The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1886-12-16

Virginia, having published an elaborate
statement. claiming that the present debt
of the State to be 500 .020, 50a.94 Ham.
bleton u Co., of Baltimore. have issued a
reply. Az a matter OF information, we
give the salient points Of this paper, as
follows
1t will be noticed that Mr.. Ruffin calls his
manifesto statement of the debt outstanding
diets himself by Including in the amount of the
debt outstanding, S3.57i.l7D Riddle a's held by
the State. and the s2.6Oa.s5a OF indebtedness
the funding which has already been accom-
plished under the .Riddleberger act. Here
alone is an Item of $6,l79000 which is not out
standing, and which must be deducted from
Mr.. Rutfin's grand total of 00,000 This is
not all that Is to be deducted. In the item Of
"other bonds not Riddleberger bonds, Si,7l8,.
$40" there is a considerable slice to come off.
M Item Is made Of red
bonds about ~ 600 0 and lers about ST. 900 900
The $1,000, 600 old Virginia bonds fundable for
81 100000 old bonds two-thlrds face value 81
1888 at 49, $920O90. Here Is $l080. 600 to come off
Of Mr.. kutfins figures. The $1,000, 600 peelers
makes $50 900 more to be deducted. But this is
not all yet. Notice the Item Overdue interest
The coupons due July, 1885. January and July.
1856, are not fundable at ALL consequently one
balance sas 40 Is fnndabe II s. eents say
coo, this leaves 5000 QUO more to be deducted from
Mr.. Ruffin's figures.
eral Items. s.. 235. 000 which deducted from Mr..
Ruftins total of $4,000 0OO leaves the true debt
statement which we published last week which
statement was compiled from official figures
furnished from the Second Auditor's office in
september last.
Mr. Ruffin estimates the expenses of the
State net Including interest on bonds, at
$l.9l5,0G0. Let us see now how much can be de-
Quoted from this amount. Having no opportu-
nifty OF disproying the estimates of expenses,
but considering the inaccuracy Of the state.
ment of the bonded debt. 1t is fair to infer the
same exageration In items of expenses.
find any statement of the money paid out by
the Board of decentralization for defending
awarded against collectors. It must be some
where in the list of expenses and should be de-
Quoted from the annual estimate of expenses.
per annum when, i'll fact, the Legislature, ex-
sept !, oieeasionally meets only every two years
bly, be criticised, but as we cannot get at the
figures, let it pass.
Mr.. Kuttin says that in addition TO the school
fund OF $780, 900. there will be appropriated an
nually for five years S20OO00 for arrearages
This 500 o0O. at least we should think. could be
penses; CT, II not, let it be offset by the ST. 600
COO cash now in the treasury. We say sl.o00.OO0
had s700000 on hand, and as tn The stats has dis.
continued the monthly purchase of Riddle U.s.
there must have accumulated In the treasury
more than SaU0.0 since July last.
Deducting s21O, OOc we have the expenses of
the Government $l.700,OU0. which leave ST. 900 900
applicable to pay the Interest on the entire
bonded indebtedness of the State. or over sper
cent.
Der. 1856 us sho wn by mir. Ruffn
Bonds and Obligations
Riddieberger bonds, total issue To
November l. 1856 .......... .......$ OBJ ,i73 26
Less cancelled under acts OF Assem-
bly,. ...................... so. 40 6S
Leaving ........... .......... 6.494 1902 So
BY the sinking fund OF
Virginia. .............,, sa2ia.b4a %
Board of public works
of Vifginia.........,.. l53,190 % ?
Literary fund OF vir-
And by Others THAN the -
State. ................ 9.s2coai 10
$Biel.20 S.
Ten forty coupon bonds
act March %, 1879. -. s., Is, 900 10
Consol coupon bonds,
act OF March 10. ISL. )30l9000 OO
Other bonds not Riddle
berger bonds. .....,.... 4.7IS,9t0 IS
---- 2.92l 40 So
Total bonds. ssl, l5, 6l2 90
10 which may be added,
as claimed by the
bondnolcers:
Overdue ten-fOfty and
consol coupons 10 Jan.
!, 1887 .................. 100000 90
Add estimated overdue
interest on unfunded
bonds Jan. !. 1887 ...... .09O 200 %
- IS, 00O,000 90
To which add difference between
Riddleberger bonds and bonds
surrendered under The Riddleber-
ger acb S,0Ul, Soj VI
Total bonds and obligations 80. .$39 02O. 585 81
True debt OF Virginia November /, 1885, as
shown by one correction of Mr.. Ruffins fig
ureS:
Riddle 3s actually outstand-
lng...... 2,92O, u32
l0-40s, coupon bonds....... S. ,lS3,5O0
do. registered bond $500. 2l9,6G9
Consol coupon bonds ...... ls0l9,OOo
do. registered bOnds.... ,2l3,1l5
ll.2s2,ll5
other bonds not Ridales's
reduced to fundabe value sl.6l0.000
Total bonds. s2G l65, 5O7
Overdue consols and 1910
coupons. including jan
uary, 1887. .................. 4,O00,0U0
Overdue interest UNI
funded bonds reduced to
fundable value ............ $4,000
Total bonds and obliga-
tions .................... s30.49s, 5O7
1t is the evident intentionof Rufiin & Co. to
prejudice the public mind against any cOmpro-
mise with the creditors of the State. Mr.. Ruffin
delights in informing the public that fewer
coupons have been forced into the treasury
this year than last. but omits to explain that
at Richmond, Petersburg. N rfolk, Alexandria,
and in many other sections of the State. the
use OF coupons by simple tender has been
largely awaited of. Coupons are not forced in
to the treasury. from the simple fact that Cou-
pom Killer No. / has been effectnally killed by
depriving the couponholder and tax payer Of
all remedy by requiring the production OF the
bond with the coupon and by excluding expert
testimony. Very few try to force coupons Into
the treasury. but tax payers refuse to pay taxes
except in coupons, and the State dare not
touch them. The Attorney, General of Viz
gina threw UP the sponge this week and adj
try to make taxpayers pay in money after
Parson Massie, who has wisely, of late. held his
tongue, is brought forth this week in card
threatening oudiation. Reputation has no
terrors for The bondholders. The principal of
the debt cannot be repudiated until II is due,
and the coupons cannot be repudiated any
more than they now are.
The police authorities of Norfolk are
after certain butchers there for slaughter
ing sick and dying hogs for market frem