Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-03-30

would be S47se42, and on the basis OF
revenue. S5,23i.sS5. As thlrty-eight years
OF interest has accumulated, II is evil
dent that West Virginia owes more than
$40. eco
RELATIVE ABILITY.
The relative ability OF the two States
may be illustrated by the following fg-
ores. which were compiled in 1898:
Popu- Taxable
lation. Values. Revenue.
virginia -. 81 $3.50 $il5 22is57 81. 10000
West Virginia.. 7c2.7O2 2l7.5sS.6i5 l,150,o0)
Exclusive OF bonds held by colleges and
literary fund. Virginia carries "A debt OF
S22 65e,SOi. the interest charge being Sc2.-
IFS, and this must be Increased about
$4,000 two years hence. when we COM
mcnce paying per cent. on Centuries
The act OF 1892 adjusted our two-thirds
Of the then disputed bonds at O. per cent
OF the principal and interest
one feature OF the adjustment effected
by the act OF 1892 should be considered
The General Assembly did not undertake
20 make an apporiicnment between ;he
several classes OF bonds. but required the
deposited bonds so be surrendered in
bulk for a stipulated amount OF new
bonds. and the creditors appointed their
own tribunal to make an apportionment
between them. VI men lllS lflUlNdl came
10 deal with the old unfunded bonds
namely bonds issued prior to 1SGD they
assigned 60 per cent. to the two-thirds Of
the principal and 30l-i per cent. TO the
two-thirds of the accumulated interest.
COMPROMISE PROPOSED.
II is not worth while to discuss whether
Judgment against a State can be en-
forced. This question will not arise be-
GAUGE the certificates will be deposited
under a power of attorney authorizing
the committee TO surrender them In cX-
change for only such an amount as was
actually expended on the internal I'M
provements within West Virginia, not to
exceed Sl,O00.OO0 payable 100 years hence.
After judicial Investigation has deter
mined that West Nirginia's share OF the
common debt largely exceeds Nl.OOO'0OD.
that state will, as / think, promptly ac-
cept the proposed compromise.
4 committee, consisting or Mr.. Johh
Crosby Brown Of Brown Brothers q Co.:
Mr. Virginius Newton, of Richmond; COL
oncl Il. T. Chew. Of West Virginia. and
others equally favorably known, nave
undoubtedly performed public service
to both States in bringing the creditors
10 this proposition. and the creditors are
very fortunate that these gentlemen be-
frieuded them before every one had lost
interest I'm this subject The committee
already have the cooperation OF nearly
S7.25OO00 of the certificates, and Colonei
Chew informs me that they are contdenl
Of the cooperation Of the balance withlh
tho next few months. This IL also the
opiniou Of the secretary of the commit
tee Mr.. Robert Il. Harrison. the son OF
the old professor at the University. IL
seems TO me. therefore, that TINS COM
monwealth has everything TO gam ana
Nothing to lose by such action as VIII
ensure an adjustment with West Nir-
Ginia.
4 SUIT BY THE UNITED STATED
Congress recently authorized a suit on
the 1851. 900 old Virginia bonds whlch the
United States purchased, before the war
AS trustee for certain tribes Of Indians.
II is said that this law was promoted Dy
the New York parties who have peeh
misleading holders TO refuse 10 deposit
with Brown Brothers q CO.. and that IL
was "slipped through Congress without
notice to any Of oar representatives.. ~
seems TO have "crept through both
houses with the tread Of cat and
predict with great confidence that when
| The Secretary of the Treasury is inform
cd Of the facts by our senators, he VIII
DELAY action until Congress meets. If this
paper was not already too long l would
point out why such a suit If brought
! could not benefit any certifcate-holder
| unless Virginia asks TO make West VIZ
ginia party, and this she will never do
unless the certificates are deposited under
such a power of attorney as that pro-
posed by the committee inviting deposits
with Brown Brothers q Co.
MARSHALL NJ CORM1Ck.