Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-03-09

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So we have four years experiences
against Mr.. CardwelI's declaration.
1t now seems then from Mr.. Cardwell's
card that be did not refer 10 what he
said, as quoted by me. but to something
wholly different" trouble which WAS
"tided over by an arrangement (well
known to the AUDITOR whereby the APP
preparations to the State institutions, due
quarterly" in adUance, he should have
added, "were not drawn in bulk, as had
been usual. but drawn in two or more
PAYMENTS" II Mr.. Cardwell chad
taken the trouble to inform himself more
fully" he could have shown that that
"trouble" had no connection whatever
with the purchase of bonds, to which he
erroneously ascribed it, and he would
not have got his ideas mixed. ascribing
the same effect to two wholly different
causes, one of which never existed.
1t came about in this wise
BY act OF April /, 1879, the treasurers
are all ordered to make their settlements
with the Auditor of Pablo Accounts by
June 18th in each year, and accordingly
the Treasury is always full on the LIST
day of July. But by act Of April 6, 1887,
this rule was suspended and TIE time OF
settlement extended to the lst day OF
September, 1887, for that year only. BY
the same act the Auditor of Public Ac-
counts was instructed to pay an amount
sufficient to pay the free-school teachers
any sums due them by the State which
the taxes 20 be collected would be suffi-
cient to pay. thus keeping out inflow and
drawing upon the reservoir at the same
time. Under this law the amount
actually paid by the Auditor to teachers
for April, May, and June was $l43,-
070.7i.
This payment and the Legislatures
indulgence to taxpayers, and not the
purchase of bonds, chad drained the
Treasury" so that on the morning of
July LIST there was in the Treasury $780,
2l6.6l subject to drafts OF the Trea-
snrer.
Be, the hall. year's interest, doe others 49,. -
than the STATE was At that date. .S1iS,270 -
The quarterly payments ordered TO be
paid In advance 90 the Ave eleemo-
synary institutions were............. H,T5 90
s2lG,745 20
Deduct cash on hand. ................,. S6,s46 g.
sl7s,s99 II
Under these circumstances the trouble
having been foreseen, the eleemosyDary
institutions agreed 10 receive S35, 750,
which reduced the sum needed TO
$144, 1911. At the close OF business
on July I'd the receipts were S102, $685.
ard the disbursements SAG, 800. SO. in
Guiding the above s35, $50, and leaving
$50, OBS. ~ 10 decrease the balance need
ed Of S144, 1911. This left Ss8, 1889.
In very few days the activity OF the
Auditor OF Public Accounts in pressing
those whose duty il was to collect the
revenue enabled him TO bring up the
balance 10 the credit of the Common
wealth, and by August Goth there was a
considerable surplus, OF which S25, 06l 10
was used TO purchase Riddleberger
bonds. ('rhe last purchase before this
had been in September. 1861 MIR.
Cardwell inquiries why this was done
rather than raise the necessary funds by
resale or hypothecation OF the bonds
purchased by the Sinking Fund, il ii was
constitutional so 10 use them.
1t might be sufficient to reply that Mr..
Cardwell himself thinks that arrange
ment was the best" But more salts
factory answer lie that In this way none OF
the enemies OF the debt settlement, either
General Malone the bondholders, knew
or could know until after II bad passed
of A condition OF thince that Nould have
been disclosed by sale or bypotheca-
ton Of the bonds, which might have
given then color 10 charge that the ac-
ton Of the Legislature had caused de-
ficif Ia The Treasury. when In fact thore