The democrat. [volume] (Weston, W. Va.) 1868-1874, 1871-02-27
REPORT. T.,
g sg't 5iwu,z. 60 ,7-.
OF TIN =
COMMISSIONERS OF THE SINK.
asia si,sgs gas ING FUND.
Made to the Geaeral As,eu,bi, Of 1859

.,, d, zsna,,il ai,5gl gas ING FUND.
ssrgs sss Made to the General As,eu.bi, Of 1859
- gy al 's4 -,,----.-=-s-------------
Pcbli.hed a; the segass, ot ysr,l.rs Of the leg.
q - So ~ &. Tq7Hs GrssaAl AsslxsaY:-
"a . 90 The ac. Of s..eutly establishing
~, % Ssink;agfuni, require, the commissioners
~ '1'SiwhosN duty 1t i. to manage s.fuSd !.
--- make report of tAsr proceedings to
each regular 's'siOn Of til, Legislature.
- IL - Wsaprocssi. therefore. TO perform ,h.,
duty. and hope to arsssus Ii, opera ion.
Of the fund so intelligitly tia; those who
.,..... A.. take an interest in iho fl.uciaI condition
ef:ha commonwealth, may upier,aad il.
and alta si,nes, pereeiy. It's efficiency 4,
si surh's ascomplish tue puao,u.l y,yn.nt of lie
,,ss,-s.s interest and shs fu.l redemption Of the
b'Sa' priusip,t of III, patlic Aet' ia the tiuro
:, riaEs, prsisribsd; aud as large portion Of tho,
Gebtishsld, BY non rs,dsn;., We descend
..ai d. tsrainnts details; 80 that erciyhns sen.
- ''1si !'ascs.d with j. ma! >, seen ,ad cotnpr,.
,,s,s Ill serded.s '1i,. - is ,.aae 'r W -
Sd 30. The sys.s1 Il. P!'ia ,amprshsnsiVe sud
,ls JI efscia.!. V Iii. prescribed blythe consii.-
A 's''''i aioB, ard e,bpo Therefore be changed BY
oriinsry legislation Tie lsgi,laiur, h.s
81 : ~. made ample .Prorisioa for executing the
constitutional requirements. s,4 We have
ba. :, csrry out tbsir will, to make the
system aeeonRli.h, its purpose 1t hss
,Sy'foTtbsssn ascsr,.iasd s. Law tLs. the amount
. Of .be~cntifs state d.b.ian the first OF
4 J6uary, 1885, va su.9TLs2S 80.
At hsfbesreajaiasdr usaasa to sss,rtsin
The Inoua, TO which tHe deb, is increased
= annually And differentiation requires
2 aevsn per cont, Of the dehslpr;or TO 1852
h to bessi apart as fund to pay the in-
4 t,rsit aud rs,issm sLs principal: and it
4 hSSbs.n prortn.s thai properly applied, it
will accomplish shis purpose in thirty
u ss''S iodrys,ri f.2slso requires, that one per
., ATA,i. cent .bs,. whatever interest may bse0n
,.;,s7,. tr.e;sd for shall be provided on each in
.., ,a7.s crease 18th. debt torsr.ry year thereafter
,ss li~' ssth,, each daht incurred shall be liqu-
lss ~ as,ed within thirty y-four years 'r0u the
er.,tion Of the debt.
~ Ir ,.,,is In aisertaiaiag the debt prior to 1857
9ai!'.a' the law de,,rmista The aHoun. which
4,if s Eoald be required to liquidste it, and ap-
-'a = 'ii propfist,d therefor ih. ,um Of
= ~, 1885,. .02S 6S, which became, therefore,
an annual charge upon the treasury. 10
ss,5.sr be continually applisd;O the payment OF
ssIsr ,hs iat,rs,t aud the redemption Of the
al princp.l until ,hs, deb. i. paid.
.s''-'''' So. also, The l,S require. the auditor Of
Hso' 's7s public aocouat,, altar the commissioner.
- stths Sinking fund lave aic'r',ined th'
se'' .moaat IF any nav debt crested in any
ystr. TO set spar,. ia lika manner, sum
exceeding by one per cent. 'se sggretata
AMOUNT Of the annual interest sgrssl to
bs paid thereon: which becomes an I'D
aitos.l charge upon the treasury, to 10
csu.inaOasly applied 10 ike ln'nn.r until
The debt is al,o redeemed.
~. have stated, in previous report,
nj tnat th.r. az. Two mode. of sinking the
,tts, or any debt created under 'hssIi-
t,m-ei,her by, investing the amOuus
- which exceeds the interest Of the debt, in
~ profitable funds, ard adding thereto the
interest saved on III. amount rcdssmhd.
.eriby parch..ing tb. bonds which repre-
.rss a..nt ID. debt. sad csnGsliug them when
.4y=putet.nd liqaidstiDg thereby, and 'e
III. extent sfth. purchase, 50 much 0i