Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-07-10

ginia The extrayagant statements as
TO the amount expected that have
been so freely used BY political aspir-
ants, are simply ridiculous because the
certificate holders have deposited their
certificates under contract which alb
solutely precludes the possibility Of
West Virginia ever having to 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
dinanee under which West Virginia
was separated from Virginia, and then
compromising that amouEt at the same
percentage at which Virginia compro-
missed the two-thirds of the bonds OF
the original State which were surrend-
cred under the Act of February 10th,
1892, to-wit, GO per cent. for principal
and 30A per cent. for interest"
It is estimated this amount could not
exceed S4,500,000, which, paid for in 2
per cent. bonds, would not impose up
on the people of the State an interest
tax exceeding 5 cents on the hundred
dollars The State, upon an accurate
4
ing Ordinance, might owe less or might
owe nothing. A committee OF the Sen
ate of West Virginia examined this
matter and concluded Virginia owed
| this State a considerable amount.
| There has been much talk about syn
dictate owning these certificates. There
is not and never has been a syndicate
to buy up and own the Virginia Defer
red Certificates. They are owned main
| ly by people who surrendered their
| Virginia bonds (for which they paid
| 100 cents on the dollar) to the old
State, and when they settled with Viz
l. ginia received two-thirds in Virginia
bonds and one-third in these certifl-
I Gates, or by solid investors, who pur-
| chased the certificates relying 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 to get the two
| States to come to settlement. The
| holders of $4,000 900 of certificates,
| numbering about four hundred persons
have deposited with them. Believing
| that there was an indisposition on the
part of West Virginia to meet the old
| State. the State of West Virginia was
asked to submit the question OF an ac-
counting between the two States to the
| Supreme Court of the United States.
This was advised by many prominent
men of West Virginia, as well as of the
old State and last winter the Virginia
Legislature passed a bill authorizing
the Attorney General of that State to
bring the suit. This bill was passed
in obedience to the solemn pledge OF
Virginia to have a settlement with
West Virginia and the following pro-
vision of her Constitution: "The Gen.
eral Assembly shall provide by law for
adjusting with West Virginia the pro-
portion of the debt proper to be borne
by Virginia and West Virginia" The
committee has not made application
| to the Attorney General of Virginia to
institute suit because the bill required
the deposit of two-thirds of the issue
of 1871, which has not been accom-
tplished.
| submit, that in view of the above,
and the additional fact that the Sen
ators and Delegates in the Legislature
representing the counties composing
West Virginia voted for the loans
VOIeu IUT Gu0 lSSuS VI JULIUS, anu dIuSu
in directing the expenditure of the pro-
eeeds, it is not creditable to the State
of West Virginia, owning $3.50 900 000
of property, to refuse to comply with
the provisions of her several Consti-
| tutions, especially as under no circum-
stances would she be called upon to
| undertake a burdensome debt. She
has received the benefit of the money
of these owners of the Virginia bonds
and, in my judgment, there never
were more deserving creditors, nor
creditors more reasonable in their de-
mands. | make this statement, which
/ believe to be accurate, in order that
the people of this State can have a
clear conception of the facts, and judge
for themselves of the equities involv-
ed in this question. hope all thought
full men will reao this.
Before l became in any way connect
ed with at | was convinced that the
cause of these holders was absolutely
just land knowing the people of this
State to be honest and honorable,
did not believe, if they understood the
matter, they would consent for their
Legislature to do other than what was
just and fair.
r. p. CHEW.
|