Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1879-08-19


itor- amounts to-------S I 97i. .90S ,0S
Add principal OF the debt ..... So.70Ggo3,3 81
Making total principal of new bonds ss277l !12. "a
Upon this sum the interest at three
per cent. per annum is SsS 1893 80
Add expenses Of government 1853 9O2 ~
Add for public schools 4077S2.sc
And we have $2244,sls IS
This sum the annual revenue Of
2.5Gi $50 90 will fully discharge.
and leave surplus OF 800. o2l .2l
50 ,tGi $40 20
The annual surplus of 1920, ,O3l 81 will
be appropriated to the payment Of the
past-due coupons, which the Second Au-
ditor informs us amounted to $40, ,i92 on
the Goth June, 1870; to the alrearages
to the public schools, which was ascer-
tained by the General Assembly, by an
act approved nth March, 1878, at $3S2, :
1872 ,26 1--WE have no authentic informa-
ton as to whether there has been per-
manent increase of this sum since); and
finally to the reinforcement of the sink
ing fund for the eXtinguishment Of the
public debt.
ApprchenslOns were entertained that
the past-due coupons clipped from the
old bonds might intercept SO mrch Of
the revenue that the Auditor would be
forced to use the school fund TO meet the
interest on the new bonds. This could
only happen during the transition period
from the oldto the new bonds, and would
soon cease, as the stream Of coupons
would be dried up by the rcluuding of
the debt.
But our parry was committed rs well
to the maintenance Of the schools rs TO
the settlomcntof The debt, and accord
ngly lasscd anact Session Acts le1S-'9,
page l57) committing almost the entire
school fund IN currency to the direct
custony of the several counties and COR
poralions into which It Is to be disbursed,
and staying efeetually every hand that
might seek TO divert It.. At the same
timclhc Auditor was allowed, for the
purpose Of maintaining implicit faith
with the creditor, to anticipate the rcyc-
nues applicable to the payment Of in
tercst by temporary loans; and on the
failure (Nud only on the failure Of that
eXpcdlent, to sell certificates of indcbt-
edne sa price in no case less than sew
cnty-fyc cents on the dollar,
1t is plain that the revenue Of the
State will be sufficient for all purposes
unless the past-duc coupons are all pre-
scntcd at once, or within short period,
The experience of the past does not just
lfy the belief that they viii be so pre-
scntcd, and the communication Of the
Auditor dated August !, 1879, hcrcto-
fore referred TO, shows that he has been
able during the current year TO repay
the money borrowed from the banks,
the interest on the new bonds due July
!, 1870, aud to distribute IN addition n
large sum to the public schools; and this
has been done notwithstanding the fact
that u larger amount of coupons have
come In than ever before during the
same period. We can safely say, there
fore, that the trouble Is past, and that
no certificates need ever be sold; for tile
rate ut which the rcflnding Is being Oc-
compllshcd will soon stop the flow of
old coupons into The Treasury. We have
satisfactory information that mp TO this
date about tl2 600, 900 of bonds arc un-
der the control Of the funding assoca-
tions, including upwards of $4,000, 900
presented for funding before July !,
1870.
In this statement we have given ev'
cry doubt against the Commonwealth
every chance against tho settlement.
Pursuing tho same resolve, We pro-
oeed, IN fine, to consider the conse.
quencee Of an alleged dlmlnutlon OF
the revenue, resulting from reassess-
ment Of lands, which will lo made IN
1880, aud the eilecto OF such reduction
OH this adjustment. No one nntlcl.
patca, or has predicted, larger reduc.
ton OF the gross returns from lands
than one fourth. Concodc for 0rgu.
ment that such will be the case. We
are informed by the Auditor that the
net revenue for the yearis77.'S derived
from the real estate amounted Ia
,OTb, $40 60. Ono fourth OF which II
s20S, ,Bi2 Gb. 0fthla one flflh or Sb3,
70s 80, will urder the law be loet 10
the schools, 10 that the remaining
four nfIhs--to wit, s2l5,O7l, 12-wlll
represent the amount to be deducted
from the above.staied surplus OF $500,
O3i 81, which will still leave n gurplus
of sl0l 0b7,OO. but We do not believe
that such reduction Of values IL pos.
slblo.
RESULT or THE SETTLEMENT
ft Ia therefore, plain that II the
worst appreheaslons Of the most de
spondent are realized, II the depres-
sion Of business should continue, n no
furlher'reductlon Of The expenses OF
the Government be praotlcablei II The
wisdom Of the Legislature should fail
TO provide additional sources of public
revenuei lf.ho new capital, or Turin,
or industry should appear In virglniai
II every bond and ils certificate Of IN.