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

true basis of adjustment and final
settlement, Virginia claim for eX-
penditures can very properly be off
set by cur contributions.
Upon this basis the whole subject
is one of easy solution, containing
no other items than that of creditor
or debtor with balances to be struck
upon agreed principles. The legis
latiTs history of Virginia establish
fes beyond q doubt that the first act
of assembly TO create q debt or issue
I a bond was passed in the year 1921 /,
and the executive records show that
the first bond issued by the com
monWealth of Virginia was in the
year 1922
From this latter period we date
tho commcncement OF our liability
tunder the fupdmental stipulations
pres bed by Virginia for our sep
aratien which We're accepted by the
fog.ss aso, prosetl' b
4 Congress, aud the President of the
! United States, as the head of the ex-
ecutive department, and subse-
quentIy affirmed by the Supreme
Court of the United States, and may
at this day be accepted by the pub.
lie as firmly engrafted into obiga
tions and rights as if the same were
constitutional provisions emanating
from the supreme power.
The concurrent approval, binding
alike upon the people of Virginia
and West Virginia, lead us to the
following conclusions, which are the
results of a mathematical demon
stra 9n, founded upon public and
offici;l records, appropriate to de-
termine how much of the bonded
debt of Virginia existing prior to
January, 1861, was expended with
in the limits of this State, and how
much was contributed by the coun-
ties forming the same.
The report of the Debt Commiss
ioner hercinbefore referred to shows
that all State expenditures within
this State prior to January, 1861, ,
amounted to s3,3G6, ,929 30, and al
though it is apparent that bonds for
quite large amount of this sum
were never issued, nevertheless the
expenditures would seem to import
an obligation upon our people TO re
turn every dollar which has been
so contributed to the development
of the territory of our State
The committee have not entered
into the tedious process of calcula
ting the interest, for the obvious
reason that there would be as much
interest 'on our contributions to as
upon the receipts of Virginia.
The committee have therefore as
snmed the foregoing sum of 1896,
929.29 as importing a debt upon
West Virginia to be gathered and
itemized from the report of the Debt
Commissioners aforesaid.
From the amount of the forego
ing expenditures must be deducted
the moneys paid into the treasury
of the Commonwealth of Virginia,
from the counties included in this
State during the same period For
the sake of convenience the com
mittce have charged to Virginia,
not the whole contribution, but the
surplus after deducting just pro
portion of the ordinary expenses of
the State government Our total
contributions from taxes to the State
of Nwgioil in the year 1922,
amounted to $4,000; aud in the
that year the total OF the expenses
of the State government chargeable
to US was SIT, 600, leaving an excess
of $4,000, which would go to the
liquidation of the debt created for
expenditures within our midst.
This small surplus in 1922, by the
process of an increased rate of tax
alton, and the increased value ofthe
subjects to be taxed, the rate rising
from cents TO 40 cents on every
one hundred dollars in value, made
the excess of our contributions 10
the treasury of Virginia in the year
1860 amounted S512, 900, rejecting
fractions
Thus our contributions to the
treasury of Virginia arising from
taxes collected in that year amount
ed to s647, ,079 O6. In the same year
our proportions of the ordinary ex-
penses of government amounted to
sl35,O00, which left the surplus
aforesaid of S5l2,O79 SO. 1t will be
observed that the committee have
referred only to the surplus in 1922
and in 1860 The surplus for the
intermediate periods swell the ag
gregate OF our contributions to
So, ,S92, 900 which is in excess of ex-
penditures within our limits by
s535,00
1t will thus be -seenthat our State
is not indebted and the Committee
confidently advance this statement,
not only as containing the true ba-
sis of settlement between the two
States, but it is supported by in
controvertibIe facts, by conditions
precedent prescribed by Virginia
under the restored government;
which government bas been ap-
proved as aforesaid by Congress, by
the Executive and by the Supreme
Court of the United States.
BANKERS AND BROKERS
Notwithstanding the satisfactory
condition of our finances and our
material resources, the attention of
the committee has been called to
the fact that West Virginia certifi
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