Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-05-23
EIkin. and the virginia Debt.

From the Huntington Advertiser.
Editor Advertiser:-Ce Repub-
licans create an impression that Vir-
ginia has empowered commissioners
to institute a suit in the name of that
State before the Supreme Court of the
United States against this State con-
corning its alleged part of the Vir-
ginia debt. This is a Republican roor-
back. The Virginia commissioners
cannot take any action. Thereby
hangs a tale.
Mr.. Elkins was a Wall street broker
West Virginia. His Wall street friends
were hardly ignorant of his intention
to set up the Legislature of 1895 to
elect him Senator.
The certificates of Virginia, after
selling for two cents. were syndicated
with New York bankers who secured
a commission composed of members
of the Virginia Legislature. They
were to be paid by the New York bank
ers and We're to make deal with the
Legislature of this State, If they could.
AS soon as Elkins was elected these
commissioners knocked at the door or
the Legislature and Elkins held his
memorable caucus. But the deal was
throttled by the resolution, offered by
that sterling Democrat, Andrew Ed
miston, to the effect that this State
would refuse to receive any communi-
cation from commissioners acting I'M
der such a resolution as Virginia had
adopted.
This was in 1895 when Elkins was
elected. 1t was taken for granted that
he expected to put up the Legislature
in 1900, and the month before last
these same commissioners, after five
years of inocuous disuetude, obtained
at Richmond the new law, now used
to create an impression suit will be
instituted if the Legislature refuses to
make a deal with these commissioners
acting for New York bankers having
possession of the certificates.
But thereby hangs another tale. 1t
is said that to disguise the appearance
of Virginia lending her name to attor-
neys for New York clients, they pro-
posed law emitting any reference to
their clients in Gotham and provided
that no action of any kind should be
taken till the Virginia certificates were
under the proper control of the cons
missioners themselves But this law
was founded on an understanding that
the syndicated certificates would be at
once delivered to the commissioners
SO that they could show up control of
them. If they could show control.
they could institute suit, and the PEN
dency of the suit be made an excuse
for favoring a deal with the commits
sioners. AS no suit was brought it
came to light that the law had been
founded on misinformation as to the
ability of the bankers to deliver the
certificates.
A distinguished lawyer said: "The
New York bankers have the pooled
certificates under a contract with the
owners, and cannot deliver them to
their Virginia friends or give them the
character of control that the law makes
condition precedent to any authority
vesting in the commissioners. Conse-
quently the commissioners have no
more power to act than if no law had
passed. If suit is instituted it would
be summarily dismissed, on the ground
that the name of the State was used
without authority" This covers the
whole ground, and ends the commits
sion.
But, though it is, known that no suit
can be brought, an impression is fos-
tered that the passage of the law is an
excuse for a deal. Under such condi-
lions no question is presented about
paying debt if anything is owing.
The sole question is about going into
deal with Virginia commissioners
claiming to represent Virginia, but
really representing New York bankers,
who represent the certificate owners
This being the condition. Democratic
Legislature is assured if the issue is
made that no Democrat will counten-
ance any communication with these
commissioners, and this issue will be
made if every Democratic convention