Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-02-11
West Virginia and the Debt.

West Virginia and the Debt.
Virginia has made q settlement OF her
portion OF the debt OF tho original State
and 1t would seem from the steadiness
with which her new securities are ap-
preciatlng In value. that the creditors
viii never regret that they funded their
old holdings. There remains. however
an obligation upon US to secure Il settle
ment with West Virginia as to her part
Our State Constitution makes this the
duty II the General Assembly. The Con-
stitution OF West Virginia imposes a
Ike duty upon It's legislature but all
the conferences and communications
hitherto between the two States on this
subject have amounted 10 nothing.
west Virginia acknowledges an in
deb,edncss but rejects the idea that it
amounts 20 one-third. az Virginia has al
ways claimed. Until this State had set
tied with her creditors for her acknowl-
edged part, she was not In position TO
Insist upon a settlement with West Vir-
ginia. but now that we are at ease on
that Tcore, there seems to be no reason
why we should not make the effort. which
IS a constitutional obligation upon us and
a duty 20 the holders OF West Virginia
certificates as well.
We well understand that members OF
the General Assembly wish to approach
this subject with exceeding caution. That
is right That IS the course we advise,
| but approach it we must sooner or later.
The Joint resolutions introduced by Mr..
Wickham have been rcmodeled at the re-
quest Of the Senate Finance Committee
| and the committee yesterday, by a vote
| OF 20 .. resolved to report them ia
vorably. so the matter is now in shape
for action upon it.
The basic idea Of these resolutions IS
that the holders Of West Virginia GER
| uncatcs shall absolve Virginia from all
liability whatever. and divide among them
selves such sum as may be recovered from
vest Virginia. Not dollar more IS
| Virginia to pay on account OF the Old
uobt. The commissioners OF this State
provided for in the resolutions arc -
make no movement in the matter until
| two thirds IN amount Of the West Nir-
cinia certificates are deposited In their
hands. In The way Of indemnifying Nir-
glnia against any possible liability the
| commissioners arc authorized 10 exact
| Of tho certificate holders such further Sc
curlty as they may deem adequate To
ENSURE the absolute safety OF this state
| that the result Of such settlement, al
justmeut, or proceedings viii be accepted
by them az fun and complete discharge
OF this state from all claim or demand
by or on account Of holders of such GER
tincatcs or the bonds or other Obligations
TO which they refer"
In case 10 settlement can be arrived at
by amicable negotiation with West VIZ
gina within such time as the commits
sion may deem reasonable. the commits
sion may cause 10 b prosecuted in the
Supreme Court Of the United States III
the name Of Virginia against the state of
West Virginia, such proceedings as may
toe necessary 10 ascertain and recover
the proportion OF the public debt Of the
original State Of Virginia. proper TO be
borne by the state OF West Virginia
This Is the scheme in brief 1t happens
that the Sinking Fund and Literary Fund
OF Nirginia are together holders OF more
than $4,000 of these West Virginia GER
tincatcs. and Virginia Is therefore cred
itor to this amount out Of such money
as West Virginia pays. Virginia Will get
her proportion, she must share pro rata
with the most favored class of certificates
participating in the distributions
All the expenses Of the commission
must be paid out OF the proceeds Of the
settlement, or by the cortihcate-holders.
mis- State is not TO be liable for "A cent.
DUTY ana interest alike urge Us TO Sc
cure "A settlement with West Virginia
and the only question is: Is this plan
the best plan, and is it carefully guarded
50 as to protect us financially and poiiti-
caliy? In the judgment Of the Senate
Finance Committee the plan as amended
guards our interests at every point.
The pan will soon be put to the test
OF criticism in the Senate, and If II meets
The requirements of our situation. as 1t
seems 10 do. 1t should be adopted.
The proposed commission Will consist
Of the present chairman Of the Senate
Finance Commit (Mr Taylor Berry,.
the present chairman OF the House
finance Committee tMr. John l.. Moon)'
one senator to be elected by the Senate
one DELEGATE to be elected by the House,
Int no
and one other person 10 be appohted "
the Governor.