West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1905-01-19
VIRGINIA DEBT AGAIN
Concise Story Of The Obligation A.
legged 10 Be Due.
SETTLEMENT MAS ONCE OFFERED
Twice Told Tale Which Loses Netting In
the Telling Big Bunch Of Lobbyists
to Descend on Legislature This
winter-status Of Much
Mooted Affair.

The Greenbrier Indepen dent,
whose editor, Mr.. Thomas II. Den
ME, is perfectly familiar with the
circumstances gives the following
history of the Virginia debt agita-
ton:
"The Charleston Gazette tells us
that a powerful lobby from New
York, representing the holders of
the so-called West Virginia certif.
Gates, will appear at Charleston,
when the Legislature convenes in
January, in the effort to secure from
that body some action in regard TO
those outstanding certificates,
amounting to about SIS, 600, 600, to
say nothing about interest. The
Legislature has heretofore disposed
of the question, at least for the time,
by passing, generally without de-
bate, a resolution declaring in sub
stance that this State owes no part
of the Old Virginia debt and will
therefore take no action in regard
thereto. Such a resolution has been
passed by number of Legislatures
in the last twenty FIVE years, but the
question, like Banquo's ghost, will
not down. but continues to come up
to plague the politicians, who are
afraid Of it, and have by these oft
repeated resolutions sought to put
it out of the way.
"For the benefit Of those of our
readers who do not understand the
status of this interesting question, it
may be matter of interest TO state
here some of the leading facts.-
"The debt in question was con.
tracted by the old State of Virginia
for purposes of public improvements
prior to the war of 1S6I-5. Most of
the money raised or borrowed for
this purpose was admittedly spent
within the limits of the old State,
though itls not denied that a por-
ton of it was expended for improve
ments made within the limits of
what is now West Virginia.
"When this State was separated
from Virginia and was admitted into
the Union in 1868, she incorporated
in her constitution a provision de-
Glazing in effect that West Virginia
would assume and pay an equitable
share Of the Virginia debt, contract
ed prior to 1901, to be ascertained
by charging West Virginia with
what she had gotten out of and
crediting her with what she had paid
into the old Virginia treasury. Pro.
ceed.ng on this basis, a commission
from this State, a few years after
the war, went to Richmond, and af-
ter an examination Of the books
and accounts in the Auditors office.
reported that West Virginia would
owe on fair settlement 5000, 600.
Others have contended that She
would owe more, and still others
that she would owe nothing. What
amount West Virginia would owe on
a just settlement, made on the basis
so prescribed in her first constitu.
ton, has never been ascertained by
joint action Of the two States.
Some years ago, under the read
jusler regime, the old State under
took a settlement Of this ante bell.
um debt Proceeding on the idea
that as West Virginia held one.third
OF the territory and one third Of the
population, on the faith and credit
II which the deb. was contracted,
She (West Visgnia) would owe and
be responsible for one third of the
debt then amounting to about S4s,-
600, 600, Virginia arbitrarily set
apart one third ofthe debt, or about
$4,000, 900, as West Virginia's
share, and for which the old State
issued what have since been known
as West Virginia certificates. The
other thirds, Virginia for vari-
GUS reasons, much discussed at the
time, scaled down to about $40,
600, 900, as we'll as we now recall.
for which she issued new bonds.
Thus Virginia settled her debt and
now claims 10 have no interest in
thc onc.third set apart to West Vir.
gina, nov represented by said Ger
tifcatcs.
"Thcse West Virginia certificates
have been bought up by spectators
at mere song, lis said. and the
State is asked to take some action
in regard thereto. No one pretends
that West Virginia is bound by the
ex xparte, arbitrary action Of Virgin.