The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-03-10

declared among the State bondholders ?"
The payment OF the interest referred to was
directed by board consisting of the Gov
ernor, the Treasurer, the Second Auditor,
the Attorney.Ge General, and myself. The
action of the board in the premises might
have been Otherwise had the balance due the
school fund been known at the time, but OF
this l do not speak By authority. As an
Impression has gotten abroad that the action
of the board was not unanimous, and that
THE GOVERNOR
dissented, insert the following statement
made by him ia q note to me, and which he
desires shall be embodied in this report-to
wit, " That 1t is not true, as has been re.
ported; that be voted against the payment OF
interest as ordered by the board, Of which
he was q member; that he concurred In the
action Of the board, which was unanimous,
apd that whether said action was wise or
unWise he. insists. upon bearing his full
share Of responsibility for It."
:: The coupons attached to the eonsol bonds,
as appears from what ] have already stated,
take good care Of themselves, and under the
decision OF Che Court of Appeals they al
ways will But another. class of our securi-
ties does not fare so we'll. refer to the
"peeler bonds," as they are termed on
,Change. The holders Of these bonds had
received
= NO INTEREST
for about eighteen months prior to the 23d
of June, 1876, and were very urgent, and
naturally 30, that something should be done
for their relief. The applications for interest
at the Office OF the Second Auditor were so
numerous and pressing as greatly to embar-
rass that officer, and at his request meeting
of the board was called.
This meeting was held in the office of the
Auditor Of Public Accounts on the 23d of
June, 1875, 10 determine the question whe-
ther 1t would be practicable TO pay the
1st Of July thereafter the two per cent. in.
terest due on the 1st Of July, 1874. The
members were all present, and gave to the
subject careful consideration. The conclu-
sion at which the board arrived was to di.
rect payment of the interest referred to, with
the understanding that If it
BECAME NECESSARY
1t would be made by the Governor in pursu.
apce of authority given him by the 33i sec.
ton of the AID chapter of the Code of Vir-
ginia, edition of 1873-to wit, The EXecu-
tive shall raise, from time 10 time, by
temporary loans, so much as may be needed
to supply the wants of the Treasury, to be
refunded by warrants of the Auditor OF
Public Accounts within twelve months from
the time When said loans were made"
The contingency arose, aud loans were
made from time to time, as the necessities OF
aggregate to 1926, 600, to be refunded out ol
49, r,,ty Sp
The board, at the time it ordered the pay.
ment of interest, confidently anticipated, and
had good reason to anticipate, that the De.
-csmber revenues would be enough to cover
that payment, and at the ssms time meet
THE ORDINARY EXPENSES
of the Government. That anticipation, how.
ever, was disappointed by the operation oil
the act of the General Assembly, approved
March 30, 1875, which postponed the final
settlements of the treasurers at this office
until the 18th of June thereafter, and thus
unexpectedly kept frem the Treasury large
portion of the revenue which would other
wise have been received. The amount of
interest paid In pursuance of the order oil
the board was $l96 S14 sS, and no more;
and In this sum is included considerable
amount of interest in arrears, the payment
of which was provided for under former
orders of the board. Besides this amount,
however, there was turned over by me to
the Commissioners of the Sinking Fund the
sum of Sl27, ,324-the amount of interest due
on the registered debt of the State standing
in the name Of the commissioners-whi hich
was invested in bonds, as directed by the
act recognizing the Sinking Fund. To .'
THIS TRANSACTION
I refer in my last annual report.
The payment of the two per cent. interest
as aforesaid pece; stated the transfer of the
Sl27, ,324 10 the Sinking Fund, as act required
this to be done before any payment Of in-
terest could be made on other amounts. This
payment to the Sinking Fund was made with
in the last fiscal year, and 80 reported by me.
The two per cent. interest was paid from
time to time as called for until about the 1st
of February last, when the order of June 23d
was rescipded, since which time no further
interest has been paid.
Iu concluding this paper desire to say that
in all my official conduct have had equal
regard to the general interests of the State
doing Justice to all as far as knew how, and
wrong to none.
am, very respectfully,
WILLrAM F. TAYLOR,
Auditor of Public Accounts.