Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-11-27
WEST VIRGINIADEBT.
rhe Commission Created BY Our LeSisla.
ture Holds It's First Meeting.
WHAT BASIS OF SETTLEMENT ?


ON February 49, 1874 the Legislature OF
this State passed an act creating COM
mission 10 effect the settlement. and on
the list Of March Of the same year the
Legislature OF West Virginia passed
SIMILAR act but this legislation bore no
fr,,,, In the February following Virginia
,roposed 10 arbitrate the matter, but West
Virginia declined the proposition, and
upon the passage OF the funding act OF
March 20. 1871, Virginia set apart one third
~ The original debt az West Vrgnia's
nronortion. issuing therefor West Virginia
certificates with the stipulation that she
would liauidate them Mt the time and upon
the basis OF West Virgnia's settlement
with her The amount set apart under
this act. together with the issues under
subsequent adjustments. brings the total
II the West Virginia certificates up TO
about 100000. Of which Virginia holds
about s2.5co.00.
THE QUESTION REVIVED.
After the passage OF the act OF March
60 1871. the question was allowed to re-
main dormant until the session OF the
Virginia Legislature OF lSSS-'a. when
Joint resolution was introduced looking
% an adjustment Of the certificates. This
-pcOtuflOn was flIiltT Otlcdltu vi ulfu al
natural DEATH and o. similar Joint reso-
ution introduced at the following session
shared a like fate.
Immediately, however, after the passage
of the act of February 20. 1892 the Cen
tury-settlement acD, Mr.. Henry T. Wick
ham again revived the matter by intro
lucing into the Senate q joint resolution
% appoint commission to effect an adj
lustment with West Virginia. The resolu-
on led TO a lengthy debate. and was
'aally defeated, the sense of the Legisla
we being that tho question was one that
puld not be approached too carefully
At the last session OF the Legislature
mother series of resolutions Of the same
.enor was introduced by Mr.. Wickham.
nd final action was taken by the adoption
# a substitute offered by Senator Flood
THE FLOOD SUBSTITUTE.
The Flood substitute. after citing Vir-
.inIa's several acts for the adjustment.
1er public debt. and her action regarding
vrest Virginias proportion, reads:
lie II resolved by the Senate of Virginia
ne House Of Delegates concurrng). That
commission OF seven members is hereby
Gated and provided for, of whom the
resent chairman OF the Committee Of
nance and Banks Of the Senate shall
DC one, and the present chairman or the
Committee on Finance OF the House of
Delegates shall be another: of the other
ave. two shall be chosen by the Senate
rom among the persons now members
If that body: two by the House of Dele
yates from among the persons now MEM
ocrs Of that body, and one 10 be resi-
lent of this State, shall be appointed by
he Governor. No member Of said COM
mission shall cease to be a member there
IF by reason Of ceasng to be a member
If the General Assembly.
Said commission shall choose its own
chairman and secretary: vacancies therein
occurring or existing during recess Of the
legislature shall he filled by the Governor
NJ notification thereof by the chairman.
nd a majority of said commission shall
&c competent to act
Said commission Is hereby authorized
and directed to negotiate with the State
II West Virginia a settlement and adj
iustment of the proportion OF the public
i5bt of the original State Of Virginia pro-
Der TO he borne by West Virginia.
SATISFACTORY ASSURANCE.
But said commission shall not proceed
With said negotiation until assurances
satisfactory TO the commission shall have
oeen received from the holders OF a ma
Iority in amount Of said certificates. eX-
elusive OF those held by the State through
he agency of the Board of Education
and Sinking Fund Commissioners, that
hey desire the said commission TO enter
nto and undertake such negotiation, and
will accept the amount so ascertained TO
Dc paid by the State Of West Virginia in
full settlement of the one third OF the
1ebt of the original State of Virginia,
which has not been assumed by the pres
mt State Of Virginia. But said COM
mission shall In no event enter into any
negotiation hereunder except upon the
basis that Virginia is bound only for the
TWO thirds Of the debt of the original
State which she has already provided for
rs her equitable portion thereof.
All expenses incurred by said commits
sion and said board of arbtrators IN
luding reasonable compensation Of the
members thereof. shall be paid out of the
proceeds of such settlement, or by the
FOLDERS Of said certificates who are the
oenefciaries OF such settlement, but
Without subjectng the State to any eX-
oense on this account.
And their action shall be subject TO
he approval or disapproval of the Gem
.ral Assembly, and shall not be binding
n the State until approved by the Gen.
raj Assembly. The Governor is re-
uested to communicate this joint reso-
ltion TO the Governor and Legislature OF
Vest Virginia.
This Joint resolution shall be in force
rom It's passage.
ORGANIZATION EFFECTED.
The commission constituted under this
ct Is composed Of Messrs. Taylor Berry,
henry II. Wickham. and II. ID. Flood
m the part of the Senate John Il. Moon,
l. II. Downing, and Randolph Harrison
IN the part OF the House, and Judge VIII
lam F. Rhea as the appointee of the
Governor.
The commission met at the Exchange
Hotel at o'clock yesterday afternoon,
nd organized by electing Mr.. Moon
hartman and Mr.. Joseph Button secre-
airy.
The chairman stated that the Legis-
ature of West Virginia would meet on
January 1st next and be In session only
orty-fve days. The commission had been
rganized TO put itself in position that
rould give the certifcate-hoders an OPP
ortunity to treat with them upon the
ondtions of the resolution and afford
marantee that said certiflcate-holders
would abide by the terms of a settlement
hould II be made. lie understood that
here were two syndicates claiming to
epresent the certifcate-holders. but had
10 official knowledge on that point
After some informal talk the following
esolution was adopted:
Resolved. That the secretary Is directed
obtain from the Second Auditor q
tatthNHt VI Oil VI inc iSotNu
" the State Of Virginia on account o.
Nest Virginia's portion of the public debt
lnder the several acts authorizing their
ssue and furnish them to the chairman.
COMPLY WITH THE LAW.
Mr.. Downing agreed with Mr.. Moon
hat the commission could at present go
10 further than place itself In position
be treated with. and offered the fol-
owing:
Resolved That while this commission
las organized and is ready to discharge
he duties imposed upon II by n joint
esolution under which II was constituted.
let In order TO enable 1t TO proceed with
he negotiations anticipated In said reso-
ation. the commission should now adjourn
that the certiflcate-holders named In
he resolution may have opportunity TO
communicate with the commission and
comply with the conditions OF said resoiu-
ions on their part, and said nego-
tations be then proceeded with.
2. Resolved further That the commission
10 now adjourn to meet In Richmond, Va,
ubject 10 the call Of the chairman on
,otjce given by him by mail TO the men,