The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1882-01-19
The Debt Defined
MR.. RIDpLEBERGER's BILL AS PRESENTED IN
THE SENATE

MR.. RIDpLEBERGER's BILL AS PRESENTED II
THE SENATE
In the Senate on the 18th, MIR. Riddeberge
introduced and had referred to the Finance
Committee the following, numbered on TIT
! Senate calendar as Bill No. 1874
"A Bill to ascertain and declare Vaynsa's egua
table @aae Of the DEBT casateI before and acsae
ally existing title time Of the partition of he,
territory andresources, and to pgooide t6r III,
assuance Of hands coUe1ing the same and TIE
reguIor and prompt payment Of interest there
/ on
| Whereas, to the end which this act compre.
| hends full statement oi the debt is essen.
tial; and whereas the following has been care
| fully made up from the records Of the Second
Auditors office OF the Stale, il is confidently
submitted as presenting a true state of the &C
| count between the State and her creditors
The account is as follows
STATEMENT OF THE PUBLIC DEBT or vIR-
GINA.
1sel-Januaryslst Principal outstanding at this
Sterling debt bearing per cent. inter
eSt....... l,973,000 w
Dollar debt bearing per cent. inter
est ...........-..-. %. 533, $50 81
Debt guaranteed bearing per cent. H.
terest 2i4, 100 Oo
Total principal ............ .$31, 800, 712 90
Past due aud uncallea FOR at this date.s oio23 6s
Maturing at this date, January LIST, 1861. 9i4,l5 IS
Total interest. ..................x 1,O45 1873 Of
The state Of West Virginia was formally admitted
into the Union June o. 1858. The property and re-
sources Of Virginia upon which the above debt
nv artit nfrb a
old State reduced third of her territory and
one-nfth Of her population going form West yir-
her people made loss Of full s5o0,0000O0 Of prop
erty and her taxable values were reduced from
$723 900 to 1886 900 and her annual revenues
from over $4,00o,0o0 to s2,5000M
Principal--July l, 1853
Sterling debt bearing special interest 1913 900 90
Dollar debt bearing per cent. interest sa77l
Bonds issued since July /, 1851, In dis
charge of debts contracted and ap-
preparations made prior to that
date. OBSERVATION-DISCLOSURES. 1,3l0,50O OF
Total principal July l. 1863 $50. 1913, 141 2l2 81
Interest-July /, 1858
Past due January |, 1851 and still
Accrued between January /, 1861, and
July l. 1853 inclusive. 1909 533 OF
Total interest to July l, 1863 in
elusive. Us 5,954,716 Os
est, to this date is assumed Virginia equitable
portion in consideration of the partition OF her
tablished principle that debt in such follows
territory. Upon that basis Virginias portion
debt of the entire State is
Principal
Two-thirds Of +, 100000 sterling debt s lsi5s33 "a
Twothrds of S3l, 80 dollar debt. 207sS0s 50
Total principal, two-thirds to July
1855, inclusive ....--. ..-........ S220 14l 90
Interest
Two.thirds of 1894 1868, accrued to
date inclusive ...................$ 3,969,S10 ~
Less amount Of interest paid by yir
ginta since January l, 1861, e1clu
sively out of revenues OF the pres
ent State OF Virginia, the territory
and resources of W. Va. being un-
accessible during that period and
contributing nothing thereto...... 1862 s4 SIS
lst, 1868. 3O7 376 IT
ls71-July LIST:
Principal due July LIST, 1863,
in sterling bonds as
aDote-.s...... - l,5l5,33' 81
Principal due July LIST, 1868.
In dollar bonds a
Northumberland 0,77s,sOS 90
Less amount OF dollar bonds
redeemed between July
list, 1853 ana date. 3T10,449 81
htsl principal. .$18 3ss, 500 90
Int rest
Ft0lA July 1st, 1868, to July lst, 1871, In
&s1siye on II, 1884, sterling at
on Ys0 SOS c2, dollar bonds ai per 30 lid %
gent Ism. .................. 9,9T3,s2S IA
$10409,O6l 40
II 50 amount covering average time OF
the resumption OF the S3,710.449.67
dollar bonds redeeme d..............$ 445,257 5S
Less amount paid in money during
chat period-July l, 1858, to July 1st,
ISil, IHcluSlVe.......t 3o93,Zo9 IL
Total .......... .................s 4,O3a 546 60
To which add balance due on account
ofinterest; .;................... 64so414 70
To July 1s 1863, as above..... 3O7,376 II
Total interest to July lst. isis 6767,7 80
I879-July 1st-Princfpal
Sterling bonds as above...$ l,3l5,333 81
Less bonds redeemed be-
tween July LIST, ls71,and
this date. 42,175 II
Total. ...:..........:..:..:...:.s l273157 81
Less bonds redeemed be-
tween July 1st. 1871, and
This GATE. 1.49S, 49, 10
Total. .$15 $40 60
Total of both classes of bonds SIG 1904 II
1nterest-From July lst 1871, to,Juy
l, 1879, Inclusive
fsterling, $l,s15,sss.s4 at per
3 voaru cent. .......................s 526, "a
tyoooSooo."o
cent. ....................... 7,763,s04 %
Total to LIST of July .......,..,... S. 2S9 937 80
1SS2-July 1st
Interest on 81, 1893 1877 81 per 1S0S91 GO
Interest SIS, 60 at per cent 2S0257S 70
Total from July l. 1879 July lss2.S 2983,56O IL
Total interest. .S11 PTS 46s 03
Add interest accrued to July LIST, 1871,
Observation-Disclosures. 6,76s, 100 90
Total .S180Al, 1888 90
Less amount paid between July LIST,
1871, and October LIST, 1881
In money ............... ...........S 2415,973 IS
In coupons. .............. S707615 60
Less amount covering average time of
the resumption Of the 81 540,6 58.l2
redeemed Observation-Disclosures. 33l 800 90
Less tax receivable coupons outstand-
ing LIST October, 1881, and to be paid
as part OF the floating debt. 395 722 90
Less tax-receivable coupons maturing
in January and July, 1882 117,724 81
Amount of interest especially:
Redeemed and cancelled ..............$ $780, 10 OF
Total deductions Observation-Disclosures. 13S4S945 95
Balance Of interest to July l, 1882. 4192342 9S
Total debt to July |, 1882:
Principal as above $l6S43U34 II
Interest as above. 4192,342 IS
Including bonds held by the literary
fund to the amount of s., 428,245.25,
aud interest on the same, in arrears
lat IF I'M md In.