Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-06-04

months later. Indt pdmpnief was in
dorsed by the influential part of the Press,
and I never heard an intelligent man
dissent from its views. It was decided
that, to avoid a useless debt agitation,
West Virginia should refuse to consider
any proposition until the Wall street hold
ers of the fifteen million certificates were
educated to understand. LIST, that they
had no claim on West Virginia except for
the amount fixed on her by the ordinance
under which she separated from Virginia,
and 3D. that neither State ought to act
until the certificates were deposited under
contract to accept whatever resulted
from an equitable settlement. After in
finite labor and much expense l brought
it about that majority of the certificate
holders accepted these views. At this
point my undertaking was taken away
from me by a wall street Promoter, who
converted it into helterskelter, specu-
lative scheme lacking every element of
success. Under his leadership it finally
drifted into the crazy scheme of having
Virginia Debt Commissioners, ostensibly
acting for Virginia, but in fact represent
ing and paid by Wall street syndicate
and these Commissioners were to adjust
West Virginia's debt on the basis that her
share of the Virginia debt was one third,
or fifteen millions, with interest This
silly scheme was disastrously exploited
by the Edmiston resolution of 1885,
Subsequently, in 1897, some of the best
men of Virginia and this State at my in
stance, requested Brown Bros. to take UP
the matter on the same basis proposed in
1888, and the programme then proposed
was to be carried out by me. After
Brown Bros. had consented to befriend
holders, associated Wall street Promot1
er No. O. and did SO only on his explicit
assurance that he would never make the
mistake of taking the control out of my
hands. Before any commitments, he and
his partner fully understood that l was
obligated to carry out particular pro-
gramme. After a sufficient number of
holders had co-operated to ensure the
cooperation of the balance, this Promoter
No 2, in gross violation of his contract,
took the management from me, and I'M
der his unsagacious leadership of the I'M
dertaking drifted precisely as the first I'M
dertaking under the leadership of Promot-
er No. l. 1t drifted to the crazy scheme of
resurrecting the Virginia Debt Commits
sioners who had been in partnership with
Promoter No. l. and with whom this State
had refused to negotiate. And these Vir-
ginia Commissioners now expect to open
a debt agitation by seducing. our Legisla-
ture into discussion with them. All the
publications of the Brown Bros. Commit
tee were written by me, but none of the
committee give sufficient thought to OBJ
serve that this deal with the Virginia
Debt Commission is a total departure
from all the publications signed by the
committee. None give sufficient thought
to observe that Promoter No. 2 has drifted
back to the impracticable scheme, propos-
ed by Promoter No. 1, of Virginia Commits
sioners, protesting to represent Virginia
but paid by Wall street clients.
The Brown Bros. committee are under a
blissful delusion that the recent Virginia
law authorizes her Commissioners to
bring suit, and none give sufficient
thought to observe that said law was a
blunder. Briefly--The certificates are de-
posted under a contract between holders
and committee of New York bankers
The Virginia law was based on the err
roneuous assumption that the New York
Bankers could give the commission con-
troll of the certificates. OF course the New
York bankers are willing to give the COM
missioners any control they wish. To IA
cilitate its passage. the Virginia law pro-
hibits any action unless the certificates
are under the control of the commission
ers. Their having control is a condition
precedent to any authority vesting in the
commission. But Judge Johnson's opin-
ion in the Wheeling Register of the 10th,
is conclusive that nothing which the New
York bankers may do will give the COM
mission control of the certificates, and
authority to act. In view of Judge John
sons opinion, which has been concurred
in by the profession, it would insult in
telligence for the Virginia commissioners
to profess to think that the New York
committee can give them control of the
certificates. But the persistency of these
commissioners in 1895, indicates that they
under-rate either the intelligence or the
integrity of our Legislature, and they
may make another effort next winter. The
,1jImdd-ugA NH NH minimum mhmhm
danger lies in the fact that certain gen
tlemen, eminent for integrity, who do not
understand the situation, may advise the
Legislature to receive a communication
from the Virginia Commission and there
by, unwittingly, furnish an entering
wedge to a useless debt agitation. This
danger, as well as the danger of secret
lobbyists, will be avoided by planting the
party firmly on the Edmiston resolution
1t is the only safe course.
The undertaking to which Brown Bros.
were requested to lend their name was
right, and would have succeeded if it had
continued under the guidance of a COM
petent lawyer giving profound reflection
and undivided time to carrying out the
proposed programme, but no Wall street
man has given sufficient thought to be
conscious that he did not know that he
did not know what should be done, or TO
observe that the original programme was
abandoned. Under these circumstances
no settlement would result, and 1t would
be the height of folly to discuss the sub
ject with Virginia Commissioners APP
pointed under such a resolution as that
State passed. Whoever makes intelligent
inquiry will know that this debt remains
unsettled, not because West Virginia Is
dishonest, but because her creditors do
not take sufficient interest to act sensibly.