The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-12-11
Deduct amount estimated due annu
ally to public free schools. ..........

ally to public free schools. ......... 4s7442 81
Leaving the sum applicable to the
payment of interest and the extra
ordinary expenses of government,
averaging for the past nine years., :,
The session OF the Gen rai Assembly
being biennial. the average annual
cost will be $50 900, and the above
balance, as an annual balance, will
be increased by....... ,..........,.... 30,0e0 VI
s1,3s7, 517 Al
STATEMENT I-CoNTINUED.
OF Dollar Bonds and much OF the Sterling
Bonds as have bean funded in Dollar B onds up
to October 1, 1879 at 8 per centum per annum
under the act Of March 20, 1879, as stated by the
Second Auditor
OF dollar bonds. 8 7,674,44 ~
OF Sterling bonds. ......., 375,000 W
Total ....... s,O4s. 44s 10
Deduct the amount bought
in by the commissioners
of the sinking fund.-. 1O5, l34 80
Total principal ........ 7,944,314 80
Interest thereon at per
Amount Sterling d e'bb,t
principal. .........,..... 1,472,oc5 w
Interest thereon at per
Amount OF dollar bonds
under act OF March 80,
1871. 2o25o,1s4 "a
cent...................... 1,215o11 Os
Total principal under
DOM acIS................ $29,667, 3O4 ~
Total interest under both acts 500 81, 526. 1886, 10
Deduct net revenue applicable to pay
ment OF interest. 1397, 5I7 Al
OeuCle.. Izo,4oo.of
The foregoing statement is as of October
l, 1879. Since that time there has been
funded under the present law the sum of
A hi NJ Of
96l.94, and reducing the deficit to the sum
of SIG, 1851, to which, ii interest on the
Literary Fund at per cent.-$42, 179. 80
be added, will leave deficit of $l5S, 1857 .S3,
or with interest," on same at and per cent.
a deficit of $199, S70.12 against a deficit, as
reported in my last annual message, of
1854, 952,97, thus showing the happy result
OF the operation of this law and the various
acts Of the last General Assembly reducing
expenses.
The following statement, Nos. 2 and 8,
show the deficit as of October 1. 1879, were
the interest on the Literary Fund to be
added-first at 5 and 6 per cent, and sec
ondly at per cent, supposing the principal
thereof funded under this law. Statements
ard show that, were the entire debt
funded under the present law, paying full
interest at the rate of 6 per cent. on the
Fund, there would be surplus in the treas
ury of $260,272 "a !; and were the bonds
held by the colleges and the Literary Fund
to be funded as other outstanding bonds at
per cent, there would be a surplus OF
$3.50, 9l4 10, which would soon discharge the
amount due the schools and take up the
unpaid coupons, leaving the State in SOL
vent. healthy condition, without any fresh
burden upon the taxpayers
STATEMENT II.
If to the interest on the
debt as stated above. 81 ,5269S0 10
Is added the interest
the debt held by the Lit
erary Fund, as stated by
the Second Auditor
viz:
Debt. ,428,245 IS
Interest at and per cent. 84,349 81
The total interest will be $1,6l1, $50 40
Deduct net revenue appli
cable to payment OF in
terest. 1.397.517 Al
And the deficit will be-. $sl3,8l3 OIL
STATEMENT Ill
If to the interest as above
stated ..................... 81 $4,000 10
the debt held by the
I Literary Fund, stated
by the Second Auditor,
at per cent .............. 42S47 IS
The total interest will be $l.56s,8as 10
Deduct net revenue appli-
cable to payment CT in
terest. 1,397,5l7 Al
And the deficit will be-. sl7s,sf IL
STATEMENT ".
Were the present debt now funded
under the act of March 20, 1872 in
Guiding one-haIf of interest in
rearS, and giving full interest to the
colleges and the Literary Fund, it
would stand as follows, as stated by
the Second Auditor:
Principal OF debt......... $31227 ,083 81
Annual interest thereon
at three per cent........ 936812 30
Amount required to make
up full interest to col
1eges, payable under ex-
listing laws as per Sec
ond Auditors Report. 54,572 So
Amount required to pay
full interest annually to
the Literary Fund.- as
stated above .,........,, 84,349 81
The total interest would
De. ....................... 0,759 "
Net revenue as ,397,5l7 Al
Off tax on consol. bonds Included
which will be lost on the retunding
of the debt. Observation-Disclosures. 61,509 81
81, 1886. OO7 81
Deduct the total interest last above
stated ...... 1,O75735 90
=.