Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-02-16
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1871, % await a settlement with West
Virginia. 10 was ascertained, after
they were issued, that Virginia had set
aside argely too much, and many per-
sons thought she would be liable for
what West Virginia refused to pay. No
one took the trouble 70 inculcate correct
views, and the certificates sold for per
cent.
In 1851, West Virginian studied the
subject and devised a plan to settle the
debt. He carried his plan, matured in
all its details, to Wall street and, in
1851, a broker agreed 70 pay the cost OF
the undertaking and to bring about the
deposit of the certificates. After COL
lectlnR several millions this broker left
New York aud the plan was abandoned.
The West Virginian then associated
other Wall street parties, but they did
not develop the sort Of sagacity this
business required, aud the undertaking
drifted into a mere speculation and
finally collapsed. IL collapsed because
the contract under which the certlh-
ca ties we're pooled expired in 1857.
In 1890 some Ave million were re-
pooled under a new contract, which
was so unskilfully written that il was
pronounced impossible Of per Torrance
as soon as it was published. This con-
tract served no purpose except to delay
action ana tie up the certificates until
1895.
10 was supposed that holders, after
so many delays and diSappOintments,
were ripe for new and more sagacious
leadership; it was supposed that, after
their experience, they would realize
that an undertaking depending for sue
cess entirely 90 public opinion in the
two States, could be best managed by
gentlemen not associated 10 the popular
mind with schemes for plunder, who
were trusted where they lived, and who
we're IN close touch with the Sympa-
thies, sentiments aud local affairs OF
the people whose votes were involved.
Hence, last fall, a number OF Virginia,
West Virginia and Baltimore gentle
men consented TO attempt a settlements OF
this debt, and proposition was formu-
lated, after consultation with many OF
the prominent men In both States. This
proposition might have been promptly
ACCOMPLISHED il holders had come for
ward In time for it TO be submitted at
this session Of the Virginia Legislature.
It would be difficult 10 suggest gentle
men more highly esteemed or OF greater
influence 10 their respective states.
Among them we're Senator Eppa Hun
ton, Pace and Mccormick, Of Virginia;
Coils. Chew and POrterfeld, of West
Virginia, and MessrS Gin, Hambieton
and Venabie, of Baltimore. 1t was
known that Virginia was ready TO
act il holders were committed 70 the
proposed proposition, aud 10 was also
known, with absolute certainty, that 10
other proposition could obtain any re-
spectacle footing I'm West Virginia.
But when these gentlemen invited the
creditors TO deposit, certain Wall street
parties, who had been connected with
the deiunct syndicate, became active TO
deter holders from sending in their GER
tifcates. 10 seems incredible, but 1t is
true, that persons owning securities
calling for thirty millions, and persons
reputed sensible, were induced to de-
cline the leadership OF HuntOn, Chew
and Gin, aud to continue under pure
ly Wall street leadership which, after
ten years OF failure, offered nothing
better than a contract impossible OF
performance.
A sufficient holding not coming ior-
ward, the Baltimore plan could not be
presented to Virginia.
The resolutions, pending in Rich
mOnd, seem to be an unwise effort by
the syndicate 20 keep this debt in their
clutches. The proposition is entirely
different from the Baltimore plan. II
these resolutions pass, opportunity may
offer for the present holders TO unload
on the less intelligent, but of all sug-
gestiOnS vet submitted, the measure
cow before Virginia is the one least
valuable 10 those who will own the GER
tficates when West Virginia takes her
final action.
The scheme before the Virginia Sen
ate has two features:
First-Four members Of the Legisla-
ture and q person TO be appointed by
the Governor are TO be commissioners
for Virginia. They are instructed to
notify West Virginia that, unless she
agrees, within such time as they name,
to terms acceptable to them, Virginia
will bring suit in the United States Su-
preme Court.
Here is q gratuitOuS threat that il
West Virginia delays, or if she objects
20 paying as much as these commission
ers who are TO be paid by the hOldersl
think she ought to pay, then Virginia
will take her by the throat and throttle
her in the Federal Court. Such heroic
treatment would be suggested by that ell.
emenJ on Wall street which does not re-
fleet. III the syndicate knew our people
they would not make this threat. III they
had sagacity they would know that this
threat leaves the creditors without a
friend In this State. II they had COM
petent legal advisors, they would know
that the passage OF these resolutions
which they have been at such pains to
amend and correct, would destroy all
hope Of remedy in the Supreme Court.
Fortunately holders have six months
before they need commit themselves,
and IN the Virginia LEGISLATURE is Sc
duced into lending itself 10 this foolish
scheme, a publication will be immedi-
ately made which will cause 10 to be re-
iected by every one expecting to wait
the final result.
The second feature Of the resolution
seems intended to create conditions to
drive unwilling holders into "blind
pool" to be controlled by persons
whose activity will secure their employ
ment aud profit, as representatives Of
the creditors. The provisions ars as
follows:
The Commissioners shall not conclude
a settlement, nor bring suit, 'until as
surances. satisfactory 70 them, in the
form of direct contract, indemnity or
otbarvyise are given. on behalf of ma