West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1908-07-30
n debt for not less than sIs.6ss,

in debt for not less than sIs.6sS, 9.
900.
,. Prior ~ 1900 the certificates
had heen assembled under a contract
obilgsting holders to settle on the
basis of the amount spent for roads,
etc. After they had been assembled
Virginia attorneys proposed To bring
suit II given large fees.
Before West Virginia separated
Virginia had bought up several mil.
lions of her own bonds and held
them as part of her sinking and lit
etary funds. Commencing in 1874
Virginia issued fifteen million GER
nicates to represent West Virginia's
debt. aud issued three millions to
herself. In other words, she issued
eighteen millions. Virginia attor-
ncys now claim one-sixth of what
ever the ordinance figures out. and
claim this IN addition to the proper.
ty under the act of 1868.
1t has leaked out that Virginia at
torneys and also that Wes, Virginia
state officials have had clerks In
Richmond about FIVE months collect
ing the figures which the court has
called for to state the account and
to ascertain the value of said prop
er,y. The Virginia law authorizing
suit expressly provides that that state
"shall be at no expense whatever.
1t is safe to assume that Virginia
attorneys are keeping Wall stree,
clients fully informed.
After Spooner argued instructions
to the master last April the ceru6.
Gates sold at so cents. II seems
impossible to account for certificates
selling at SO per cent except on the
theory that Virginia attorneys, S, cal
culating on a deal with our next
legislature, have figured To Wall
street as follows:
Stating the ordinance account will
bring West Virginia in debt So, ,6as,-
900; deduct one-sixth for Virginia,
and deduct also the $3.50, 900 fee,
leaves s., 500. 900 for the fifteen
million certificates.
1t results taat il this deal ,oes
through, and twill go through unless
a proper nonpartisan commission is
appointed. our debt will be si2,-
Gas. ooo,to wi,-$9. Gas 900 by stat.
ing the ordinance account and three
million for the property transferred
by the act of 1903.
But business men know that this
proposed deal will be so distrus,ed
that our bonds will not sell above 90
cents. Hence, although certificate
holders receive 81, 500, 900 of bonds
they will realize only 81, 500, 900 in
money. But again. business men
know that there will be numberless
rakesof in addition to the $3.50, 900
fee. and the actual owners OF Ger.
tiicates will be lucky il they realize
F5, 500, 900, which was the amount
es,im 'ted by the Bennett commits.
sion of 1871 for roads, etc.
1t is evident that il West Virginia
takes the fifteen millions of certifi-
Gates she will have sn offset to any
demands Virginia may make.
Debt grafteTs we'll know that " the
convention passes the above resolu-
tion the actual owners of certificates
will get together for the same propo-
s.tiOn accepted in 1899, to wit, TO
settle for the smoun, spent for roads,
etc, without anybody getting a
rakeod. Hence, the persons inter
ested ia rakesoff and persons expect.
ing another raid on the state treas
urY concentrate influence to prevent
such a resolution from passing at
Charleston.
Observe, this article gives the
minimum figures expected from the
court. Our former articles gave
minimum figures IN favor of West
Virginia aud maximum figures
against her. Former articles eh.
desvored to illustrate. This article
gives the figures on which Virginia
attorneys are calculating.
J. NJ. MAsoN.
Charles Town, w. Va.
Get my agook No A for NUo,,en DO 4, LII