The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1911-03-29

J X e. III
tllimand from iRrefie Is al0
nate authority 10 peFsc rm tie prem
lse as soon az might he and an isIdIs
taticn Of the way. Apart from the
lag4uage used, what Is Just and,
equit4E3le Is a judicial question sim
liar to many that arise IN private
and in nowiss beyond thel
competence OF tribunal to decide.
The ground now Is clear, So far asll
the original contract between thesl
two states is concerned. The eifectl
OF that is that West Virginia must
3ear her Just and equitable proper
ton OF tho public debt as 1t was i'm
timated in Hartman v. Greenhow,
IO2 U. S, 672. SO long ago as 1880.
that she should. 1t remains for nst
to coneider such subsequent acts asl
may have affected the original LA
Dility or as may bear on the de-
termination OF the amount to be
paid. ON March so, 1871, Virginia,
assuming that the equitable share
Of West Virginia was a5out one
third, passed an act authorizing am
exchange Of the outstanding ilonds,
&C., and providing for the funding
Of two-thtrds Of the deot with I'M
terest accrued to July /, 1871, by
the issue of new bonds bearing the
same rate OF Interest as the old six
per cent There were to Zoe issued
at the same time, for the other one-j
third. certificates of same date!
setting forth the amount OF the old
bond that was funded, that payment
thereof with interest at the rate pre-
scribed in the old bond would be
provided for in accordance with
such ettlement as should be had
between Virginia and West Virginia
in regard to the public debt, and
that Virginia held the old bonds in
trust for the holder or his assignees.
There were further details that
need not be mentioned. The cou-
pons of the new bonds were receiv-
aisle for all taxes and demands due
to the state. Hartman v. Greehow,
1O2 U. s. ~. McGahey ". Vir-
GINA, 1875 U. s. 662. The certih-
Gates issued to the public under the
statute and outstanding amount to
$12. 7OS, 45l.7s.
The burden under the statute o.
1871 still being greater than vir-
ginia felt able to bear, new re-
funding act was passed on March
2S, 1879, reducing the interest and
providing that Virginia would nego-
ttate or aid in negotiating with
West Virginia for the settlement OF
the claims of certificate holders and
that the acceptance OF certificates
''for West yirginia's one-third" un-
der this act should DE an absolute
release OF Virginia from all liability
on account OF the same. Few. of
these certificates were accepted. On
February IA, 1882. another attempt
was made, hut without sufficient sue
cess to make 1t necessary to set forth
the contents of the statute. The
certificates for balances not repre-
sented by bonds, constituting West
virginia's share OF the old debt,
stated that the balance was to be
accounted for by the State of West
Virginia without recourse upon this
commonwealth"
On February 20, 1889, statute was
passed which led to settlement. de-
scribed in the bill us final and satis-
factory. This provided for the issue
Of bonds for nineteen million dollars
in exchange for twenty-elght millions
outstanding, not funded, the new
bonds bearing interest ct two per cent
for the first ten years and three per
CGlIl AO4 ulllSLy SSoASp uiN llAANtANSG
in form similar to that just stated, in
the act of 1882. on March 6, 1884,
joint resolution of the Senate and
House of Delegates was passed, re-
citing the passage Of the four above
mentioned statutes. the provisions for
justment OF the liabilities assumed by
justment of the liabilities ssumed by
Virginia on account of two-thlrds Of
the debt, and appointing committee
to negotiate with West Virginia, when
satisfied that a majority Of the eertlf-
fcate holders desired it and would ac-
cept the amount to be paid by West
Virginia in full settlement of the one
third that Virginia had not assumed.
The state was to be subjected to no
expense. Finally an act of March G,
1900, authorized the commission to
receive and take on deposit the certtf-