Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-01-11
WALL STREET DEBT sCgEMH.


10 minority 90 RlchmOnd, these im-
proVemeatS were located mostly 10 the
eastern counties. Tao West Virginia
commission OF 1871 gave tue figures 60
sncW that less ,han S3.500,O0 as
against $4,000 eco, was spent 10 the
counties composing West Virginia.
Inc legislative journals 30 Richm0ut
ooound win measures offered by West
err members, between 1890 aud 1861,
IoF appropriations in their section,
Nhich were defeated, although, ac-
c0rdlng 90 She basis OF wealth, the
Western counties paid greatly more
than their share OF the annual State
revenues. Tho Western section re-
NAMED undeye.Opcd until the OrganiZa-
zion of a new State.
The ordinance OF 1861, dividing V.r-
GINA aud providing for the formation
or West Virginia, gives the rule By
wnlcn the amount 10 be assumed 0y
TIE new State should be ascerlaiued.
The Wheeling Iuteujgeucer OF De-
cemOer 8, 1898, printed o letter by Gov.
MacCorkle, giving statistics and claim
ing that, under this ordinance, West
virginia does not owe anything. lie
says:
HAA NA4aH UA NE-a aEa Alar lFIlhAeI
10 law nor equity, owes any deOt q
The bulk OF the Improvements 10 West
virginia, arising from the expenditure
OF public moneys, consisted OF few
turnpike roads and an iucompieted Iu-
sane Asylum, whilst Virginia was COW
cred with splendid turnpikes, crossed
with canals and railroads. With her har-
OOrs improved and rivers deepeaed, and
millions of the public funds were law
lshed on her public buildings Virginia
spent all OF the public money, excepting
Two or three millions, within her pres
ent limits. She has reaped the benefits
from them for almost half q century,
whilst this State had practically nOta-
Ing. Virginia has no interest whatever
10 the payment of these certificates. 10
is true that these certificates were IS
sued by Virginia, but, as We understand
20, she was released from any part of
them, and the persons interested To-
them are, for the most part, the Spacu-
latOrs VINO have purchased them. West
Virginia utterly repudiates any liability
under these certificates and had moth
ing 90 do with them, aud so far as she
is concerned they are not worth the
paper on which they are written. West
Virginia has DO debt, nor is she liable
for any part of the Virginia debt. West
Virginia never issued bond, asks no
credit aud owes neither In law nor equity
q dollar"
Bus there are several matters which
Gov. MgCC0rkle has net mentioned.
As a matter Of course, Virginia should
recognizes her responsibility for an of
the debt 90 che original STATE, except so
much as Yves, Virginia IS under an OBJ
legation 20 assume. Virginia owes all
the balance after deduCtiug the just
proportion for West Virginia.
As a matter OF course, West Virginia
is not affected by anything which has
occurred between the present State OF
Virginia aud the original b0ndhOlders.
But the LEGISLATURE at Richmond saw
lJ 90 ignore the wishes and r ghtS Of
WesI Virginia and. without consulting
her, mas taken uD an the original bonds
under an arrangement by which she re-
ioased herself from any liability for
one-third of each bond, She has made
proclamation thai West Virgiuia's
share was oue-third, and she has issued
certificates calling for Jweuty-One mill
Iilu VI principal and twenty million OF
interest.
Asa matter OF course, Virginia hasno
claim on West Virginia for money
which Is payable by West Virginia 70
the unpaid creditors Of the original
State. ~ NirClsia pr0iasscd 20 consider
herself liable for any part OF the de5t
represented by certificates, then there
might be- some excuse ior protesting
anxiety about the amount West Nir-
"a Nrafnf 80 hn
reDudiated an except twO-thirds. She
has arranged with all the creditors on
this basis Hence she has not the
slightest excuse for calling on West
Virginia.
tIt will be remembered that In lSS2
Virginia compromised witn all the orig
inal bondholdsrs except q small rem
nant, and that in February, 1894, an
act was passed providing for this rem
nant. Hence Virginia has 90 interest
in the settlement OF our debit
But 10 March, 1894, the Richmond
legislature appointed a Commission 20
settle West Virginia's debt The reSo-
luton appointing this Commission de-
Clares:
.frhat West Virginia's proportion is
ope.third, and fOrbids negotiation eX-
cent on the basis that Virginia Is bound
for only tw0-thirds The resolution
also says. that the expenses incurred by
the Commissioners, Including pay 70 the
Commissioners, shall be paid By the
bspe6ciaries OF the settlement, and that
the action of the Commission shall not
be binding unless approved by the Nir-
rinia Legislature when 10 meets two
years hence
It is we'll known that for several years
certain Wall street parties have been
managing blind pool OF certificates. In
other words, the certificates are pooled
in trust company, and the trust re-
csiDts are given speculative value on
the stock Exchange. The certificates
we're issued under four different Acts OF
rbs Legislature. bur, untd within the
last few DAYS only the certificates issued
under one ACT were admitted 20 th.s
pool. These trust receipts some times
sold high "a 10 cents aud often as low
ss . cents on the dollar. The market
Drioe WAS nut up or down according 90
,he humor OF the parties managing tue
nooI The certificates which were ex-
cluded from the pool generally sold al
. cents when the trust receipts were
ouoted 40 10 cents. Inc acluai
selling price OF uupoo.ed certIncets.
curing the past ten years has averaged I
,robabiv less JhGn % cents me aver
sqe selling price OF Trust Receipts, &C /
rordipR 10 actual sales, has probably I
been less than 4 cents. rs q matter or /
corrse the managers Of the pool ire
onsntly manufactured fictitious Quota /
t,ons In September, 1885, the Trust |
PecsiDts sold al cents, ADD last No I
vsmber labout the date OF Gov Me. I