The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-09


outstanding November LIST, and then inn
mediately contradicts himself by inclpd-
ing in the amount of the debt outstand-
ing. S3,574,170 Riddle 3's held by the
State, and The 81, 604 1853 of Indebtedness
which has been surrendered and cancel
led in the funding which has already been
accomplished under the Riddleberger act
Here alone is an item Of So, 19,OO0 when
is not outstanding and which must ne de
Quoted from Mr. Ruflin's grand total OF
$50 COCOON This is not all that
is to be deducted. In the item of other
bonds not Riddleberger bonds, S4,Ho'-
90" there is a considerable slice 10
come off. This item is made up OF regis
tered consols, $1,313,l15; registered III
4O's 1919 800; old Virginia bonds about
80 600 600; and peelers about Sl,0O0,OoO.
The $2,0OO000 old Virginia bonds are
fundable for only two-thirds Of their face
value at GO. Thus $2,00O,00O old bonds
two-thrds face value 1888, 1873 at %,
$920000 Here is 81 ,0S0,OO0 TO come OH
of Mr.. Ruffin's figures The $l,OOO,OOO
pcelers are fundabe at 60, producing
$500 600. which makes $4,000 more to be
deducted. But this is not all yet. Notice
the item overdue interest on untunded
bonds January 1. 1887 $1,00OOOO. The
coupons due July, 1885, January and
July. 1886. are not fundable at all, conse-
ouently one-third, say 1888, 900, must
come off here and the balance $666,OO0 IS
fundable at 30 cents, say S333OOO, TINS
leaves 5000, 0G0 more to be deducted from
Mr.. Rufin's figures.
Thus we have as above, adding up the
several items, $S,235,000, which deducted
from MIR. Ruftin's total of $39 ,O2O,OOO,
leaves the true debt of Virginia $50, 49,
900. which agrees with the statement
which we published last week, which
statement was compiled from Official
figures furnished from the Second Audi
tors Office in September last
Mr.. Rufin estimates the expenses OF
the State, not including interest on bonds,
at S1.915.OO0. Let us see now how much
can he deducted from this amount Hay
ing no opportunity Of disproying the
estimates Of expenses, we are obliged to
accept Mr. Rutiin's figures, but consider
inc the inaccuracy of the statement OF
the bonded debt. it is fair to infer the
same exaggeration in items OF expenses.
Among the enumerated expenses we do
not find any statement Of the money paid
out by the Board of Naturalization for
defending coupon suits and paying the
heavy damages awarded against cOllcc-
Tors. 1t must De somewhere in the list OF
expenses and should be deducted from
the annual estimate Of expenses. The
cost Of legislation is estimated at $65,OOO
per annum, when, in fact, the Legisla-
ture, except occasionally, meets only
every two years The items Of cOntin-
gent expenses might probably be criti-
cised. but as we cannot get at the figures,
let it pass.
Mr.. Rufin says that in addition to the
school fund of 100000, there will be APP
propriated annually for five years $780,,
coo for arrearages. This 100000, at least,
we should think, could be deducted from
Mr.. Rufin's estimate Of expenses; or, if
not, let it be offset by the $1,000 600 cash
now in the treasury We say 81, 100000
cash surplus as Mr.. Ruflin said in July
that he had 100000 on hand, and as the
State has discontinued the monthly pur-
chase Of Riddle 3's, there must have accu-
INFLATED in the treasury more than $780,
600 since July last.
Deducting 100000 we have the ex-
penses Of the Government $l,7OO,OOO,
which leave $1,0OO,0O0 applicable to pay
the interest on the entire bonded indebt-
edness Of the State, or over per cent.
Public debt of Virginia outstanding
November, 1856, as shown by Mr.. Ruffin
Bonds and OJLgations
Riddleberger bondA total issue to
November /, 1856. i. S7,O2l i13 20
sembly. I. 527210 IS
Leaving. s6,49i,2O2 IS
OF which their is held;