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

GINA s ueOt, uGu vi Au'~ .ftt-
Sir. John 3. Moon, OF Chario1'SE'''e'
Va. Chairman of the Commission,
The Wall Street publication oi Low,
.ranss Il Co., - Broad street, New
York. on December goth, reaas - 4Oi'
lows ..,..i.. g.,
1--WE understand the recent activity IA
Virginia Deferred Certificates Is O3seu
n, belief we'll founded in fact tna1
the West Virginia Legislature early Ia
1sl5 will settle the status or tue certiu'
,,tas ON A basis which will oe satisIac-
tory 10 holders. Most OF tnem are
lodged lie strong hands which nave put
forth their influence 20 secure action
and the compromise they offer mas
seemed so fair that we understand, the
executive officers Of the STATE, as we'll
ast he leading members OF the LeglSls-
trrs. are willing TO agree 70 IL. II toe
o-ooosed compromise goes through, the
certificates will be worth greatly more
Than the current quotations.
Current quotations" az the date OF
this publication, were l3 cents. I"en-
tv.one million OF certificates at Is cents
would make S2,730, 900. TaiS would
mike an annual interest charge OF
SOB. 500. But as the Certificates are 20
1s worth greatly more than is cents
10 may be concluded that the strong
hands in which the certificates are
lodged and which ara putting forth
-h.ir influence 90 secure action, nave
received assurances that our coming
legislature will entertain some propo-
.f-ion fixing the deOt at greatly more
than o.. 49, 600.
The New York Sun OF December 29lh
has the following announcement;
"Ip order 10 include all issues OF ser
,iacates In the settlements row being
u.roti- ted 81 the Commission, OF which
tbp Hon. j. b. Moon Is chairman, 10 has
been arranged THAI the Farmers Loan
aud Trust Company, OF New YORK, snali
receive dopusltS OF certificates Issued
under the acts subsequent 10 1871 me
Trust Company already holds over SlO,-
900. 600 OF the certificates
Many questions occur 70 every one:
1. WHY has there been so much con-
cealmeut, suppression and mystery
ae9ut the movements of the Virginia
Commission and this Wall Street Syn
dictate? Is q scheme on foot for legiS-
iative action before any proposition has
been discussed or considered oy the peo-
MIA OF This State? Is there scheme to
appoint a committee under the pretext
OF ascertaining how much the State
owes? The object OF the wall Street
Syndicate is accomplished, II TIE LegIs-
Iature takes any action which will be al
entering wedge for DEBT agitation.
Public judgment is unanimous that
nothing should De done unless and until
the creditors have made proposition
which can be published and discussed
previous 10 the election Of Legislature.
.. What proposition will creditors Of
fer. IL committee reports that our
share Of the debt exceeds $40, 600, 600?
g. Is a scheme 90 foot for a deal with
Wall Street spectators, without ascer-
tanning whether the State owes as much
as they offer TO accept? 1t will be re-
membered that in 1889, certain
Wall Street man was In Cnarles-
ton offering TO sell pool OF
s.. 900. 600 cert dcates. aud that one OF
the editors OF prominent Republican
newspaper 10 this State, was lobbying
for this Wall StreaJ broker. 1t Will
also be remembered that 10 was su0Se'
ouently ascertained, that the power or
attorney, under which the certificates
were pooled, had expired two years
previously.
4. Why is 10 that certain West Vir-
ginians, who have never before con-
cerpsd themselves about the debt, are
now expressing the greatest solicltude
for some legislative action? These gen
tlemen were silent until the certificates
.'wers lodged in the hands OF strong
Wall street parties who put forth intlu-
ence TO secure action.
10 will be remembered that the GER
tifcate-holders rejected the Baltimore
plan because the Wall street syndicate
urofessed 10 be able 10 make dea! with
the West Virginia Legislature. The
Baltimore plan was based on the foi-
lowing letter written by one Of the most
trusted men of this State. His letter
was as follows:
81 do not understand the subject snf-
ficiently 10 form an opinion as 10 any
proposition, but every one will agree
that our Legislature should not act
until a proposition, binding on all the
creditors, has been published and dis
cussed in advance Of the election
Of members OF the Legislature. The
creditors should make proposition
based on three things: First, the aver
age actual selling price OF certificates
for several years past. l do not mean
the fictitious quotations Of Stock EX-
change SPECTATORS, ! mean actual sales
second, the amount fixed on West Nir-
ginia By the ordinance under which she
was formed into State, and third, on
our ability 10 meet an annual interest
charge without increasing taxes. The
Legislature ought not 10 do anything
looking 20 an ascertainment OF the
amount this State owes, until creditors
have first offered q proposition, sutli-
GENTLY reasonable 10 be discussed on
the hastings before legislative candi-
dates are chosen. II we fix the amount,
before creditors are committed to
proposition, they may prove utterly
unreasonable. and the most unreason-
able will be the spectators whose GER
tifcates cost them little or nothing.
There is an honest and straightforward
way OF dealing with this matter, and
there is contrary way. do not think
the latter will ever succeed"
The Intelligeucer OF December Sd or
Attn, said:
"a West Virginia Commission, In
1871, found that this state owed little
less than $1,000, 600" This is mis-
take. A commission 20 confer with
Virginia was appointed before any GER
uGcates were issued. Her Legislature
refused 10 meet this commission, and
after refusing passed the Act OF 1871,
setting aside one-tbird as the proper
zion for West Virginia. Some TWO years
al;er Virginia had thus acted, the COM
missioners published a report, not 10 as
certain how much West Virginia owed,