Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-01-06
Old papers for sale at 25c hundred at
DISPATCH office.
MERcANr1LE TRusr AND DEPosIT CONPANY.

NERcANTILE TRUST And DEPOSIT COMPANY,
BALTIMORE, Nd, January =, 1884
Hon Charles Francis Adams, Boston, Mass;
Hon ". Pinkney Wby'e, Baltimore, Nd.
Hon. Holmes Conrad, Washington, ID; q, %"
vlsary Board for the creditors OF West Viz
gina:
Gentlemen.-The agreement under which tue
Adjustment Company has proposed settle
roent OF the debt OF West Virginia makes II our
duty:
To hiring about tho deposit OF the certificates
TO devise a plan OF settlement; % submit SAID
plan TO YOU, and II it be- unanimously recon-
mended aud approved BY you. TO submit u 70
the depositing creditors for acceptance or relcc-
ti,p and IL It be accepted by two thirds IN value,
70 apply for the legislation necessary to carry
II into effect. ..,, =. u.,... -,
the Deb'." Is offered for your Information, anh
we take leave 10 say that the plan now submit
ted IT, In the opinion OF all OF tho many dlstin-
euisned citizens OF Virginia and West tfRlhia
We have had opportunity 10 consult, tno oilIy
one which can be devised 10 meet the peculiar
ana exceptional features Of this case. These
exceptional features are;
n1 West Virginia does not recognize any duty
or obligation In this behalf except TO virginia.
Hence these creditors can never realize any
ming from either state until Vir2inir has agreed
with West Virginia respecting the amount 70 Do
paid by West Virginia as her proportion OF the
debt incurred before tho o d STATE divided.
cg The certificates Issued by virginia 10 rep
resent the amount she get aside 70 await her set
t,enent with Nest Virginia exceed the Just pro-
norton for the now S.ate and largely exceed
the amount Virginia should ASK "esI virginia
10 pay ,,,.-,.,. 4. ,,,t
t!O Popular Judgment In virginia Is unani-
NOUS that .he Legislature should not take any
actiOu looking 70 4 settlement with West virgil
mia upless an absolute ana unequiyocal guaran-
toe be first given that all tho certificates Will be
promptly sulrendored In exchange for the new
bonds West Virginia may Issue 20 discharge the
debt TO Virginia. and this guarantee cannot DO
ptyen unless the certificates are deposited uh-
der such an agreement as We propose. -
IL IL believed tDat on correct principles West
Virginia owes 10 virginia more man olo,UuO,-
OOO bat it 10 evidently impossible 70 suggest inc
amount at which this indc Jtedners viii be COM
nrofnised when the representatives OF the two
States come together. lt may 90 safely assumed
tnat Virginia will not'denand from West VIZ
ginla better terms than those on which sue has
recently compromised her own bonds she may
well insist on a correct ascertainment or the
amount West Virginia owes, cut. having de-
MED the right OF any court or outside power 10
measure her ability 20 provide for ber own
bonds. Virginia VIII not uhderlaAo 70 measure
The ability OF another state.
In view OF these facts u Is evident that no
progress toward a settlement can De made un-
ttl the creditors are willing 10 trust 10 the hohCr
and good faith OF Two sovereign states treating
with each other about a matter of this pubic
Importance, and IL is also evident that virginia
should not move 70 bring about q settlement
with West Virginia II the negotiations must DO
bnsed on a guarantees, expressed OF implied. that
West Virginia shall pay stipulated percent
age.
We present for your further information some
of the many letters BY prominent sirglnians
giving their opinion that the STATE should not
act unlees and until acquitted OF all duty except
10 mako 4 settlement with West 'rgiaia, AMI
we are sure that no one prominent IN either
state can be found TO dissent from the views
TSose m c,ose touch with the people and local
affairs Of Virginia and West Virginia are eer-
tain that this debt cannot De compromised by
methods which do violence 70 Tue sen.lhsn.s;
sym mpathIes. and policies OF both states, ana
hence IL Is not possible 10 devise plan OF scttle-
ment likely % succeed which Is more aennite
and precise than the one now submitted.
The Legislatures OF the TWO states meet pi-
annually and Ia alternate years; hence, II the
yirginia Legislature. now 10 session. adlourns
without action no settlement can DC conciuucu
pefore the summer OF 1897. In view OF lhis
fact and 10 meet the wishes OF many holders, We
sapmit a plan Of settlement without waiting
untiI majority OF the certificates have been
deposited ...,.,
Il is assumed that after plan ohsettlement
has been approved by you and accepted Dy tne
deposittng creditors q SUFFICIENT number OF other
hoIders will come forward 20 deposit 10 warrant
a pet,tion 20 tho Virginia Legislature tor suen
legislation as VIII bring about settlement De-
tween the two States
PLAN or sErTLEyrST.
FIRST. The Adjustment Con pa will oner 10
surrender all the certificates VII o may Do oe-
posted under the sgreeme.- VI OCTOBER 10,
1898 In exchange for such an amount o. new
bonds or oiner avails as Mcst snsiSis pass plovass
10 dIscharge her proportion Of tho Interstate
debt. ... .s.,,a
Second. A tender Of ell tho deposited eest,n-
Gates shall accompany petition 70 she Lexisia-
ture OF Virginia 20 authorize cpmmtssioh W
bring about settlement With West virginia.
Third. All Questions touching ihe apporuon-
mens OF the new bonds OF ayails between sno
diffsrent classes OF cert;hcstes shall De deter
mined by tribunal Of taree-one 70 De sp-
polnted by the Advisory BOARD, one 70 Do ap-
uotnted by tho Adjustment COMPANY, and the
third 70 bc appointed BY tnc two nus vnosen.
Any vacancy 10 this tribunal shall % hiiec Dy
the party respectively appointing.
With great respect we are your ooe'ions sHs-
wants,
JOHN 0iLI- baltimore, 49,.
Jso. A. H.nsLzrVs. baltimore. Difeskcss
Ricup n. vl:SAsLk. BALTIMORE or INC
RrPA HUNToN. Virginia, Adustuens
JAMIa h. PACE. tirtinies Somtany
X r. cugv, West vkgtnia,