The Sunday telegram. [volume] (Clarksburg, W. Va.) 1914-1927, 1916-08-13

in, and at the same time assures also
to capital a fnir return on investment
and ample protection in all their le-
Ultimate activities.
The Democratic party came into
power in West Virginia in lSIl and
started on Its inglorious career of a
quarter OF a century. 1t had com
plete control of the state govern
pmcnt and both branches Of the legis-
lature. The suit of the common
wealth of Virginia against the state
Of West Virginia FOR the recovery
Of Jurisdiction over the counties OF
jefferson and Berkeley having been
ended, the door vas opened for the
settlement OF the ycXcd question OF
the Virginia debt.
The commission OF 1871 was APP
pointed and made its report but 1t
was not eyeif considered by the legis-
laturc, The first two Democratic
governors persistently insisted in
their various messages that as long
as the question Of the liability OF
West Virginia for n portion OF the
debt Of Virginia remained unsettled
and unadjusted, 1t would be Il source
of anxiety to the people, and that
the Legislature should take prompt
and decisive action in the promises.
Governor Jacobs recommended
that pending the fixing of q basis of
adjustment, a sinking fund should be
provided for as q means OF ultimate
liquidation, But the Legislature paid
no attention to this or any other rec
ommcndation that was made. Dur
ing the whole time the Democratic
party was in power not Il single step
was taken by its Legislative body
looking TO an adjustment and settle
ment,
In 1871 the general assembly OF
Virginia decided that two-thirds OF
the debt should be assumed by that
commonwealth and arbitrarily allot-
ted the other one-third to West Vir.
ginta, for which certificates were is
sued to and accepted by the bond
holding creditors in settlement there
Of. These certificates created such a
ilutter in the financial world that
they brought three, four and tive
cents on the dollar. A golden oppor-
tunity was offered.
Even If the Democratic party Of
West Virginia had not desired to en-
bark in the brokerage business, it
would have not been condemned If
it had developed enough astutoness
to have in some way taken adj
vantage Of that enticing financial
situation,
On various occasions, during the
period OF Democratic asCOndency,
tentative propositions were made to
settle the debt at insignificant fig
ures, as compared with present
claims, but they were given no con-
sideration. In 1882 certificate hold
ers pooled their holdings and offered
to accept six cents on the dollar, but
there was no taker. Had the Demo-
cratic party, during the period Of It's
control OF the political policies of
West Virginia, given the debt ques-
ton the consideration 1t was entitled
to receive, any obligation that West
Virginia might have had could have
been determined and settled for a
mere pittance as compared with the
demands that are being made at this
time. But it failed to take advantage
of the opportunity and was guilty of
gross neglect. And so 1t Jane to pass
that when the party was shOrn Of
its power, the Republican party be-
came the residuary legatee of DEM
oCratic folly.
The most serious question that
confronted Governor Hatfield upon
his induction into Office was the
question of the Virginia debt, After
long and tedious litigation, the su-
preme court of the United States had
rendered a suggestive opinion in
which it held that the proportion OF
the debt of the commonwealth Of Vir-
ginIa prior to the first day Of Janu-
airy, 1861, that West Virginia should
bear, was twenty-thr6e and One-half
per cent, or something over seven
millions Of dollars. The questions
of interest was held in allegiance. I'm
der a joint resolution OF tho West
Virginia legislature the governor APP
pointed a debt commission consist
ing Of six Republicans and five Dem
ocrats-men Of prominence and the
highest standing. They at once en-
tered. actively into their work and
had the hearty cooperation Of the
governor, the board of public works
and the legal Representatives OF the
state. Governor Hatfield was i'm
pressed with the idea that there