The Washington herald., 1908-08-02

The Virginia-west Virginia debt settle
ment at present forms one OF the most
important political questions before the
citizens Of those Commonwealths. Dis
cussing the matter, Judge J. NJ Mason.
Of ChariestoEn. ". Va. who Is zt La.
NoTmandie. said last night
Before West Virginia separated. vir-
ginia had bought up several millions OF
her own bonds and held them as part
Of her sinking and literary funds Com
mencing IN 1s71, Virginia issued fifteen
million certificates 10 represent West Vir-
ginia's debt and issued three millions to
herself IN other words. she issued eigh-
teen millions. Virginia attorneys now
claim 3-15 OF Is Of whatever the ordi-
nance figures out and claim this II add
tion 10 the property under the act Of 1s63-
Virginia Attorneys Busy.
IT has leaked out that Virginia attor-
neys and also West Virginia State on
cials. have had clerks in Richmond about
Eve months collecting the figures which
the court has called for, 10 state the ac-
count and 10 ascertain the value OF SAID
property The Virginia law, authorizing
suit expressly provides that that State
shan be al no expense whatever. Il =
safe 20 assume that Virginia attorneys
are keeping Wall street clients fully il
formed After Spooner argued insJruc-
tons 70 the master last April. the certif-
Gates sold at % cents II seems impossi-
bic 70 account for certificates selling al %
cents. except on the theory that Virginia
attorneys, calculating on q deal with or
next legislature, have figured 70 Wall
street something Ike this Stating tL8
ordinance account viii bring West Nir-
Einia in debt So 635. 600. deduct ole-six1I
for Virginia. and deduct also the $4,000
fee leaves S7.5l1.0l9 for the 15-000.oo0 Ger
J[fcaJes- II results that If this deal goes
through, and II viii go through unless a
proper nOnpartisan commission is ap-
pointed our debt VIII be Sl2sz5. .oJo-s9s525--
010 By stating the ordinance account. and
SS.58.500 for the property transferred By
the act Of 1853.
Distributed by Business Men-
But business men know that this Pro-
posed deal will be 50 distrusJ=5 that our
bonds VIII not sell above 81 cents. Hence.
although certificate holders receive $780,
90 Of bonds they will realize only 81, 80. 90
{ in money But again business men know
that there viii be uumberless rake-osfs
I n alGlLl01 70 IEe S45l.lI Zee ana Ltle
! actual owners of certificates viii be lucky
/ If they realize s5.5J0,6o5. which was TIE
amount estimated By The Bennett COM
mission in 1sI for roads. &c
1t IS evident that. II West Virginia
! takes ID the ce-tihcstes- she VII ha~s an
/ Offset to any demand Virginia ever makes.
Z Il Is evident that the actual owners Of
/ certificates viii fare far better By a SET
/ 1Iement on a basis OF the roads. &C.. tlz1
{ by any deal based On deception and Sc
/ crecy. although Il takes FIVE times no-s
I cut OF the taxpayers pocket
Heading OF GrafterE-
Debt grafters viii know that. Y ths
convention passes a proper resolution. the
I actual owners Of certificates viii get
I together for the same proposition &C.
/ cepred IN 1879 which was 70 settle for
/ the amount spent for roads. &c. withour
/ any5cdy getting q rake-0T, and persons
/ expecting another raid on State treasury
/ coucert-ate influence 70 prevent such q
resolution from passing a. Charleston