The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-17

| the Union cause. In pursuance of this
cd anna da Zen
express condition that the new state OF
| West Virginia should assume and pay It's
State of Virginia.
| After the war was over. during the pro-
cess Of reconstruction, nothing was done
effort to adjust Its debt set aside one third
| rs the share OF West Virginia, In view of
the fact that West Virginia had one-third
| est part of the old Commonwealth.
| the matter with West Virginia. but West
debiedness III any shape in spite Of ordl-
| nances. constitutions and the possession
Of cash assets which belonged TO the
ssnsf an Credit e and t the 0, rood e
of West Virginia, the proper development
of her splendid natural resources. must
stand III the. shadow of this growing debt
awaken that Commonwealth to a full
( realization of Its dangerous position IN
respect to this obligation, Every one.
has at heart the keeping of public credit.
whether municipal, state or national at a
high standard, must be interested IN the
settlement na Of ths aneEtiW1 v Of Morgan
town, w. Va. in q letter to Senator john
Sherman printed In the Congressional
Record; Vol. NiI page 459 so wrote + navo tre.
| quently said to the people OF West Nir-
| ginia, that but for that clause (assun1ins
part OF the debt the State would never
have been admitted. say further that
in my opinion, no honest party or honest
man in West Virginia. or out Of It. will
deny the obligation of this State to ray
IAN equitable proportion of the public
debt of Virginia"
The history or this unsettled debt of
West Virginia, IN brief. Is ns follows:
virginia total debt In 1871, when she made
settlement with her creditors, was s45,-
1S,1l2, which represented both the prin-
cipal and accumulated interest thereon.
One-third OF that sum- viz, S15,3s,3To
was arbitrarily, If you please set aside
to be assumed by West Virginia. Since
that time thirty-two years interest at 6
| per cent has accrued.
The two-thirds reserved by Virginia,
| viz, s3O.47s,7 ZAP was settled for by that
State in a one -hundred-year bond bear
| ing interest at 2 per cent. for ten years.
and a per cent. for ninety years: these
| are known a. Centuries" and sell in the
public market to-day at over 80 Thus
we have the unique condition of old Vir-
| ginia. q seeding State though suffering
| from the terrible consequences OF the
4 Civil War. keenly alive to her old ante
hellum financial prestige and splendid
credit, struggling to regain 1t and sue
ceed:ng by settling to the utmost limit
of her ability: whereas the only State
created by the war, West Virginia. has
practically and persistently repudla ted
Its obligation to pay her proportion OF
that debt. The ordinance under which
| Virginia was divided contains the follow
/ ing reference to the subjects:
The new State shall take upon itself
/ Just proportion of the public debt Of the
Commonwealth OF Virginia prior to the
first day of January, 1851, to be ascer-
| ditures within the limits thereof, and
just proportion of the ordinary expenses
! OF the State government, since any part
OF said debt was contracted, and deduct
i ing therefrom the moneys paid In to the
! treasurer Of the Commonwealth from tho
counties included within the said new
State during the same period.
And, further. the declaration Of the Con-
/ stitution under which West virginia was
admitted Into the Union was no less EN-
4 phatic on the same point. Section s.
Article VIII, of that instrument is as fol-
lows:
An equitable proportion Of the pll,>ic
debt Of Virginia. prior to January !. 1861,
shall be assumed by this State, and the
Legislature shall ascertain the same as
soon as practicable.
fiere Is not only an explicit asknowl-
edgment of liability for part OF the debt,
but a direction to the Legislature to "as-
certain the same as soon as practicable"
40 aetion has apa'r.ehnty been taken BY
islative declarations and injunctions. and
she, has refused. every overture on the
y
| able proportion OF the debt. No one can
doubt that this debt Is somewhere in the
| neighborhood Of this allocated one..third,
| nasmucf as West Virginia contains at
] least one-third Of the richest territory Of
| the old State.
It may be remembered that Mr.; Lin
| hitting West Virginia into the Union
unless there was Incorporated In the Con-
stitution n provision for the payment OF
Just proportion Of the debt Of the orig
| inal State
! That the trainers Of The. ordinance and
the Constitution OF West Virginia. under
| which that State came into existence app
| preciated the force and value OF main
tanning the financial integrity of the
Is BY the cd ai
to meet the proportlonate obligations out
ment Of the old territory Of Virginia; %
| which the present State and present debt
Of West Virginia were part.
/ realize that by the maintenance of the
splendid credit OF our country at large
which we inherit as s, nat ten, bsss 5Hh
so oportunely lived to direct the recon.
! struction and casting Of our financial
| Lincolns in putting his finger on the
button or handspring Of future salvation
and prosperity. when ne declared are EN- IN,
for the admission Of West Virginia INTO INTO
! the Union unless she recognized and
| agreed to pay this debit say the enlisht-
ened American contemplating the great
national and commercial supremacy
to nin the indestructIble laws for the main
tenance OF public credit. laid down BY
| countenance Reputation and consequent.
Impairment of credit. While no one for
| a moment believes West Virginia seri-
/ ously contemplates this, we pause IN won,
| der that she does not follow suit and
/ clean the State, opening the doors 70 the
golden rays which viii burst upon h ne az az
| they burst upon and blessed other States
| who have paid up, and started the plough
| in this way into the furrow Of prosperity.
w. c. LEGENDRE.
New York. July 18th.