The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-22
MIR, RYLAND'S REPORT.
E0ITBs A DET1ILED HisT0Ff VI
THE STATE DEBT.
R~oom m endations as to the Extension OIL
Time for RefuDdingfthe Old Bonds.
Annual Purchases Suggested.

Second Auditor Josiah Ryland, Jr., mas
nrepared a detailed report. addressed TO
the Governor. which gives clear and
minute history OF all TRANSACTIONS In
card to the final settlement OF the state
debt and transfer OF the new bonds to the
olcott Committee In New York. In re-
gard TO this transfer the report says:
"The New York Committee did not call
for their engraved bonds until after they
had collected the interest due July l, 1893.
We then proceeded as rapidly as possioie
10 sign and seal them, and the delivery
was completed July q. 1898. think the
State Is very much benefited by the Iact
that the Commission OF Distribution III
their award, placed the taN-receivaDie cou-
pons at so high figure, and II thls coulu
have been known prior 70 January ISL
many more bonds and coupons would nave
been deposited. The new bonds were en-
graved by the Homer Lee Bank-Note
Company OF New York. The work is sat
isfactory and the price much less than the
State has heretofore paid FOR similar
work, the bonds for the entire issue cost
ing only Sl7,76I
The report contains the following state
rnent as to the actual present condition OF
the State debt;
After completing the cancellation OF ALL
the securities surrendered by the Bond
holders Committee and by the Commits
sioners Of the Sinking Fund, and while
waiting for the Bondhoiders' Committee
TO exchange their manuscript bonds for
engraved bonds, I determined TO make
careful examination of all Of the bond
registers in this office and compare them
with similar registers in the treasurer'S
Office In order to be certain that the an
nual report Of the Second Auditor con-
tanned a true statement OF the outstanding
obligations Of the State 1t having been
the custom Of the Second Auditor for
many years past, I'm making up MS STATE
ment of the outstanding debt. simply TO
add to the debt OF the previous year all
new bonds issued during the year and
deduct any bonds cancelled without Nen-
fying the statement by actual examination
OF the bond registers.
1.-THE result OF my examination is as
follows:
PRINCIPAL.
Consol bonds open on regis
tiers ........................... N,Vl5,4J 80
Peeier bonds open on registers 3y,7S1 IL
Ten-forty bonds open on reg
listers NEUTRALITY-SUSPICIOUS.. 800 800 %
Two-thi-ds OF old bonds open
on registers. 545,s3 m
Total commandments. f,NO,l0 ~
From which deduct two-thirds
OF old bonds held by United
States Government and vari-
GUS internal improvement
companies. which are not
fundable ....................... 49,, s57 20
Leaving 10 be funded. Sl,fS,lye B
INTEREST.
TaX-receivable coupons. ....... {l,000,U0 %
Interest on consol and peeler,
registered ...................... 1866 IS
Two-thirds interest on old
bonds ACKNOWLEDGEMENTS. S22e II
Black script .................... lD4 4n 81
Total ..................,.... S2,lO2,5H -
Deduct two-thirds Of interest
due United States Govern
ment and works OF internal
Improvement, not fundable.. SSS l6i 43
y1,hi2l2 20
A very large proportion OF this
interest is composed Of small
arrearages which have been
accommodating for over thirty
years, the principal having
been disposed OF long ago and
will never be called for. and
1 deduct on this acount.... S25OOJO ~
Leaving interest.......... SLIGO NJ Va
Principal .................. I,41S,l W
Total as per register. ..... S2,6i2 sss "a
II this is funded at the same
rate with that already fund
ed it will yield in new bonds. i,1sS,041 70
Add bonds already issued and
to be issued. 1865, III 10
Total debt under act of
February 90 1Sg2....... SIS. 40. IA 70
''This makes no allowance for any lost