Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1909-05-22
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VIRGINIA DEBT.

Wall Street Journal:
Virginia skies, Brown Brothers 81
Go. deferred certificates, have been
somewhat more active than usual
during the past few days. and at the
same time have recorded an advance
of several points to 40. movement
has resulted in on little inquiry for
information regarding the develop
ments in the suit which seeks to bring
about settlement of the debt con-
troversy between Virginia and West
Virginia. Since the first of the cur
rent year the certificates have sold
as high as As and as low as 81 Ia,
while during 1908 they ranged be-
tween % IL and AZ.
1t will be recalled that these de
derred certificates" so-called, were
issued to represent West virginia's
share Of the old Virginia debt as it
existed prior to 1871, it being assum-
ed in the settlement of that year that
the latter state should provide for
One-third of the principle and inter
est of the debit, about $15240,00 out
vi iut lObdl vi pfct lofVVVs fIilOl 10 W
Induce the state of West Virginia
to recognize the certificates have been
unsuccessful up to this time. Brown
Brothers G Co, whose name is now
attached TO the certificates, interest
ed themselves in the movement to
bring about settlement as far back
as 1898.
Early in 1906. Virginia filed in the
United States supreme court the bill
In suit against West Virginia to fix
the latters state liability. Argu-
ments in this suit were closed by
both sides in the fail of 1907 and
early in 1908 the court decreed to
take testimony in the case. Exon
gresham Littlefield, of Maine, as
master. has been conducting hearings
for about a year now, with a view to
ascertaining and reporting 10 the
court:
First-The amount of the public
debt of Virginia in January, 1861,
stating how evidenced under what
authority, and for what purpose Gre
ated the lates and nature of the
bonds,
Second-The extent of the popula-
ton of Virginia and West Virginia 10
June, 1868, both with and without
slaves
Third-The expenditures made by
Virginia within the present state of
West Virginia since any part of the
debt was contracted.
Fourth-The proportion of the or
binary expenses of Virginia since the
debt was contracted, as was properly
assignable to counties in West Vir-
ginia on the basis OF average nopula-
ton, both with and without slaves.
Fifth-Determination OF the bropor-
ton on the basis OF estimated valua-
ton of property, real and personal in
the counties of West Virginia
Sixth-The money paid into the
treasury of Virginia from the coun-
ties now included within West Vir-
ginia prior to admission into the
Union.
Seyenth-The amount, value and
description Of money, property
stocks and credits which West Vir-
ginia received from Virginia, not en-
braced in any of the preceding items,
and not including the property
stocks and credit acquired by Vir-
ginia after the organization of the re-
stored government of that state.
Mo end OF interesting questions of
law, involving slavery. as it was car
ried on in these states have come up
at the hearing. The supreme court
has reserved consideration of the al
lowance for interest, cost of the suit
and further directions until after the
report of the master.