Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-02-16
bonds, '.......... $4,000 90
Or total annual interest charge of. 561,437 9,

Or total annual interest charge Of. 562, 437 81
Being a saving for the State Of. ,451 SO
per annum during the next ten years, ag-
gregating III that period nearly $1,000 600.
which saving with interest for ninety
years Will more than equal the, apparent
increase In the principal of the debt.
Then. too, the advantages to the State
OF the present over the Riddleberger set
t.ement with respect to the requirements
of the sinking fund are even more pro-
nounced. Under the Riddleber act We
were required to provide per annum, as
above shown. S4S0. 42433. a sum almost
equal TO the interest charge upon the debt
itself. while under the bill under conslde-
ration no sinking fund Is required until
the year 1910, when charge OF one half OF
per cent. is TO be dedicated to the pur-
pose, making an annual charge OF Sl25,-
against S49J.000 under the Riddleberger
act. In 1880 this charge is $250,000 per
annum.
WHAT THE STATE CAN DO.
Mr.. Munford continued at length. point
ing out other advantages winch accrue to
the State in the present settlement as
compared with that proposed In the Riddle.
berger bill. Continuing, he said: Inow de-
sire to address myself to the important in
curry as to whether under our present rev.
enue the Commonwealth can support her
schools and MAINTAIN her educational and
eleemosynary institutions and pay the In.
terest annually accruing upon her debt
thus settled without an increase OF taxa
ton.
As We have already seen, the annual in
terest charge against the State during the
next ten years will be S91 900 less per an
nun than that required TO meet the in.
terest under the Riddleberger bill. From
the statistics found on tie tenth page OF
the Governors special message 1T will be
seen that the amount of revenue. over and
above the current expenditures of the gov
eminent for 1890, aggregate 1898, 053. 70.
From the statement furnished me by the
Auditor of Public Accounts this surplus
for the year 1891 will show an increase of
SIS, 900. making for that year the sum OF
$685., 053.29. The interest charge as above
shown, both on the Riddlebergers and
the bonds issued under this act,
aggregates 1861, 437.27. leaving q sur
plus of Ss6,616.O2 for the year 1891.
The indications are highly probable
that the taxable values Of Virginia will
increase at the rate at least proportioned
to that which they have maintained during
the three decades just passed: In 1850 her
taxable values aggregated &3Q4, 100000: in
1885, $347, 600, goo, and in $780, $3.50. O00. coo.
1t will be thus seen that the prospect is
that the surplus of $4,000, which appears
for the year 1891, will increase rather than
diminish during the years TO follow. But
in addition to the annual receipts. TO
which we can look for the prompt pay
ment of this interest. the State now has
on hand cash surplus. saved from the
non-payment of interest upon the DEBT.
as provided for in the proposed Riddle
berger settlement. of over $50, 900. and
valuable interests in the Richmond,
Fredericksburg and Potomac railroad.
which would bring on the market $500 900
more.
WILL HARDLY REACH THE LIMIT.
Mr.. Munford, continuing. said: In this
connection desire to call to the attention
of the House that the probabilities are
that tie principal of the new debt will
never. Is provided for in the new settle
ment, aggregate as much As S19, 000, 900. Asis
we'll known, that principal in theory will
be derived by the issuance of 90 of bonds
for every $2S of Indebtedness surrender.
ed. AZ forming . part OF the indebted
ness which it is expected will be thus sur.
rendered. there are of old unfunded
bonds. principal and interest. "a, AZ. sos. %,
a. above indicated. These bonds were issued
over forty years ego; they have long since
been due; NO interest has been paid upon
them since 1881 in all the various opportu-
mites offered BY Virginia for funding them
and thus securing the COLLECTION Of inter
est thereon, they have never been brought
forward TO rsceive tbs benefit Of such ats.
The most visiiant search b. the aseute Of
cover ali of them. the only evidence that
they ever existed bang the records u the
once OF the Second Auditor. and The
presumption 4 almost conclusive that TIL
great bulk OF this clasA Of our oQtetapdinG
obliGatious are either lost o. Destroyed,
Should they never BE- presented TOT tand.
I'M under this BY. = thar hsye pee heeq
r. "a =; Z! /! ; - {! / ~ p!