Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-10-31
THE DEBT GU ESTION|
Has Been Brought Prominently to
the Front in -Cabell County "A
Singular Circular from a Republi-
can charlottesville Democratic
Position.
Special to the Register.


HUNTINGTON, w. Va, October 3d.
Interest in the Virginia debt question
has been revived in this portion Of West
Virginia recently, by the appearance in
the Cabel county canvass for delegates
to the Legislature of a circular, fathered
by Hon. Jacob Davis. Republican candi-
date for delegate. who pledges himself on
this momentous question as follows:
If elected Chez l will be found, as in
the past, opposed to the old State debt,
UNTIL A FULL AND COMPLETE
SETTLEMENT BET ZEN THE
STATES shall show tits just and honor
able that West Virginia should do So"
The significant words, italicised by
the writer of this, evidently mean that,
when such a settlement as is here con-
templated shall haVe been made, the
Hon. Jacob will givf his legislative sane
ton to the payment of SO much as snail
be recommended BIZ the State commission
to be authorized " the ensuing Legisla-
ture.
On the other ste, Hon. E. A. Bennett
5 and DR.. ]. B. Ttylor Democratic candi-
dates, are well known opponents of the
assumption of any portion of the Virginia
debt-the formfr being on record in the
last session as voting for a joint resolu-
ton reading ae follows:
Resolved. THAT it is the sense of the
Legislature FIAT West Virginia does not
owe one cyht of the so-called Virginia
dett,' and that this Legislature is OPP
posed to amy negotiations on that sub
ject.'3
Peculiar significance attaches to the
language used by Davis, as he is an illit-
crate person. and the presumption is very
Strorg that his utterance was put in
shape by the hand of some one interested
in the Virginia deferred certificate"
scheme, who has carefully prepared the
gay for Davis to support the scheme of
Appointing a commission at the coming
session which shall have authority to set
tie with a like commission from the par
ent State and approving it's finding.
The situation of this Virginia debt is
as follows During the Malone regime in
Virginia-about eighteen years ago-the
Virginia debt, amounting to about $45, co.,
600, was ''readjusted'' by authority of the
Legislature. The bonds representing the
public debt were surrendered by their
holders and new bonds representing two
thirds of the amount were issued in lieu
called deferred certificates were issued,
providing that they were to settled for af-
ter a full settlement of the debt question
should be had between Virginia and West
Virginia. These certificates took the
name of 'West Virginia certificates in
the bond markets, although the State OF
West Virginia had no hand or influence
in their issue.
Ever since these certificates were thus
issued the halders thereof have haunted
the halls of the West Virginia Legisla-
ture, through their agents, in vain at
tempt to get commission authorized to
settle with Virginia in order to define
the amount of these certificates which
the young State should assume. Up to
now-all through the period of Democratic
Democratic control in the State-these eff
forts have proved fruitless. as that party
holds that the public Improvements, built
hNith money for which the original debt
uuoolsuxl.-zrfere all locatsa within the
Punds Of the old State and that there was
b moral or legal obligation resting on
the new State to pay any portion of it.
The original holders of these certificates
appear to have conceded in this view, as
they disposed of them at whatever price
they would bring, and for several years
past they have ruled at a mere nominal
sum, three to five cents on the dollar.
At these prices they have been bought up
by a syndicate, the promoters of which
hope, in the change of political rulers, to
get a hearing and the necessary legal
enactments to saddle the debt on West
Virginia. Hence the great significance
attaching to the Davis circular.
The portion thus assigned to West
Virginia amounts to $150C0.0C0, which,
with the accrued interest, now aggre-
gates more than $sO,00O,0C0, the assump-
ton of any considerable portion of which
would greatly increase the tax bills of
West Virginians for an indefinite period.