Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-12-05
THE UNFUNOED DEBT.
'It Is the Ono Weight ON the wheel Of
state Which Retards It, Successful
Revolutions"

The nrstsuhlect 70 which / direct your alton
don, as 20 Ia the nrst in importance, s tho pros
eut condition OF tho State debt THIS subject
should receive your careful consideration and
calm deliberAtion. It's s0luiuR brings peace.
plenty, and prosperity 90 Virginia: its agltq-
tian, miscouception, misrOnstruction, aud costly
litigation 10 all concerned 10 rs the one weight
uu the wheel of state which retards ITS success
fui revolution 10 Ia the rock against which tho
breakers may dash in tbc future, bat whose re-
rnyal will leave a calm aud uutrou5ie1 sca,
into whose dcpih The anchor OF good tortluo can
srfely ana e-urely rest.
10 sl Of me outstanding obligations II mo
State were funded under he net approved Fob
r4ary D., l--l, with the " Wickham amendment ~
attached, except the bonds held ny iuatituu1C- ~
lr4fulnr, tne interest upon which o. now pail ty
special legislation at the rates prescribed ~ shid
a.f-uameiY COuaOls ut al, lD-iJs ~ o. pe-ler-
ana tle old unfundei debt al tl, the principal ~
fH. debt would Dee fei,-ts,slasi' tne annual in-
rrr.at upon which would hH sOjhOi.@ Tho cone
e.I coupons outstanding iiom duly' 1850, toJauu-
irr, ls.l, which aro untarrru from being tunied
ts This Mirkham amelimen', ana which are
f0tincluded in tho foregoing estimate, amount
tlf.tl..tiH. 1910 coupons Tor same period
r.mr.y. Jolly, 1855, 90 January, l-9j-amOunt 10
3 -2l. tl, making g io;ll face value oi SholA-
la The number OF coupons received INTO
tts treasury Ou Judgments for iaNes during the
r.r4l yrar ending september 90. lS-9. amount 10
6 f.1-l During the previous year tne amount
.4- s..S.93s. Ini- ~ 'hteiuess OF f-I,s.l,9I2.4
40 bs reduced b/tho following itoms-yiz:
...UI. hold Boy the omsilssloners N tho sinking
-It purchased under the provisions of tho law
alI whirn can bs cancelled, t2.-~lbfibl: tho
s..k held boy the state IN Kchmond. frede-
r..k-hlrg ana Potomac railroad can be sod and
rh Ue proceeds new per cent bonds
.l4 to purchased 20 the extsnt % $ 'Htii'.
ItrN NluGiug uud has Ia ga h, iucuiing ihe diyl-
.elI eceuuy declared by tho Richmond, frede-
il..-flrg AMI Potomac railroad aud 90 be pad
within low DAYS, $l2dn4 ~, which wiii pnr-
chase Of new b at 0> fls1.llal- 40" ticck held
...r.l NNH To-. 20 d..
Nay ltl. ihouFhi car Do scla Tor sum whirn
v plrrasr oi new a's iie,St-aL The Jnil'd
States l..ds Ola uufunded bonis which, with in-
teres. thereon, funded ini now per cont bonus
rapr.-.nt fjis,5gL5s. Tho state has a claim
t.4Inst @. @ uitrd StHtes whlch viii offset thla
frI~tt,llc4s. and therefore 10 need not 90 pro-
F..el for is estimated tnat old bonds and iu-
t.fe-f thereon have been lost aud VIII not DC
presented. representing IN new 81 tho sum ot
l.>A-6 Ihe total aggregate ot the above
amounts 60 H,Djbli& boductng ihns from 80
t.,'l-4 tnsro Will be lott tlb."8t3iH, "hich
s.llI AIRY an annual interest al : por cent oi
Iie.e Geures would therefore represent the
fr.arIpal and interest OF The act OF lSs2 II al
..as-a- % debt were funded under thai act "ith
lt- anfu1mcuts In . these per cent bonds. e4-
.e., me- bonds held by Institutions OF learning
Al lgii the state dispose OF iis assets. 49,
lr my message u December Z, ~,
a4tnluel detailed estimate Of the annual
expenses Of the State. Siuce then these GA
rHAs-. have increased by The aioPuOn OF
tta lor-l0n Till: Increased appropriations TO
fae a-ylums. made necessary 10y tho lamenlablo
increase o. lunacy; 80 the Agricultural bureau
an to schools, as VOL as the iucreahoi c0si OI
orIuIual prosecutions, al Of whicn will he seen
hY reference % the detailed estimates accomps-
u1 ~ THIS message.
Do tae present appropriations arc cOutluued
Wc amount available 90 pay interest upon any
settlement Of tho debt VIII be f5bO.sUOOH iu
view of Tho financial condition OF tue state, hs
shown by "a Carefully-propared estimate OF fo-
pts and expenditures. IL is apparent your
w sIom Nill be- taxed % provide Tor me payment
d" Ae annual interest, should tho act Of 4o,s 20
s--opled by the creditors. Any careful oAalni-
ialou Of tho dnauoes Of the Siate should make II
palm 20 creditors aud people thst thc Sate Is
n0t noW IA condition 70 pay larger sum ia IN
tfrest than tbSt demanded by the present ia"
Without increasing the taXoa II, however. tho
cred ilors are willing 10 propose settlement
which. while not departing ia a marked manner
irom the principal anc Interest as now rocos-
nlzsd 10y lho state, either for the reason tnat
spue oi the features II the present pili present
inslnmOuntsbie objections or because, In their
- ion, equity ldAdema9d The different
hOnds Al dineront rates than those laid down Oy
lhe act Of 1os2. or for any other reason, feei
Vel satisfied that nuch a proposition would re-
coiye your respectful consideration.
rLOroaTfoS OF THE LEGISLATIVE COMMITTEE.
u sill 10 remembered that the joint commit
Toe oi ne legislature 10 Nay, 1881, won't beyond
TIE al of lSs2, urged by great desire 10 settle
RfeSt question, but their oner was rolocteu anu
has no apflIcat0n now save 70 marx the cA-
IRENE limit the state might have then reached
70 eject a settlement The unanimous report
from this committee, which Included the Ilou-
leaant 0oyerr0r Of the state ana the speaker OK
We HOUSE, nSed the basis upon which thos were
willing " recommend settlement OF the prin.
opal a. sSi,2S7. 100, with annual interest OF
ksvasLtz. $50 benGte document, page ~ Tho