The times. [volume] (Richmond, Va.) 1890-1903, 1892-01-15

TouErH-rBE oLo0Tr SIT
BY tho settlement unanimously ngre H'r
upon by the COMMISSION hppCo 18th the
Joint resolution OF March o; .bo bonds arc
OlcOtt committee 81 New ON, dro .lulv
10 run tO1 wears from July ], 1871 ~ "a y
sod, uu io ,er cent Tor ten years ana
per cent for ninety years nOn-t"t ~ - e,r
COUPONS Principal on lst july i.abonged
bonds. if al indebtedness De I.sI III
sIg.O0O.O.O. Principal on ISL gu5 ~ the
9 per cent. bonds now ih Wy -, 5O Total
public and literary .und. v6.O .-t-,'' ~
princiDal outstanding lst July ST. siI,,os
t42..0 (oxciuslve OF bonds held ~ ~ ',,te
The total annual interest due by 'uo ..,, 80
under the sett ement with the 49,. 80, 4 nor
tee iucludiug interest on hi4n4c"0- ~ IL,
cent. b nds held by the lteIait - 1901.
the hands of tho pubic on tct,y3D ,.--as+ for
e562. 1917. an annual saving or NJ. .e,,rder
ton wears 10 the State over settle men' 49,
the Riddleberger bill of SOL i1l.'o' "'''e''
aggregates -al4.Jl3bV. H.. for the
The i'm itor reports az applcaOls io -,
uavnent OF interest on the pubic ceol. -. ~ -,
! The revenues Of tho state incl dlhg IaAe' V1
railroad property about e4.0. aOlZA ..
| The Second Auditor reports annual nv
dend- on tho stock. etc. OF the al lul e
/ Fredericksburg and Potomac LaAIo"u N'-''-
pany. e32, ~. e-..,,.-,o-.
/ of interest on tie public debt. goo v' - -,
he ,n,,hlic dei,t . -52il ". Amount 20
I be provided for about $50 3s3. :, u al- .n0
| bonds arc exchanged az once, which is scaIco-
| ly probable.
TN PROPOSED sETILE1EN-.
BIZ ~ examination Il the joint resolution
/ Won will observe we were restricted - On
/ agreement based up TIE prncp - o. .n l
/ Rddlel or. or BIZ. We 90 not De"efo
/ have materially trauscendcd our powers. lh
rrf
we have adopted tie basis OK settlement
used i'm the Iid1lel erger Dill. len year
having elapsed since Its passage, theTe nus
/ been a considerable increase ~ the ueDI Ivy
way OF interes. ,,,n.
maximum amount of new bonds 10 be issued
IN exchange for the Outstanding ODl%ati9hs
of the STATE now ID the hands Of the PUBIC
lut not inc. uding bonds already funded under
tbeRct oi February a. ISL There WeTo on
October ]. d. /. -b.O-1. 2l2.tO II these Oohls
iu the hands of the puolc ana ths
literary fund. which. with the proposed
new issue. will make the sum of el3.O,l ,zlz.oJ.
ON tai. amount we VIII he conn elled 90 pro
vide annually the accruing interest ms
appears to be an lncrea 10 principal yer
the settlement OF 1852. The considerauon %,
how III s principal j, % he mot is postponed
for a hundred years. We do not THINK IT
rth while 10 concern 0ver-clves about the
/ financial condition OF Virginia nunlTeQ
wears from now. We have interposed tour
/ generations between u- and the payment Oh
/ this principal. 10 - sufficient - affirm that
/ unless all of our calculations prove deu5lfe.
based as they are on the constant increase el
taxable values 10 the past ten years. the state
viii be much better aule ~ take care OK tAe
/ principal Os the debt then than we are 70 pro-
vide for the interest now.
We adopted the form OF tho Ridd,eoerger
bill. rs far as IL is applicable 10 this contr 70,
with ITS nou-taE-n@ying coupons lh'7is
matter Of much moment. u rcAeNes us oI
this device which enabled the coupon holder
/ to intercept the taxes due Dy the 80 zen Do
fore they reached the treasury of tho > ate.
TO prevent tins has been fruitful source or
controversy and the suits arising IRON tll7
subject have been the cause forcing tle
tate as a litgant INTO the state AMI ederal
courts Thetax-pegiug coupon ls an imputl-
/ tion upon tho go n faith o. the Conn on-
I wea th and "A reflection upon her financial
/ integrity unnecessa and Illuminating Our
/ neon would never ratiY setf emeIt
/ which embra rs e bond with this feature st
ched. however favorable 1t might be- ln
other respects.
Weare to pay per cent interest for ten
wears and after that 3 per cent for ninety
wears cur greatest difficulty VIII be r the
/ first ten years Our settleI ert we are as
sured. will be the cause of bringing popuia-
| ton aud capital into this State Zach lmmi-
- .,,l ,.,..~r a.. l.r,. ,r.yth ~ nronerfy In, .
-, ''''' i ,t-ii,,+o i+s 1,o rr,r,rfi,r,
.iOt.-e' 49,
10 O"' 'o''"'
CAS- NL MltI Ill- j. iitl7i:
VIII we be able to meet The interest With
ont increasing the rate of taxation. / have
no doubt of IT, see the facts
The report Of orr Auditor shows that iu
! is the am mt OF property assessed lOr
taxes was -o14,o0f ~ - I'D l'.2 IL was 9ef''-
80. O. ~ Io.Y l' gas ',, .I o ~.
1he 'HNnD'o ,r'"e W. IVA -'i.'i ,i
$40; ih 10 lne .aAa,'e 'd'-o OF ovt .H'' '.'.. 1
VS. '''' iu d,' 'i0 , WI no l..e w. va.
iAiio'"7 ""7 i-''V. ii. W .'i .i.' ''.I " 40
increase vnele ~ 10 ,. ''''. '.
a., S s,,..,-t ~. ,,yerrn,a,.f tots care ~
o5ss-it. tf, inef't,iioY. and schools and coll
-. ,n9 Dur lii soldier. without omlar.
roes,'ent ~ orr finances M preseu, Ihere
,lf i,a ,,o,,. ..,,,roos ~ reyert-.. fDo on,ount
49, ,,,., ,, .l, mo. ,,,r,t ord a.,,.f,.,.
uepsN''flI gto.o ,gi ri, ,,,as c,er re,,r
NEUTRALITY-SUSPICIOUS. t..ot ,e az ,lt eo,,.,,,,,.
ap'o '.os o,1 $500 M ~ ,,r
~ our vaoI t an" r ,'s to ,n no % b our
no-' reot rat. Of ,nte,e.t ensttle of one
r,,l~aJ ,.oe,s r., ,,ro,i5e f,.r TIA nrinr,,,oI
REDUCTION or EXrfNsEs.
Tron an examination e mv regular mes
soce Won will see have p0iutei ont nh. yav
I,, which our EXPENSES may be- IA 'urad nh ~
/ aud. of dollars everv wear Do vou will Iced
NV advice and enforce nv SUGGESTION. iv
,,rooer lelis,rlion enouph may be saved ~
meet any Increase necessary for the PAYMENT