The times. [volume] (Richmond, Va.) 1890-1903, 1892-01-24
House OF Delegates.

The session of the House was opened
promptly at noon yesterday 10y Speaker Card
well. In view Of the fact that the discussion
on the report in reference 10 the settlement Of
the State debt was TO come up the number OF
spectators and listeners was very large. and
among them were some of the most prominent
business men IN this city and from other To-
caities IN this State.
Leave of absence was granted TO Messrs. H.
b. Howe. of Pulaski two days; Samuel +.
Coleman Cumberland, three days; Charles >
Thomas, fluyanna, one day; Ben lamln
Chambers, Northumberland one day.
The Speaker stated that on the previous
day the House had adjourned after the mo-
ton had been made TO reconsider the vote by
which the pending question had been agreed
upon. The vote was then recOnsldered and
the pending question was at one rejected and
the subject again brought up for discussion.
Mr. Is. Is. MuntOTd. as chairman Of the
Finance Committee. made lengthy address
containing some very interesting statements.
Among other things he spoke as follows
The principal of the debt under the Riddle
berger bill zee Governors special message)
was p, 7g6 304 which at per cent made an
annual interest charge of S553,Sss. The Leg
islature which passed the kiddleberger bill
expected to pay this sum as soon as the fund
ing took place. but because OF the failure 10
fund at once all the outstanding debt only
portion of this amount was used and the Leg
islature of 1884 directed from time
TO time an investment OF the interest
fund SO that IL might DO on hand TO pay the
interest TO the creditors when their bonds
were actually funded under the Riddeberger
bill. In nine wears, the time between July
J. 1882. the date fixed in the kiddleberger BILL
and July J. 1871 the date fixed in the Olcottset-
tlement this interest on the debt had il been
funded under the Riddleberger act. would
have aggregated 50. Ss4. y99. The State. IN
fact, only paid s2,29O. liS. which leaves al
interest charge for the nine years alluded to
of 1904, $50 unpaid This is the debt which
we are 10 provide for to-day; the creditors in
effect ask for this interest and the bonds
recognized by the Ridddleberger bill. Com
bining the two items We have new princi-
pal of r25,3Jl .l04, q sum slightly IN excess of
the principal recognized by the Olcott settle
ment The annual interest charge il has
been seen. under the kiddle5erger bill was
sos. s8S; the annual interest charge under
the Olcott settlement Will for the first ten
years be per cent. on Sl900000 tO-wit
$3.50. 600, and per cent. on the outstanding
Riddleberger bonds which amount to
S6Osl goo, making for the latter SlS2 600
per annuni. or an aggregate charge for the
whole debt 1852 43S, which. 1t will be
seen, saves the State for the first
ten years S91.4j0 on account of interest
aggregating for the ten years nearly ! 600 O00
OF course after expiration OF the first ten
years the interest charge on the new debt
by S9s. 5iS per annum, but AS we have already
saved during the ten preceding years nearly
Sl.00O. 600, this salvage will during the next
succeeding ten years pay this additional
charge. The next remaining question is Can
the State. under her present taxation meet
the interest accrulng on the OlcOtt settle
ment. The Governors message shows that
on the basis of the assessment of 1880 there
will be S523,0o3.2 20 surplus TO be applied to
the interest charge OF 800, 43l, which would
leave q deficit OF t3l.3}3. but Il have state
ments from the Auditor 10y which it appears
that the assessment for 1891 will bring an III
creased revenue of over $4,000. The add
tional S2i 900 comes from the railroads alone.
We CAN DO II.
IL will be thus seen that We may reasonably
expect that our current resources will lie
ample TO meet tho accruing interest during
the next ten years. But In addition 10 the
current receipts we have now in bank a
cash surplus rs of October !, 1891, the end of
the last fiscal year S644 .4Sl.35 and in the
hands of the sinking fund commissioners sub
Jet 10 our order. Sl92. 1925, which album
dainty provides against any failure on the
part OF the state to promptly meet the inter
est accruing on our debt when funded under
the Olcott settlement There are now out
standing 1907 ,O22 Of tax receivable coupons,
and only the patriotism Of our people pre-
vents the great bulk of coupons from coming
into the treasury and from absorbing all II
our revenues.
Sir. Muntord urged the members of the
house 10 meet the patriotic disposition by the
speedy ratification Of this debt settlement.
which would relieve the State by substituting
bond with low rate of interest," payable a
century hence for these coupons which
threatened destruction and confusion to tho
financial status of the State he paid a high
Compliment 10 the Debt Commission, and