Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1889-12-13

| B0n0s nelu ny thC NV'h
missioners Of the Sink
ing Fund purchased
under the provisions
OF the law, and which ooo..,o on
can be cancelled.----. &'zoV'oio oo
The stock held by the
State in the Richmond
Fredericksburg ana
Potomac Railroad can
be sold, and with the
proceeds, new 3 per
cent. bonds can be
purc1fseu i"mt af - .. ". sj9,g2G Il
The sinking fund has in
cash, including the
dividend recently de-
cared by the Rich
mond, Fredericksburg
and Potomac Railroad
and to be paid within
few days, sl2G,Oll.-
2S. which will pur-
chase Of new threes' o,, 10
| al 6S. S...--...----.----
The stock held by the
State in the Chesa-
peake and Ohio Rail
way, it is thought, can
be sold for a sum
which will purchase OF ooo,o -
new threes...----. '''iN
The United States holds
old uniunded bonds
which. with interest
thereon, funded into
new 3per cent. bonds, 81, 20
represent. ----..--.-'
| The State has a clam
against the Unlted
States which will OIL
set this indebtedness.
and therefore ii need
not be provided Tor.
1t is estimated that
old bonds and interest
thereon have been lost
and will not be pre-
senetd, representing IN
ne" 'n'ce9 ''' s3l.S44 7GI
The total aggregate Of -o.c,-a M
0oJ''o,;nc Iii his from 2l,S35,Sl2 al
There will be leit.---... lo''''oo' -
Which will carry an an
nual interest at 3 per zoo ooo oo
cent. OF. "0''V
These figures would therefore
renresent the principal and inter
est Of the act of 1882 il all classes
of debt were funded under that
act. with it's amendments, into the
8 per cent. bonds, except the bonds
held bv institutions OF learning,
should the state dispose OF It's as
sets.
In nv message of December I, 49,
submitted a detailed estimate
OF the annual expenses OF the state
Since then these expenses nave III
creased by the adoption OF the Zen
sion bill; increased appropriations
TO the asylums, made Aecessary Dy
the lalnentable increase OF l1nacy
to the Agricultural Bureas, ana tol
schools. as we'll as the increas-
ed cost of criminal prosecutions
ALL of which will be seen by refer
ence to the detailed estimates, ac'
companying this message.
If the present appropriations are
continued, the amount available 10
nav interest upon any settlement
Of debt, will be $500, ,26O.OS. In
view of the financial condition OF
the State, as shown by carefully
prepapred estimate of receipts and
expenditures, it is apparent your
wisdom will be taxed to provide
for the payment of the annual IN
terest, should the act OF 1857 be ac
cepted by the creditors. AuS
careful examination of the finances
of the State should make 1t plain 10
creditors and people that the state
ia not now III a condition to pay
larger sum IN interest than that
demanded by the present law WIN
out increasing the taxes. II, how
ever. the creditors are wiling 10
propose a settlement, which, while
not departing in a marked manner
from the principal and interest," az
now recognized by the State,
either for the reason that some OF
the features of the present bill
nresent insurmountable objections.
or because, IN their opinion, equi' y
would demand the different classes
of the debt to be funded into the
new bonds, at different rates than
those laid down by the act OF
1882 or, for any other reason l
feel well satisfied that such propo'
sition would receive your resi-" Ct
ful consideration.
II will lie remembered that the
Joint committee of the Legislature
IN Nav, 1887, went beyond the act
of 1889, urged by'a great desire to
settle a great question; but thelI
offer was rejected and has no ap
phcatiOn now save to mark the ex
!. IRENE limit the State might have
, then reached to effect settlement
@ The unanimous report from thl'
@ committee, which included the Lltu
1. tenant Governor of the State ant
It the Speaker of tue House, fixed th'
!. basis upon which they were wllllnl
@ TO recommend a settlement OF th'
o principal at S24,227, 200, with al
r. annual interest OF 1885, (Se
Senate Doc. page 81 The hna
A. proposition of the committee, req
n. resenting the council of foreig
4. bondholders, was based on a deb
4. of s32, POS, 600, carrying an annua
isl interest of $934,5S3.jO (See Ser
O. ate Doc. Page ~ The dlfierenc
W IN the amouDt of principal !
ne these two propositions was Sf,9SO
"a. 800 and the difference in the annu'
at interest was s23l,03l. so.
ID From the treasury was paid du
he tue past year 3 per cent. on 81 800
he 600 of the new 3's now in the hant
i'd of the public, equal to sl36,5O
Tho tnlI Interest paid to college