The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-07-04

carefully preserved md the interest and
profit only be USED for the benefit Of
the schools. This report Of the West
Virginia Debt Commission Of ISL
placed thevalue OF the stock owned by
Yirglniai In the banks at s539,sO). These
stocks. with other valuable invest-
ments. were disposed OF and put Ia thu
irraducible school fund OF this state. I
refer to the above statements 10 show
this state acquired valuable property
from the state ofsvirginia. Her, resent
legislatures declare by formal resolu-
ton that she will refuse tostaka any
action with reference to her proportion
OF the old debt, and that sha is IN ITO
way obligated for any part thereof. Tha
numbers of the last lesislatrre. al
though acting under the solemn obllga-
tlon of an oath TO support the constitu-
ton Of West Virginia subscribed TO be-
fore they entered upon their duties. It,
came parties TO 4 resolution Of laid fe-
! pudiation. How 1t Is possible for 4
member of the legislature to vote fora
resolution of reputation with the pro-
visions OF the constitution cited abovc
before him, is a little puzziiug. to the
mind OF a man with a conscience. No
one has ever asserted that West Vir-
ginIa owes the Virginia Deferred Cafti-
licatSs. 1t is clear that U settlement
ought to be had between the states Of
Virginia and Wet Virginia, and II
West Virginia OWES the old STATE. 5tha.
amount would 80 to the certificate
holders. All they ask Is that tn: ac-
count be stated In accordance with the
fundamental law Of the state CT West
Virginia. They DO not claim that West
Virginia is largely Indebted. and they
do not ask for any particular sum.
West Virginia, on settlement, may
not owe a dollar but II she owes. the
honorable thing to do Is to settle with
the state OF Virginia. The eXtrarag1nt
statements as to the amount cxpactcd
that have been SO freely used by. poli,i-
cal aspirants. are simply ridiculous, be-.
cause the certificate holders have de-
posted their certificates unde: a CON
tract which absolutely preciudcs the
possibility Of West Virginia ever hay
Ing 10 pay an excessive amount. The
provision Of this contract is as follows:
THE deposited certificates to, be sur
rendered for their pro rata Of such an
amount OF bonds as shall be found by
stating the account required by the or
dinance under which West Virginia
was separated from Virginia, and then
compromising that amount ut the same
percentage at which Virginia compro-
missed the two-thirds of the bonds of
the original state which were surrea-
dered under the Act OF February Goth,
1892, to-wit. 60 per cent for principal
and 30A per cent for interest"
1t is estimated this amount could not
exceed si.5o0,OOO. which. paid for in 2
per cent bonds, would not impose upon
the people Of the state an interest tax
exceeding cents on the hundred dol
lars. The state, upon an accurate state
ment of the account by the Wheeling
ordinance. might owe less or might owe
nothing A committee of the senate
of West Virginia examined this matter
and concluded Virginia owed this state
considerable amount. There has been
much talk about syndicate owning
these certificates. There Is not and
never has been a syndicate 10 buy up
and own the Virginia Deferred Certin-
Gates. They are owned mainly by pao-
pie who surrendered their Virginia
bonds Cfor which they paid 100 cents on
the dollar} to the old state. and WHEN
thoy settled withVirglnla received two
thirds in Virginia bonds and cnc-third
In these certificates, or by solid inves-
tors, who purchased, the certificates re-
lying on the honor OF the two states to
come to some equitable settlement.
Wall street owns but few Of them. The
Brown committee was requested by
these holders to undertake 10 get the
$780, W.. 49, -. 80. - "
Two s'a'es 10 come 10 some se'llement.
'e ''o'uFts OIL SS'oVV,oVo Oh ce!t'heates.
h'moGf'hs aooat 4V9 persons nave de-
PoS'tea WIN 'hem. beieVlNg mat there
was an indsposltion on the part of
west ' rsih'a 70 meet me osa state'the
state Oh Virslhia was asked 10 submit
'He question OF I'M accounting betwecsi