Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-11-16
TUESDAY. NOV. 16. 1897
yIRGIxIA,s FISCAL AFFAIRS.

The movement in favor of a convention
20 revise and amend the Constitution Of
Virginia was defeated last spring, chiefly
because Of the argument that all Of the
economies that a convention could effect
could as well be effected through the
Legislature or course there were other
arguments used against a convention but
the one mentioned probably had more
weight with the Democratic masses than
any other that was advanced. AS for
the Republicans, they quite generally
voted No" because they feared that
a convention would restrict suffrage in
some way and would provide for a pro
rata apportionment of the school fund
10 schools for whites and blacks upon
the basis of the amounts contributed
thereto by white and black taxpayers.
1t now remains for the Legislature to
meet public expectations, il it can. 1t
will be incumbent upon it not only to
reduce expenses wherever it is possible
for It to do so, but to propose such con-
stitutional amendments as will further
the same end.
The Dispatch earnestly hopes that the
Legislature will be very diligent in the
work that is before it. A hard job has
been assigned it, and if it fails in doing
II. the work will almost certainly be
passed over to a constitutional conven-
ton.
Our expenses are-upon an average and
in round numbers-for schools and col
leges about 81 go 600 per annum; for pen
sions and support of the Soldiers Home,
sl43. 900; for care of lunatics, $4,000; for
support of government proper $4,000.
All the rest of our revenue goes TO pay
interest upon the public debt and TO meet
special appropriations. OF the expenses
Of government proper, say $4,000 upon
an average. one half goes to pay crimi-
nal charges; but from this one half the
net profits of the penitentiary $4,000 this
year, should be deducted.
To squeeze the $4,000 needed to pay
the increased rate upon Century bonds
out Of what the criminal charges now
amount TO will be well nigh impossible,
we think. In what other direction can
retrenchment be made? That's what the
Legislature will have to find out. The
annual reports now being prepared by
the various officers of government will.
no doubt, throw some light upon the
subject. and further information, if
needed. the two houses must secure
through their committees
AS to our public debt and the interest
thereon. we have received many inquiries,
including the following, which We answer
In the terms heretofore used in answer
ing a similar enquiry:
To the Editor of the Dispatch:
Difference OF opinion exists concerning
the amount, OF Virglna's debt, and the
rate of interest. You will confer favor
by answering the following questions:
What Is the amount of the State debt?
What per cent is the State now paying
on her debit
What per cent will the State have to
pay IN the future? .. II.
/. 1t is $2l, 246 927, exclusive of the bonds
held by the colleges, which amount to
81 .4es. 455. Also exclusive of about $l,OoO.OOO
of old bonds and past due interest which
nave never DtSH luAiNNN ehN "'NANtA NA''S
or may not be in existence.
q Three per cent. on Riddlebergers,
per cent. on Centuries. and and
per cent. on college bonds The Riddle
berger bonds amount TO %,S2S759, The
Centuries amount TO $i79iSl67.
3. The Riddleberger bonds bear per
cent. interest The Century bonds per
cent, until July /. 1901, and per cent.
thereafter for ninety years.
The Literary Fund holds of the Riddle
berger bonds otherwise known as
"new gs") si,4SO,S27 and of Centuries
s7s.sO0 the interest on which. amounting
10 s42,s9o, is appropriated TO public edu-
cation public schools in addition to
the $4,000 heretofore stated. The
sums realized from fines and escheats
are also required 10 be invested by the
Second Auditor and the proceeds thereof
are devoted by the Constitution TO the