Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-09-19
Tiles AND WILL PROCEED.
IMP oRTANT MEETING HERE 81:
Certificate folders, Committee En-

:
appointed by the General Assembly ten or
twelve years ago, met at noon yesterday
at the Jefferson Hotel, and received
report of the Ger commit,
tee, stating that they had complied with
the terms OF the. act OF 1900. and now had
in their possession two-thirds Of the secu-
lrities OF 1871 and a majority OF the Ger.
tifcates subsequently issued. The COM
mittee held an executive session ana AZ
forwards gave out this statement:
The certificate holders committee re-
ported that it had complied with the act
of the Virginia Assembly of March g.
1900, and had in its custody upwards or
4two-thirdss Of thelcertificates of ISL. land
ma jority of the certificates issued sub
sequently, and an agreement was en-
tered into with the Virginia Debt Com
mission; whereby these certificates should
5be placed under the control of the COM
mission with a view of their negotiating
with West Virginia settlement Of the
proportion Of the Virginia debt proper to
be paid by West Virginia.
BY virtue of this arrangement the GER
tificates now in the custody OF the certi-5
!ficate committee will be held together. as
provided by the contract under Whlch
they were deposited.
It1OoE In kAlAI44fA<a6$S1-/.
There were present Jno. B. NJ Don, chair
man Of the commission, and the follow
ing other members: Congressman Il d
Flood ofSAppomattox; Congressman Will
liam f. Rhea, of Bristol: Judge j. 'Fhornp-
son Brown, Of Nelson. and Randolph Har-.
rison, of 5Lynchburg. Colonel Joseph But.
ton, of Appomattex. the secretary Kept
the minutes.
John Crosby Brown, OF Brown Brothers
~. <, ~, ofvra a
certificate committee and Edward NJ
Scudder,. Of New York, another member OF
the certificate holders committee. were
also present.
s-.'q. t7:s STORY oFGTHE DEBT.
1.-THE following sta tementsas to the sttua-
/: tion;.;nnd incidentally a clear statement
of the occasion of the. meeting Of the
commission at this time, is taken from
1he United States Investor, a we1l-knoWn
Financial publication:
These certificates represent the snare
OF Virginias debt which she claimed
Ishould be paid by West Virginia, the
two having until 1881 been ,,r Gns S Iaree
sums of money had been. expended N
developing territory now in West ,Nlr-
sginia, and the original Stat eof Vir-
'fginfa had issued her bonds on this &C
zcount Hence it seemed right that the
! present West Virginia should pay her
Share Of these bonds. In fact. this Ira
! biity had been long recognized oy Nest
i Virginia. :.
Congress at the time she pleaded for
| statehood and her advoca ties openly
! pledged her to the payment OF her snare
| Later this pledge was incorporated IN mel
/ Constitution, ard she was proniblted IRON
/ contracting new debts until this debt wa
1 paid However. in 1871. at the time nvlr,
! ginia settled with her creditors: w IS
Virginia. while not DENYING her liability
failed to meet VfrEinia's efforts TO nix
+ definite sum as her obligation; ant
4 after several Intellectual attempts VT
I ginia, was compelled to arrive at such :
1 sum from her own records.
i ONE-THIRD OF THE TOTAL.
I The sum arrived at was one-third OF
the total debt, and having determine
4 this, Virginia issued to her origina
/ bondiolders her certificates for thi:
4 one-third In and by these she bound
i herself to use all efforts to make Yves
Virginia pay her share Upon TN:
rendered. their. bonds West Virginia
/ however, tnwarted repeated .forts Q
u Virginia leaving the latter in an unfail
4 ard awkward position. From time T.
time different committees tried to brint
about settlement. but without success
S A new committee, with John Crosb.
4 Brown, was formed which hoped to set
4 tie this matter by the simple course
! getting Virginia to collect from Yves
i Virginia the slatter'S snare. hesponSly
4 to her trust. Virginia passed an act il
4 1900 authorizing the Commonwealth to SUI
Invest Virginia for az accounting. Sucl
an action should result in fixing tn
/ amount Of West +Nirgfnia's liability an
y il procuring sassettlement
I 1t is to this end Sthat..the committee i
working. Over ten millions Of certificate
have already been deposited with it, tn
8 largest number. ever assembled by an
4 committee. Naturally, the more so de
hosting the more likely an early an
successful termination of the whole mat
ter. It is understood that steps are no.
g in preparation which look tc the earl
prosecution of.the suit and to the settle
ziment OF "a debt which has nearly sur
!. lsyiyed The generation which first sa,
lit recognized Such a. result when a:
compIished would Undoubtedly be we
coined by West Virginia as well as b
uhthescertifie tesholders.