Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-01-08
PROSPECTS BRIGHTER
FOR DEBT SETTLEMENT
West Virginia Legislature Meets
Wednesday. and May Dispose
Of Question.
HoND ISSUE is FAVORED
Wheeling Paper Says Matter Should
BE Attended To mt Once-DeIay
Is Costing State $500 Per Day
in Interest Charges.

For the first time in the half-centurv
litigation that has marked Viryiuia.s
effort to collect from West yiruini,
debt which was contracted Jointly nv
the two states before their separation,
prospects appear bright for an al inst
nent.
The Legislature of West Virginia
which goes into session on "Wednesday
is Republican in the upper house ana
Democratic III tho lower house. so th,t
there can hc no shifting of respousi-
bility for partisan reasons as has been
the case whenever the debt issue has
come M III the past. There is every
prospect. according to well-informed
public mon in West Virginia, that Tho
present Legislature will seriously adj
dress its'lf 10 a settlement OF the debt
question.
On June IA, 1919. tho United states
Supreme court adJudgcd IVES, Virginia
to be indebted in the sum Of more than
Sl2,oor,ooo 10 tho bondhoidcrs repre-
scented by Virginia. The debtor state
took no steps looking to the satisfac-
tion 81 this Judgment. and on June !,
1916. III" state Of Virginia applied TO
tho Supreme Court for IA wri, If cx-
'cution. directing the marshal of that
court 10 levy upon the property Of West
Virginia for tn" purpose OF carrying
int" effect the decree. ON this appli-
cation the court has not yet acted
PUBLIC OPINION EAvORS
BOND RaADJuSTMENT
Apparently. public opinion in IVES,
Virginia has come TO a bclated rcaliza-
tj"n Of the COMMUNICATIVE duty in
tn" debt matter. and leans now 10 some
adjustment through rebonding plan.
An encouraging factor in the situation
is that the press of Yves, Virginia
is urging the Importance Of a settle
n"n' Of the long -dra wn out contro-
versy.
In its issue of January >, the Wheel
ing Register makes the following sug-
gestivc comments:
The item Of greatest Importance and
the one that concerns the public more
than any other coming before the State
soions is the Virginia debt and its
payment. This matter should be taken
ur among tn" Very first and gotten out
of the way, There il no question that
the debt exists: the Supreme Court has
so ruled. and viii probably force a
settlement by seizine State revenues
or king other drastic steps. provided
an attempt is made 10 repudiatc IL.
"'rh" debt a, present approXimates
$4,000. 600. and tho interest mas been
accommodating at close to 81 500 "A day.
The Legislature in arriving at solu-
ton viii probably determine upon tho
issuance of iwcnty-ycar state bonds
and the creation OF sinking fund.
through which annual installmcnts may
he paid on the principal and the inter
est can be cared for.
"All this means additional tax levics
on the people. And in providing ways
and means Of raising such increased
revenues, party lines should be abol-
ishcd: business men, coal and gas OPP
property owners should assist the Leg
iSlature in establishing :, common ba-
sis upon which a tax. equally just. may
he founded for the debt is the debt
Of ali the people. and not OF any one
particular class or kind"