Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-12-05
VIZ. Royal Founders.


In the Bjsrafch 81 poremhor TN Nr. Roga'i.
protesting that his statements IN his SUNDAY a
/ letter were absolutely accurate, repeats ihem
/ ,hus:
"I Tint - the state had accepted sir kdward
Thornton's proposition her entire interest could
| have been brought within fs00D per annun,
! aul her side a. the commission was Wiling 10
! give $4,000 per snuum.
80 That n she hal accepted his proposition
| the entire interest upon The con.ol 100 ana
/ cr-due-coupou DEBT would have been s'U1.-ji
| per anuum. This is the debt which gives her
trouhio II shs So TO disregard her h0nor she
NAV treat all the rest % her dchta az che please
.A Mr. Three stars sDeer- At my SECOND state
ment tcraIse ~ is taken from paper pun
| li-lnl hy sir Edward Thornton. hui MI lhr'e
stars knows that the figures 81 that paper az
/ 1 have QUO. ei them arc correct. because they
al fas IN from tie records Of his oGlce oil second
flr-t. as to tho interest. lal The entire inter
c.t according o. IA, report ~ the Joint commit
tr. would have been. not f'nb,-H ma MI hOgail
asserts. but $685. 11. s2iT.l3l t32-5lS
Tho tuint com uiftre made tut one Oicr, IN
/ which hey calculated Interest AZ f.95,''-. 20
! So. Bo,al's proposition is NOT " absolutely r.
.uraie by Eslr211 iu one case and So AS IN the
other
Inat difference results ~ the joint committee
| distinctly states "ir0n the omission 10 include
on fhs part OF the English COMMIT souers go ihcir
| published statement. all Ki1lrherreT bonds ia
he hands ~ the pubic aud those hrld ny INC
Literary Fund. and al outstanding peei'r hOhps 3
and Old UufuuN"I, which amount 70 t.~ttstt 3t-
exclusive 81 tie bonds held ny ne tomml sion
ers ~ the inAuc-FuuI. Board OF Public Morh-'
and those hrId ly ina uitci states. d As 10
the >tnte's being willing 20 pay $l5loDh IN Nay,
lsS-. the Joint committee adopted Tue following
First. A principle of 50 OO)00O approximately
tlaf may bo capitalized upon terms hereafter
agreed upon, rt.ch must .He.ule al boaes hsfd Jy
N. cfcff.r
Besides those held boy the Literary Fund, the
State then held s2ti3.Si Gl Of per cent bonds,
the annual interest Oh which would have been
S.f.3la30. and IA these bonds were afterwards
excludol 10y both parties The interest under tins
| proposition would have been @ttU,hie.tu
so doubt the hglres, as pr as W.. A0gN't gt"S
them. ore % absolute accurate" lii me com
plant o. tNe fIiut committee was ma inc slhle-
ment was "JdIf0', misleading. and incorrect
misleading because from DO could he inferred
! Shat the only annual revenue required by II
GINA 90 pay the Interest on hex phplc dent
would be itO0.2}l: incorrect, because u likes NE
! principal OF toe debit al the time OF redemption
AZ H. Jye, 5ll. whom in tact, from the figures II
/ the representatives, themselves In the conior-
| eucc. tne principal at the tune ot tho redemp-
tiou would amount TO about f>5,90Ol1 (see their
| reply OF the day Of May, 1881. % the sub
| comnttee). whilst the annual interest required
! of The state would be igs2, 49, And fhen me
/ FONT committee appends tabular statemonl-
| accessible ! presume, 20 Mr. koya.l-~hlch
shows how they arrived at their conclusions.
what Mr. Royal calls a sncor was an obloc-
ton % bis grayely making q suggestion OF set
ucneut upon Tho basis OF paper whose state
! meuts b al been exposed on tho very day ihey
| appeared by the joint committee.
| 81. hoyall says the figures Of that statement
are core Z becduSe they are taken from the re-
| cords Of hla ONCE Of second Auditor Very
! we'll. But TO reduce the interest within his limit
| OF $50 0tO 30 eliminates tho bonds held by the
| Literary Fund, which he saws "aro really the
states own bonds, and therefore no' duo by ner.'
! Has he forgotten that tho Constitution, Article
! VIII, section e., expressly appr0praies The an
| nual interest on the Literary Fund" "iOr free
| school purposes 2 IN, there remain the
/ peelcrs ana OLD unfundei bonds aud their IN
| teres'. N hat docs Mr.. Royal say 70 Them
| Why that Notwithstanding the Auditor 8
books show them % exist -ho might nave add-
| cd Notwithstanding hey were recognized and
| classed by tho British commission N al their
| propositions. and were accepted by no JOINT
| commit &c AMI by Governor Lee IN his message
| of December - 1857 aud yet be, Mr.. Royal,
| don't believe thero are any SUCH 1t Is IN
credible he says. " n any sucp were IN exist
| once they would DOT long ago have been IuDued
into new 3s"
| bondhoders are correct because they are taken
from the records Of he Office Of second Auditor.
| But when the IN crest Of the holders OF iaX-re-
| ceyablo coupon bonds clashes WIFI the peelefs
and the old untunded, why, then "notwith-
| Standing what the books show, thoy arc cntre-
| ly Wr0ngi There are no such bonds y The two
| British commissioners. the Joint COMMITTEES, and
the Governor arc al wrong NoD9Iy , Hhde5,
| stands the AUDITORS books but Mr. Royal
! Good luck .
The Information thus impaired by Mr.. Royal
| will be IA painful Surprise 10 all the leading
! schools an colleges Of the state. For they have
/ been deluded by repeated statements OF the
! second Auditor, last made IN MS report Tor The
year 1855 at pages IA aud ~ into the belief that
they huld collectively moi loss Than SsOi,}elO3 IN
| these old uufuuded bonds And tho second
| Auditor has Kept up tho beartless doluslOn by
| paying thom per cent seni-aunualy on ms
| fictitious amount Possibly u may comfort them
10 reflect that their loss IS NJ. Royal gain, and
| that IN future that sum will go as "A contrlOu-
| ton 10 Ms 1.-THE mortgage" which Mr.. Royal
las discovered eating up the revenues, or 10 re-
| deem pro unto the honor Of the State. 80