re-
lates 10 this subject IL is as follows
The Commissioners shall not open said
negotiations until assurances, satisfactory
% them, shall have been received from a |
majority of the certificate holders, Qst,l |
they shall desire the Commission 70 under
take such negotiations, and cd that they
will accept the amount so ascertained 70
be paid by West Virginlain fun Of the one
third.