Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-13
DAUGHTERS DEBT
PROGRESS OF THE STATES EFFORT
TO SETTLE WITH WEST VIRGINIA.
Governor O'Ferraii's Communication 70
Governor McCor!tic Laid Before the
West Virginia Legislature.

Governor OFerrali received yesterday
n telegram from Governor McCorkle. OF
West Virginia, stating that the formers
communication, transmitting the, joint
resolution OF the Virginia General AS
semby relative to arranging. II possible.
for n settlement of West Virginia's pro-
! portion of the public debt of the original
| State had been laid before the Legis!a-
ture Of West Virginia.
| Governor O'Ferrairs communication,
! after giving the title OF the Virginia
I joint resolution, and stating that copy
| thereof is appended. says:
IL Is with pleasure that l recall the
fact that from the formation of the State
OF West Virginia to the present time
the State has recognized her obligation
IL meet and dispose OF the question OF
the Odd debt OF Virginia in an equitable
manner. As q prerequisite Tor her adj
mission into the Union she agreed TO pay
d just proportion OF the public debt OF the
Commonwealth OF Virginia prior TO the
LIST day OF January, 1861 The ordnance
OF the convention which met in Wheel
ing IN 1851, besides providing for the
formation OF a new State out OF portion
OF tie territory of virginia, contained
this provision. The new state snail take
upon itself just proportion of the pub
lie debt OF the Commonwealth or VIZ
giuia prior 10 the LIST day OF January,
1851. TO be asccrtained By charging 70
it all State expenditures within the limits
thereof. and a just proportion of the
ordinary o1pcnses OF the state Govern
mcnt since any part OF said DEBT was
con ,racied; and doducting thereirom the
moneys paid into the Treasury or he
Commonwealth from the counties IN
cludad within the said new State during
the same period
IL HER FIRST CONSTITUTION.
In her fist constitution, which was rati-
fed by q vote Of her people IN 3D. she
again recognized her obligation to assume
an equitable proportion % said debt.
Article VIII. section S. provides as follows:
AN equitable proportion of the puDhc
debt Of the Commonwealth or virginia
prior 20 the first day Of January, IN the
year 1871. shall be assumed by this state;
and the Legislature shall ascertain the
same IS soon as may be practicable, ana
provide for the liquidation thereof by a
sinking fund sufficient to pay the ac-
crueing interest. and redeem the princi-
pal within thirty-four years" Her Con-
stitution Of 1872 contains these provisions:
Article y, section 4-"Eo debt shall be
contracted by this State. except TO meet
casual deficits IN the revenue, to redeem
O. prevlous liability OF the State" etc, etc
Section ). The power OF taxation Of the
Legislature shall extend TO provisions for
the payment OF the State debt and inter-
est thereon, etc.
VIRGINIA'S SETTLEMENT.
Nft-r years Of trouble and vexation. |
under an act approved on the 10Th day |
of February, 1902. Virginia has concluded |
negotiations with the creditors OF the |
State whose claims existed prior to the |
1st day Of January. 1854, as TO the equita-
bic proportion of the same to be borne by |
her and n full and final settlement has |
been made by her with said creditors, but |
the amount which the state Of West VIZ |
ginia should pay ~ still unascertained.
and can only be adjusted by the action
of her General Assembly.
The creditors learning that your State
was not willing TO negotiate directly with
them without the privity of Virginia,
have insisted that IL was incumbent upon |
Virginia TO undertake to effect settle
ment. Responding to these solicitations.
the General Assembly of this State passed !!