Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-02-20
2,g2.275 80

Dy your AuUllOf, anu yOh VIII
find that you have balance
OF ...... ......... .............S lH,Nt ii
to cover any extraordinary OUTLAWS which
may occur. including any Improvement
at the penitentiary.
MUST PROTECT THE FARMERS
Il trust that 1t may be the pleasure
OF this General Assembly to adopt the
budget as 1t comes from your committee.
Under 1t there is substantial reiier az
forded TO the agricultural people OF TINS
State. It is our duty 20 protect these
people; It is our duty, as far as we can,
10 lift the burden from their shoulders
Il IS our duty TO cooperate with them,
TO so reduce our expenses that they,
taking advantage of tho constitutional
amet dments offered 20 them. may aid
at tie polls when they come to pass upon
these constitutional amendments, and the
two tC<ether-that Is TO say. the amount
we can AVE from our appropriations ana
the amoINt that they can save for them
selves by these wholesome changes In
the ConstitNtion-will enable our success
sors 70 give the relief the the people ask
at our handA, by the reduction in the
tax rates from 20 to 81, or even % cents
on the 800; provided. always, that the
assessed values remain substantially UNI
changed In the fateful year of 1890, when
the assessment Of lands in Virginia again
occurs.
'But even supposing that there is this
anticipated will take place in 1900. / am
prepared here now to demonstrate TO you
that even then for many years TO come
the State Of Virginia, SO far as her credit
and fair name are concerned, Is sate, 50
long as her people themselves choose 10
meet their obligations, without increasing
the rate of taxation.
CASH ON HAND.
'"The report OF the Treasurer for the
fiscal year ending September 80, 1897
shows that there Is to the credit OF the
sinking fund balance In money on de-
post In the banks Of Richmond or S5O,-
$685.. The total on hand was sSl6,95S.el'
but that balance was composed Of num-
Der Of items, first. the general account
az the commonwealth: another, the
literary fund, which fund at that time
contained the $4,000 extra appropriation
20 the schools, which has since been dls-
bursed The sinking tund had 10 It's
credit the amount above named-to-wit:
1870. $3.50 This amount has since been
increased. and there was to the credit
of that fund on the 1st day Of January
1898. the sum OF 1857 ,SS.b5, the increase
being caused by the semi-annual divi-
dend upon the States interest in the stock
of the Richmond, Fredericksburg, and
Potomac Railroad Company, payable
January /. 1898.
'sNow for the purpose Of the Calculation
which submit 20 you, ! will take the ac-
counts as they stood on the lst DAY OF
October. 1927 The Commissioners or the
Sinking Fund had TO their crcdlt wv
62C.55"
Mr. Wjcxharn traced the history Of this
fund. including the act or Hsj- ~, win
reference 10 the Richmond, Fredericks-
burg and Potomac railroad stock, and
continued:
"This latter-named act contemplated
the contingency OF the states NOT peihs
IN position 20 promptly meet OUT O od,' siiS
available current supplies inc lncredseu
Interest charge Of $4,000, payable IN semi
animal instruments OF $4,000. each on the
Isl DAYS OF January and July, DeklhnIns
on the 1st Of January w, anu oSronIaf ted
whenever I'm the discretion or the COM
mjssioners OF the Sinking Fund 1t was
necessary.
There was on hand TO the credit
Of the Sinking-Fund Commits
sioners available for this pur-
pose under the law on the lst
day Of October. 1897. as above 49,
stated .......... ..............s.. SoiVvoO u
Add to this sum the semi-annual
dividends from the Richmond
Fredericksburg and Potomac,
Sl6.373 accruing January ana
July, 1898; January and July.
1893: January and July, 1900;
January and July. 1901; Janu-
| airy. 1902-that IS, four and one
dends, or nine times S16,S13.... 1F,307 90
Remember. that this semi-an-
nual dividend goes to the credit
OF this fund, and is covered
into 10 as fast as received. You
will have on hand on the lst
day Of January, 1902, to the
credit Of this fund, which, as
have said, is available for the
tin ting g contemplated of; s5i7.ssS IS
Deduct payment of additional
interest due January l, 1872. 5000 %
tl27g98 s.
A July SIM l. 1902 .................... 1873 90
slH,s66 s.
D ,ntsrest pS due e july !. 1902 .. $1,000 90
ss5i,s6s IS
Add semi-annual dividend due
January 1, 1908 .................. 1888 "
s57o,789 8
Deduct payment OF additional
interest due January /, 1903 5000 Oc
s28O7 5;
Add semi-annual dividend due -
July /. 1903 ...................... 1000 ="
s297lis :
D interest Pa dkue July i, 1893 . 5000 q
;2o7,112 5;
aga Jann ssii- l. ieS . NV '. 1888
s22s.Si5 8
D interest p@ due January /, 1901. 5000 O
Nss, 4s5 s.
AJ I1ly 10y .i...... $50. 1913 o.
sls,S5s s
D Interest pe due july 1904 ..... 5000
s59,s5S s
1AJ lamar s I 1893 ,''........... 1913 O
SIC, 23l
which sum you will have on hand 10 NEE
the instalment Of $780, 900 falling due Janu
airy l, 1905. In other words. you can Sc
your way with perfect clearness now Z
July. 1905. before there is any danger o
default. Now. / say that when q bushes
concern can see that far ahead and ha
its financial condition In such good shape
there is no necessity for any attack o
hvsteria lest we should all go presentl
broke so far as the ability OF the Stat
TO meet its plighted faith to the demand
| az the holders Of its bonds is concerned
And even after you have exhausted IN
cash TO the credit of the Commissioners
| OF the Sinking Fund available Tor TN
very purpose and put there Tor the Yer
purpose OF meeting the increased interes