The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-06-26
VIRGINIA DEBT
BILL PILED AT RICHMOND IN SUIT
ASKING ACCOUNTING SEEKS DIS
TRIBUTIoN OF MILLIONS.
DEBT COMMISSION HAS 81 ,oe2, 8e7.le
ON BANp-sECURrT1E IN VALUE
TO sl2,3e5 WERE STIPULATED.
COURT ASKED TO TAKE CHARGE OF
FUNDS AND APPOINT RECE1V-
ERS AND SPECIAL MASTERS.

Suit to secure an accounting and the
proper distribution of millions OF dol
lars in money and bonds paid. ana 10
be paid, by the state Of West virginia
TO the state Of Virginia has been flcd IN
the office Of the clerk OF the city CIR
cult court Of Richmond, Va The SUIT Is
brought by the commonwealth or NlrHl-
MIA, Mt the relation Of the Virginia Deot
commission. and by John r. Saunders
attorney general Eugene Dclano'
members of the creditors committee
and many others. both known and I'M
known, arc made defendants.
The bill filed in the case sets OUT IN.
! full the history of the litigation III
! the Suprcmc Court of tho United States.
! in which the commonwealth Of Nlr-
| ginia, acting in behalf OF holders OF
| the Virginia certificates of indebted
: ness. obtained judgment against the
| state Of West Virginia. After recHln6
this history tho bill says that by inc
| terms Of he act of settlement an ad-
! justmcnt Of the judgment was made
January l, 1919. and it was agreed mat
| West Virginia should pay Sl.O6@,S6'.lb.
with per cent interest and one-halr
the costs Of court, in cash. and the resi-
due, S1350O.oOO, in bonds Of the state
of West Virginia, bearing 3is per cent
interest. payable semi-annualiy
Commission Has 81, o62, se7.l6.
| II is further set out that on April lS,
| 1919. West Virginia paid to the clerk OF
the United States court half the costs
| of tho suit and paid 10 tho Virginia Debt
| commission Sl0G2.S67.39. and that the
money had been deposited By the COM
mission and awaits distribution.
declares that undNT
the agreement between the states bonds
of the value Of sl2.%66.5On arc To be de-
livercd by West Virginia when the lat
ter state has filed full and complete
itcmizcd statement. or list. Of the Virgil
mia certificates of Indebtedness when
have been deposited with the common
wealth of Virginia. or which arc subject
ITO her CONTROL II is further stated that
the list has been flied with the board or
nublic works Of West Virginia and the
i authorities If that state have siGnihed
\ their intention Of delivering the Sl2.'
366, 500 in bonds as soon as these bonds
can be engraved and executed.
Provides for Reserve Bonds.
i After these bonds are delivered. the
bill declares, there Will remain IN the
hands Of the West Virginia authorities
the sum Of sl,123. 500. which is retained
in order that West Virginia may have
tho benefit OF the distributivc share OF
4 such Virginia deferred certificates as
may have been lost or destroyed. This
| residue is to be known a. reserve
bonds and are TO he delivered to the
board of public works of West Virginia
and held in escrow for those who may
be entitled to them. The certificates in
the hands OF the public. and not under
control of tho commonwealth of Virgil
MIA amount in value I" Sl.l26.165.35.
! Some of these bear no interest. some 5
per cent. but all of them are entitled
10 a sh&c in the Judgment.
In conclusion. tho bill asks that the
court take charge of tn" funds and di-
rect distribution. and that for this pur-
pose receivers be appointed IN take over
the money and bonds and that n special
master be appointed to make the proper
accounting.
William A. Anderson and Randolph
/ Harrison arc special counsel irl Cpnncc-
ton with tho fling Of the suit.
L Pay your water bills now and save
toPc. City Treasurer Office.