Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-01-24
TIE SYNDICATE IN WASHINGTON.
Its Agents Trying TO Induce West Vir-
EtniA Democrats To Lend Their AId II
Bringing About a settlement


SLts,ct 10 80 H-gs-=-.
WASHINGTON, D. c.. January 93.-
Facts have come 10 light here that leave
no doubt that 3 powerful syndicate is
az work trying TO saddle part OF the old
Virginia State debt on West Virginia.
Agents of the syndicate are now in
Washington endeayOring 10 convert
West Nirginians here TO the scheme
which they want TO put through during
the present session Of the West Virginia
Legislature.
What the syndicate wants 10 do is
10 have the Legislature make an ar
rangement wlta Virginia to as
sumo i've million dollars of
tne htteen or sixteen million which the
iatLer claims is " est Virginia's share Of
tue Ola debt This is the magnificent
prize which the syndicate is working
for and which its mem hers believe they
will obtain through the action OF the
present Republican Legislature Of
West Virginia As the syndi-
cate obtained the West Virginia
certificates which its members hold at
from two 10 six cents on the dollar,
their profits, II they succeed in saddling
q five million debt on West Virginia
can be easily calculated. Five mil
lion dollars is about One-third the
entire amount OF certificates
issued. As they cost the present mold
ers On an average say five cents on the
dollar, and as the holders will obtain on
them 33 cents on the dollar If their plan
succeeds, their profits will be 2S ceuts
"A
issue, which costs S1j0O00, they
will get $4,000, 900, or a profit
OF S4,25O, 600. This is a prize worth
working for, aud those who are engaged
on the 100 can well afford to be lavish
in their expenditures for lobbying
and other objects calculated to convince
the West Virginia Legislature OF the
advisabuity OF accepting the debt
settlement proposed. II the syndicate
is forced 20 compromise on three, or two,
or even one million, there Will still
be a handsome margin of profit. 1t Is
evidently tue purpose OF the syndicate
20 get West Virginia Democrats into the
scheme II they can DO so. Its agents
here are now engaged in an effort OF
this kind.
Representative Cspehart said to-day:
There Is no doubt that a big syndicate
is pushing the scheme for debt set
t.ement At this session OF the
Legislature, aud it is believed
| here that Stephen B. ElEins is
/ Interested in it. The syndicate is try
| ing % get Democrats 70 join them IN
{ tue lob. ] know that in the last lew
DAYS a prominent West Virginia Dem
ocrat in Washington was ap-
preached by an agent Of the syndicate
VINO offered him a block of the syndi-
cate stock IN be would give the scheme
bis aid and COunteuauCe. l have no
doubt that efforts have been, or will be
made 20 get other Democrats committed
20 the scheme in the same way. The
| syndicate'S plan is 20 have West Virginia
assume $1,000, 600 of the debt which
would mean tax of about s. on every
man woman aud child in the State, or
SIS 20 SO per capita on every head OF a
family. The move that has already
been made In the Legislature az
Charleston Is, in my judgment, part
OF the game The other moves should
be watched carefully. The fact that
I the Virginia deOt com misSlOners, At a
meeting at Lynchburg yesterday, adopt
ed a resolution declaring they were
/ not, as asserted, in resolution
passed by the West Virginia House,
/ bound 20 negotiate ou,Y on the
\ basis OF West Virginia assuming one
/ third of the old debt, is very significant
/ OF course Virginia will be glad 10 make
I any terms she can with West Virginia.
/ Sne would rather have US pay
IS, 600, 600, or even $1,000, OOu
/ OF her debt than TO pay it all herself.
But the fact that She now wants to
open negotiation indicates, suspect
I that the syndicate has been active IN
i the O.d Dominion.