Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1905-02-09
sI.oo A YEAR.
The Old Virginia Debt Question.

called West Virginia certificates. will
appear at Charleston when the Legis-
laturs sonvenes in January, in the eff
fort to secure from that body some
action in regard 10 those outstanding
certificates, amounting to SIS, ,000,00
to say nothing about interest. The
Legislature he's heretofore disposed of
the question, at least for the time. BY
passing, generally without debate. a
resolution declaring in substance that
this State owes no part Of the Old
Virgins debt and will therefore take
no action in regard thereto Such q
resolution has been passed by a nuri--
Der Of Legislatures in the lssi twenty
FIVE years, but the question, like Ban
quo's ghost, will not down. but con-
tinuss TO come to plague the politi-
clans, who are afraid of 1t, and have
by these oft repeated resolutions
sought to put IT out OF the way.
For the benefit Of those Of our read
ers who 10 not understand the status
Of THE interesting question, II may be
a matter of interest TO state here some
OF the leading facts.
The debt in question was contracted
by the old State of Virginia for pur.
pose of public improvements prior to
the war of ls6l-65 Most OF the
money raised or borrowed for this pur.
pose was admittedly spent within the
limits Of the old State, though it is
not denied that portion Of il was
expended for improvements made
within the limits Of what is now West
Virginia
When this State separated from
Virgin. and was admitted into the
Union in 1868. she incorporated in
her constitution 4 provision declsri e
in effect that West Virginia would as
sumo and pay an equitable proportion
Of the Virginia debt, contracted prior
to 1861, 10 be sscertained by chsrg.
ing West Virgins with what shs had
gotten out Of and creditiog her With
what she had paid into the old Vir-.
ginia treasury. Proceeding on this
basis, a commission from this State. .
few years after the war, went 10 Rich
mond, and, after an examination OF
the books and accounts in the Audi
tors Office, reported that West Vir-
ginis would owe on a fair settlement
about 100000. Others have con-
tended that she would owe more, and
others still that she would owe moth.
ing. What amount West Virginia
would owe on a just settlement, made
on the basis 80 prescribed in her 6rst
constitution, has never been ascertain
ed by joint action OF the two States.
Some years ago, under the Read
justor regime, the old State undertook
a settlement Of this ante bellum debt.
Proceeding on the idea that as West
Virgins held one-third Of the terri.
tory and one-third Of the population,
on the faith and credit Of which the
debt was contrasted. she West Vir.
ginia) would owe and be responsible
for one-third Of the debt, then amount
ing to about 100000. Vrginis
arbitrarily Get apart one-third Of the
debt, or about $l5, 100000, as West
Virginis's share, and for which the
old State issued what have since been
known as West Virginia certificates.
The other two-thirds. Virginia for va
rious reasons, much discussed at the
time, scaled down to about $40. .000,-
600, AZ well az we now recall, for
which she issued new bonds Thus
Virginia settled her d BIT and now
claims to have no interest in the one
third set apart TO West Virginia, now
represented by ssid certificates.
These West Virginia certificates
have been bought M by SPECTATORS,
at mere song, il is said, and the
State is asked to take some appropri.
ate action 10 regard thereto. No one
pretends that West Virginia is bound
by the eI-psrte, arbitrary action Of
Virginia in setting apart one-third
Of this debt to Us, but the do-notbing
policy heretofore adhered TO puts our
State. as many think. practically in
an attitude Of rspudistion not at all
creditAble to her and Injurious 70 her
good name aud beat interest.
Our opinion is that the basis Of set.
Element prescribed by this State in
her first constitution is just and equi.
table, and that we have little, If any.
thing, to fear from q settlement ef.
fectsd on the basis 80 prescribed.
In the consideration Of this quss.
ton it is psr'inen. TO recall the TACT
1 tbat Az No,ovoo. of fhs T1osfsd 9fsfes