The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-03-05
VA. DEBT


heved. any effort of the two commits
mise. suggested In the United Stafez
supreme courts decision. a. tha.
court has act April 10 next az the
date for entering a hna ceeree In this
case.
All except two members of the
commission from West Virginia were
present az the meeting today. when
consisted Of two sessions. n this
afternoon and the second tonight
and John 7. Harris secretary. Be
sides the members OF the commission
In attendance were Governor Hatfield
Attorney General Lilly. Tax Commits
sioner Blue. Eexpert Accountant DO
yer and Messrs. Archer. Hogg. Holt
and Gregory OF counsel for the state
In the debt suit.
Special Dispatch 20 the intsIlKsncsr
WASHINGTON. ID. C.. March. 81
In a Joint meeting here today OF the
Debt Commissions OF Virginia and
West virginia. b Commission repre-
sentng the latter state proposed TO
the Virginia Commission 10 pay the
sum OF s2.327. 1888 in full discharge
or the obligation Of the younger states
portion OF the old Virginia debt exist
ing on January !. 1861. a controversy
~ At Nnt INO ENANtA nave 0taIN
for half "A century.
Although q tentative finding Of So
2.5O7.f q was rendered against West
Virginia by the Supreme cou OF the
United States In 1911. counter clsims
made today by the West Virginia Com
mission reduced that find TO below tho
two and one-half million dollar mark.
The credit sought by the younger state
IL calculated on the value OF stocks
and securities held by virginia at the
time OF the separation OF the two
states. although Justice Holmes de-
clared in the tentative finding made
four years x that 1T does not APP
pear that there are any stocks OF
value on hand"
These stocks and securities. which
make a material reduction In West
Nirginia's share OF the a~nte-bellum
debt. owned by Virginia at the time
the new state was admitted into the
Union. IL Is recited by the West Nir-
ginia Commission. were purchased
principally from the bonds that consti-
tute the debt OF the mother common
wealth.
Not only Is II shown that the com
monwealth OF Virginia at the time OF
the division of her territory owned
S2O.Sl0.357.9S In stocks and securities
purchased from the funds OF the un.
divided state. but II Is revealed In
the resolution of the West Virginia
Commission that since the separation
of the states the mother state has re.
ceived dividends upon these bonds,
stocks n securities I'm the sum OF
So, 1872. 250.0g.
Erected From Joint Funds.
In addition thereto IL is commended
by the West Virginia authorities thai
various public buildings. including tbs
Virginia state capitol at Richmond
the state ~penitentiary. the state asy
lum at stanton and the university a
Charlottesville were constructed ant
equipped from the joint funds OF tn,
W states. and in consideration o.
these expenditures that West Virgins
was absolved from the payment o
interest on the War time debt, a
question hat was left by the court Z,
adjudication. IL possible. by the
states.
On behalf of West Virginia. II wa!
explained by the commission repre-
senting that state. that IL was no
seeking to evade any financial 'respon
sibility thrust upon IL as a result o
the formation OF the new state. Or
that West Virginia was ready ant
willing TO assume n just liability
but merely sought to obtain the equi
~ and credits due the state in al
effort TO bring about an amicable ad
1ustment of the extended controversy
In the opinion rendered by Justic,
Holmes on March 6. 1911, the suprem,
court of the United States held tina
the total debt to be. apportioned be
tween the two states was $50. j63,
S61.56. and hat West Virginia's equ'
table share was 23.5 per cent, o
Sf.1S2. SOI.46. The court i'm that opin
ion fixed January l.. 1861. as tn.
proper time to taxi the public deb
of Virginia as n basis. and I'm deter
mining the liability OF the two state.