The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1894-02-15
West Virginia and the Debt.

preciating in value, that the creditors
will never regret that they funded their
old holdings There remains, however,
an obligation upon us to secure IA settle
ment with West Virginia IS to her part.
Our State Constitution makes this the
duty OF the General Assembly The Con
stitulion of West Virginia imposes a like
duty upon its Legislature: but all the
conferences and communications hither-
to between the two States on this sub
ject have amounted to nothing.
West Virginia acknowledges an in
debtness, but rejects the idea that it
amounts to one third, as Virginia has al
ways claimed. Until this State had SET
tied with her creditors for her acknowl
edged part, she was not in a position to
insist upon settlement with West Vir
ginia; but now that we are at ease on
that score, there seems to be no reason
why we should not make the effort,
which is a constitutional obligation upon
us and a duty to the holders of West
Virginia certificates as we'll.
the General Assembly wish to approach
this subject with exceed ding caution.
That is right. This is the course we
advise, but approach it we must sooner
Or later.
The joint resolutions introduced by
Mr.. Wickham have been remodeled at
the request of the Senate Finance Com
mittee, and the committee yesterday,
by a vote off 30 2, resolved to report them
favorably. So the matter is now in
shape for action upon it,
The basic idea of these resolution is
that the holders of West Virginia GER
tifiates shall absolve Virginia from all
liability whatever, and divide among
themselves such sum as may be recoy
cred from West Virginia. Not dollar
more is Virginia to pay on account Of
J the old debt. The commissioners of
this State provided for in the resolutions
are to make no movement in the matter
until two thirds in amount of the West
Virginia certificates are deposited in
their hands. In the way of Identifying
| Virginia against any possible liability
| the commissioners are authorized to eX-
act of their certificates holders such
further security as they may deem ade-
quate to ENSURE the absolute safety of
this State. that the result of such set
! tlement, adjustment, or proceedings will
| be accepted by them as a full and COM
plete discharge of this State from all
claim or demand by or on account of
holders of snch certificates, or the bonds
or other obligations to which they
| refer"
| In case no settlement can be arrived
at by anicable negotiation with West
Virginia within such time as the com
mission may cause to be prosecuted in
the Supreme Court of the United States
in the name of Virginia, against the
State of West Virginia, such proceedings
as MAY be necessary to ascertain and
recover the proportion of the public
debt of the original State of Virginia,
proper to be borne by the State of Vir-
gipia, of West Virginia.
This is the scheme in brief. 1t hap
pens that the Sinking Fund and Liter
erary Fund of Virginia are together hold
ers of more than 80, 100000 of these West
Virginia certificates, and Virginia is
therefore creditor to this amount
Out of such money as West Virginia will
get her proportion; she must share pro
rata with tie most favored class of GER
tificates participating in the distribu-
TOM
All the expenses of the commission
must be paid out of the proceeds OF the
settlement, OR by the certiicate-holders
This State is not to be liable for q cent.
Duty and interests 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
so as to protect US financially and politi-
calIy? In the Judgment of the Senate
Finance Committee the plan as amended
guards our interests at every point.
The plan will soon e put to the test
of criticism in the Senate, and if it meets
the requirements of our situation, as it
seems to do, it should be adopted.
The proposed commission will consist
of the present chairman of the Senate
Finance Committee Mr.. Taylor Berry,
the present chairman of the House
Finance Committee (Mr. John B. Moon,
one Senator to be elected by the Senate,
one delegate to be elected by the House,
and one other person to be appointed by
the GOvarp0r = DiSDntcH