Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-11-27
THE VIRGINIA DEBT
WALL STREET-VIRGINIA SCENE TO COHPLI-
CATE WEST VIRGINIA
With Certificates Calling for Forty Million Dol
lars-An open Letter to Governor Mac
Ccrkle.
From }. N. Mason to Hon. William 4.


already sent you resolution, passed by
the Virginia Legislature, March 9th,
1894, appointing commissioners to settle
West Virginia's debt. 1 assume that
YOU know that sGch a resolution could
never have been passed II the matter
had been explained 10 the Legislature
At Richmond, aud 1 suppose You are
aware that. when its peculiar features
become public, there will be an over
whelming popular judgment in this
state against any conference or discus
sion with parties who act under such
instructions as these commissioners
have received.
Speak-easy methods are not employed
about public business by honest men,
and the facts should be ventilated be-
fore our Legislature meets.
You will find that ia consequence OF
the mrchinations OF certain Wall Street
brokers, the question now is-nOt
whether West Virginia owes a debt, but
whether she shall be rushed into a
fruitless debt agitation like that which
tortured Virginia for twenty-five years
You will see that this resolution Is
based on = radically false theory; II Is
based on the theory that West Virginia
must satisfy the $40, 600, 600 called for
by the certificates issued by Virginia 10
20 represent West Virginia's debt.
THE RESOLUTION A BLUNDEE.
II is evident that the present State Of
Virginia owes all the debt OF the orig
inal State except so much Of it as be-
longs TO West Virginia Virginia owes
the balance after deducting West VIr-
ginia's share.
You remember that the proportion for
West Virginia was hxed by the ordl-
nance OF 1861, which divided Virginia
and created a new State. Hence, the
present State Of Virginia must take care
OF all the common debt except the
amount which this ordinance required
West Virginia 10 assume.
IL was the duty Of Virginia TO aScer-
tain how much this ordinance liked on
West Virginia, aud then issue Der new
bonds for the balance. But instead OF
doing this, Virginia has settled with all
the original bOndhOlders on the false
theory that West NirgiRia's share was
one-tbird. 4
1.-THE proportion for Virginia was
N6nlV two-thirds, then West Virginia
Aowes the balance. IL would be,a' dis
gusting bubble 10 deny our liability for
,wahe other third, after admitting that
Virginia is bound only for two
ASrds. But you observe that this
ltion is so wordeA that the Com
ers cannot z unless We AMT
irqinia's paR was only two
Taese Commissioners come with
Strustighs; the language is ex'
Virginia considers that one
Aproper proportion for West
LerefOre,
Y"Ihe Commissioners shall IN
entor on ans negotiations except
t,i6vfs that Virginia IS bound only
for twO-thirdS.n
III our Legislature consents TO meet
these Commissioners, we thereby con-
sent 70 negotiate on this basis. IL is alb
surd 10 suggest that we meet them 10
negotiate on basis prohibited by their
Instructions. III we consent 10 meet
Commissioners, who act under such in
structiOns, we can never convince the
creditors and we eau never cOnviRce the
world that we do not owe the whole Of
the one-third which Virg MIA has reDu-
dated. We will then stand before the
public as responsible 20 creditors
who are entitled 20 demand $40
OOO.OOO. But il we decline 10 meet Com
nissioners, acting under such instruc-
tions, then Virginia must repeal this
Ul-cOnsidered Resolution, and the out
side public will al once understand that
we are not complicated with NIrginia's
reputation Of her own proportion OF
the common debt.
You Will observe that the Resolution
tries 10 distract attention from the
question at issue, but there IS no escape
from It's meaning. It's effect is pre-
cisely the same aSii Virginia had in
ouired whether this State would negO-
tists on the basis that her part was
only twO-thirds. 10 will prevent con-
lroversy 70 quote so much OF the Beso-
luton as bears on this point. Its Ian
guaCe Isl
WHEREAS. Virginia has passed several
acts for funding her debt which acts pro-
vide for issuing Certificates for such part
Of the old bonds as was deemed proper 10
be borne 0y West Virginia, to-wit' one
\ third; and
\ WHEREAS. The present State OF Virginia
H
lwo-thirds assumed by her; therefore,
Rss0lred. l. A Commission is created 70
negotate with West Virginia a settlement
lof the proportion Of the debt Of tue origi-
Inal state proper 20 be borne by West Nir-
yinia.
9. But said Commission shall in no event
enter on any negotiation except on the basis
that Virginia is bound for only the two
Thirds which she has assumed as her equit-
he nrOn0rffOu.
Nobody can doubt the meaning OF
his language-it proposes that West
rginla shall take care OF whatever
rginiS refuses 10 pay. This can De
de perfectly plain.
Is evident that no one can have any
hand on West Virginia outside OF
ordinance which divided the old
be. lt Is evident that West Virginia
perform her whole duty ii she as
IS the amount fixed on her by that
nance. It is evident that she should
become complicated With the bal
of the debt which Virginia has re-
ted. But this resolution ignores
dinance and fOrbidS negotiation
on the basis that Virginia is
for only two-thirds. Virginia is
for three-fOurthS 0r fve-Slxths-
bound for all except what the or
has assigned TO West Virginia.
THE GOVERNOR INVOKED.
observe that II our Legislature
TO meet commissioners acting
such a resolution, we
consent TO negotiate on
that Virginia is bound
Nv the twO-thirdS. IL