The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1895-02-27
The Yirgiria Debt Ouestion.

General j. J. Jackson, J. M. Ben
nett and A. W. Campbell, appointed
commissioners by the Governor of
West Virginia, February, 1871, TO
treat with Virginia in regard to tho
debt as it stood on the first day of
January, 1861. Our space is too
limited to give full report in one
issue, but will continue same from
day to day, until all important facts
relative to it is presented to you.
Please preserve these papers as the
reports are very rare and can hard
ly be replaced. The time is draw
ing near that all good citizens
should be fully posted upon this
matter, SO as 10 be able to rebel and
protest against the outrageous steal
that is aboutlo be perpeuated upon
our State.
STATE OF WEST VIRGINIA.
CHARLESTON, December %, 1873.
The attention of the Committee
on Finance has been repeatedly
called by resolutions introduced in
the Senate and otherwise, to the
subject of Yirginia's public debt
and the share which it is equitable
for West Virginia to bear and pay.
The committee under these frequent
promptings have been constrained
TO give the subject their most earn
est and careful attention as mat.
ter fraught with more than ordinary
consequence to the State, and have
come TO a conclusion satisfactory to
themselves, and it is believed that
the conclusion of the committee will
be approved by the judgment of the
people Interested, aud will receive
the sanction of any tribunal before
whom it may be brought for adiudi-
cation.
1t is necessary to full under
standing of this subject that refer
ence be had to the treaty stipuIa-
tions or fundamental conditions, by
whatsoever name they may be call
ed, between the representative Of
the people of Virginia and the peo
pie desiring separation, by the crea
ton of new State, which led to the
formation of constitution, its adop
ton by the people and its approval
by Congress, and the establishment
of the State of West Virginia.
The ninth section of can ordi.
nance to provide for the formation
of a new State out of portion OF
the territory of this State, Yir
ginia passed August 90 1861, pro
vided, that "the new State shall
take upon itself a Just proportion oi
the public debt of the common
ealth of Virginia prior to the first
day of January, 1861, TO be ascer,
tanned by charging to it all State
expenditures within the limits there
of, and a just proportion OF the or
dinary expenses of the State gov
ernment since any part OF the debt
was contracted; and deducting there
from the monies paid into the treas
ury of tho wealth from the
counties included within the said
new State during the same period. y
Upon compliance with the con
ditious contained in the ninth sec
tion and here quoted the people
within the counties now constitut
ing Nest Virginia, were authorized
to form a constitution to be present
ed to Congress for its approval and
for the admission of the new State
into the Union.
Accordingly, Constitution was
adopted by Il convention of the peo-
pie from the several counties now
constituting the State of West Vir-
ginia; and to carefully guard and
secure the rights prescribed by Yir
ginia as a condition precedent to
the formation of the new State, a
provision was incorporated into it
to secure the exact fulfillment of the
of the treaty stipulations aforesaid.
By article eight, section eight OF
the Constitution, it was provided
that can equitable portion of the
public debt Of the Commonwealth of
Virginia prior to the first day of
January, 1861, shall be assumed by
this State; and that the Legislature
shall ascertain the same as soon as
may be practicable, and provide for
the liquidation thereof by a sinking
fund sufficient to pay the accruing
interest and redeem the principal
within thirty four years.
This subject has received care
ful consideration by commissioners
appointed by authority of this
State, and while this committee see
much to approve in the Report OF
the Debt Commissioners of w. Va.
on this subject for their great re
search and the ability with which
they handled the subject, consider
ering the peculiar difficulties under
which they labored, as shown in
their report, and in the illustration
of the many problems that may
arise in the discussion of this sub
ject, yet this committee think the
controlling question has not been
discussed by the Commissioners by
reason of the embarrassment sur
rounding their action; and the Com
mittee beg leave to refer to the re-
port which is appended hereto
and marked No. l.
In constituting the legal princi-
pies involved in this matter, it may
u