The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-05-08
The state Debt-Its Amount Again.

al ~ hCO's
To The Editors Of the Richmond Dispatch:
The Whig Of yesterday i find devotes
nearly two columns to my letter to you OF
The dav before, 10 which | pointed out
some of the errors which appeared In the
data of It's debt calculation. The reply
only discovers more plainly the faIsity OF
The Wanted array OF figures published by
that paper.
| pointed ont an error Of SO, lGS.66S 80 in
the principal OF the debt at the close OF the
war. and but little less at the beginning OF
the war, made by the Wing at its starting
point. am told that it was not Intended
TO include the debt held by the literary and
sinking funds, and that made the difference.
AS the Wing has continually claimed that
these were to be considered as parts
OF the Just debt OF Virginia, and
gave not the slightest inlimalion that
they were excluded from its figures,
may be pardoDed for mistaking It's inten-
ton. But mark the trouble the Wing brings
on Itself by this statement. When it took
S3l 800, liz. 90 as the principal Of the debt
on January |, 1861, it had deducted the
whole amount he'd by the literary fund
(Sl, l50,067.33) and by the sinking fund
iSl, 729 3l5. 46) After that the sinking fund
OF that date should not enter into the cal
culation. But the Wing has deducted from
the two thirds OF the debt it allows TO be
binding on Virginia S. 694,720 80 as amount
al debt redeemed by the sinking fund since
July |, 1871. This sum Is taken from the
report Of the Second Auditor (DysOn) for
the year 1S79-'s0, and by reference TO this
report it will be seen that ii includes the old
sinking fund existing at the beginning of
the war, with accumulated interest. SO
that the Wig not only deducted the sink-
ing fund 10 start with, but deducted il again
with accrued interest.
Again: The Wig deducts from the two
thirds OF the debt assigned to Virginia
SAIL. 243 90 as amount OF interest paid on
the whole debt between January /, 1861,
and January |, 1867. This includes all the
interest paid during the war, and is in fact
but little more besides, il any, as the war
left US without means TO pay interest for
1866 and 1866. One would think the Wing
content TO give 10 two thirds OF the bit
this entire credit fer the interest paid on
the whole debt; but no. Afterwards we
find IL deducts from the remainder OF the
two thirds So, 0SS, ia 06 as amount Of s'four
years war interest on Two thirds OF the orig
NAL debt at per cent; thus deductiDg a
large amount twlce-to wit, that portion Of
tht tsliDlditu W. IutNiN>t NuiCu udu Dptn
actually paid during the war.
Again: The stocks held by he State of
Virginia were assets OF the undivided State,
and 50 far as they were sold for bonds due
by the undivided State, before 1871, when
a division OF the debt with West Virginia
was attempted, II would seem TO be but Just
and equitable that the credit should be ap.
piled 10 the undivided debt. The common
assets would thus be applied TO the common
debt. But the Wing diverts two sums,
amounting to %. TIC, 249.67, Of common as
sets thus actually applied by the State from
their proper place rs a credit on the entire
debt Of the old State, and makes them ere.
dit on the two thirds set OF to Virginia in
1871.
Again The Wing has deducted 1921.
81 rs for interest paid In cash since july /.
1871, and 1901 ,9l7 interest paid In coupons
since July /. 1871. How 1t arrives at
these amounts we are not informed; but as
the report OF Second Auditor Dyson gives
1851 ,667 as the amount OF all the coupons
under the acts Of 1871 and 1879 received for
taxes up to September 30, 1880, and as y
considerable amount OF these coupons
have been sold by the Commissioners OF the
sinking fuad, il Is plain that, having once
deducted that sinking fund, II was improper
10 deduct again that portion OF 1t embraced
In the coupons sold. Doubtless the Whtg