The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1914-03-05
Through Its Old Debt Commits
sionerS to Two and One
Third Millions Dollars.

WASHINGTON, Mar. 5-The Vir-
GINA debt confusion of West Virginia
has made a formal offer on behalf Of
the state Of West Virginia to pay the
state of Virginia the sum of Ss,327t-s
1898 in fail settlement Of all claims
of virginia against West Virginia, in73
Guiding interest The debt commits
sion OF Virginia respectfully declined
to consider the PROPOSITION at all or
to engage in any discussion of Il.
Both commissions adjourned their
meeting last night ana there is no
probability that any further effort will
be made TO reach any agreement. me
final hearings of the debt case mas
beer. set for April 10 and the next step
in the settlement OF the famous con-
troyersy probably viii be taken then.
The offer OF the West Virginia COM
mission was based on the finding OF
the supreme court of the United States
that the part OF the old state debt for
which West Virginia is liable amounts
10 S7.1S2. 5O7.46 Assets found to have
been in the possession of Virginia on
January /, 1861, the date fixed by the
court for the division of the debt were
deducted by the West Virginia COM
mission TO ascertain the amount OF
the debt and the offer made today was
based on this calculation. The West
Virginia commission claims to have
discovered assets in the possession Of
Virginia on January ], 1851, purchased
before the separation of the states,
and in which it claims West Virginia
has an interest, amounting to $2O,Slu,-
3679S.
The supreme court fixed West Vir-
ginia's part of the old. state debt at
231b per cent, and using the same
nercantage on West Virginia's claim
their state should have a credit OF that
proportion of these assets, or S4,S9o,-
a2412. : The West Virginia commits
sion also. claims that Virginia collect
ed taxes amounting to $225,OIS.O6 from
counties in West Virginia after the
separation OF the state and that TINS
also should be credited on West Vlr-
ginia's debt TO Virginia, but Virginia
turned over to West Virginia bank
stocks valued at S260,o00, with which
West, Virginia SHOULD be charged. a
siinple calculation from these figures
wc1Ild leave the amount of West Nlr-
ginia's part of the debt as ascertain
ed by the West Virginia commission
40 the amount which it offered 10 pay.
The assets on hand on January !,
1Sct, consisted of cash on hand 10 the
amount gilmore than million dollars'
accrued interest and dividends on
stocks
Of sales of railroad and coal securities
s6 200 900; bank stocks owned by
Virginia $3,7O0,0 900; railroad stocks
81 600 900: old canal and railroad
stocks chiefly stocks in the James
river and Kanawha canal, estimated
10 have been 2 per cent OF their race
value $3,571 100, aggregatlng o'slV'-
357. West Virginia also CLAIMED
that Virginia had been receiving m
terest dividends, on stocks and securl-
ties all the, time the West Virginia part
of the debt has remained unpaid and
that the interest charges should onset
each other and there should be no
interest paid on the West Virginia part
of the debt.
The commission offered, in event OF
yirginia's acceptance of the PROPOSE
ton. to Immediately report the &C,
ceptance to the governor VINO Woulu
be bound by the act creating the COM
mission TO call the Legislature IN spe-
cial session at once to carry Out the
provisions of the report.
The refusal of the Virginia. commits
sion to consider the proposition was
based on the opinion Of the supreme
court rendered on November ~, 1915
ON the motion of Virginia to proceed to
a final, hearing 1t alleges that in TINS
opinion the matters left open Tor con-
sideratiOn and adjustment ~ Ivy w.
states are first the question OF inter
est, and second, that OF the correction
of the clerical errors in the ca!ucula-
lion of the amount OF the debt II
charges that the proposition of West
vi7.yinia does not embrace either OF
these subjects, but brings in entirely
Inherent matters and therefore de-
ciines to consider the proposition ana
expresses regret that the West Nlr-
ginia commission has not seen its way
10 respond to the opinion of the SUI
.preme court and submit proposition
to adjust the interest.
The West Virginia commission
homes to have the matter of the lately.
discovered assets Of Virginia on
January /, 1861, brought to the at
fention of the supreme court at the
rehearing 10 April but there is no GER
tainty that the court will permit the
reopening of the case 50 they may not
be submitted.
1--YT' N