The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-05

The Public D:Dt'
The total debt outstanding is So o,o ,7o;1o
Century bonds 900 az rs
Riddleherger bonds 1900 ZEE AK; 81
Schools ana colleges go. ...... 2'4eo, 500 @
s26, s26, 2so1o
or vh,o,, a.. century. and Riddleberger
bonds or s24 a5e s24. IS. bear interest at the ne
rate Of 2 r,er cent, and of the 81 46b. 500. %
held by the schools and colleges 81, o9;o'
receives interestaata the rate Oh Q, pc, 10,
and $500 interest at the rate ioh ta- p
cent. per3 annuu1 To meet the. lhtet CO..
upon this large debt II VIM ca
after 1861 .256. o5 annually. ,,+arest
The promntness with which this lnte els
has been met in :the% past, the az
of investme emit Of fduciary luhuS ~ .d
State securities by act ofaAssehlo,,Ss, 90.
the confidence in the honor,
future prosperity of the Cohlllo 1I;v 60,
have enhanced%the value ~ oted !.
mar value and are sought after: IN Gil tile
markets Of this country. Inc MAJ l ne.
value of these bonds four years ago was
So to 70 cents Our own people nave IN
vested largely in these securities. ana l. IS
hoped they will eventually ABSORB tne
whole debt
Bonds now held by the literary fund,
the interest on which is used for the pay
ment of salaries OF city and county sl-
perintendents of schools and expenses or
the Department OF Public Instruction:
- ,n+ 49, s1,747,527 q
There are held by the schools
and colleges ........f ..-....... z'4oo,1oo %
There are held by the COM
missioners OF the sinking
fund ........ .......... ........ 1ln,50o w
$685. 4ss i
II this is deducted from the total
amount of the debt it leaves outstanding
s21 800, 796.0I.
The Board of Sinking Fund Commits
sioners have acted prudently and wisely
in the discharge of its duties and during
the last FOUR years have purcnaseo anu
now hold State bonds to the amount OF
Sill. 500 part of which were purchased
with the dividends from the stock owned
nv the State in the Richmond. Fredericks-
burg and Potomac Railroad and part from
such surplus fluids in the treasury as IN
their Judgment might be safely diverted
to that end.t During the past fiscal year
s435 800 of this amount nave: oeen pur-
chased. =
would recommend that all OF the bonds
held BY the commissioners of the sinking
fund be cancelled and permanently re-
tired as a part of the State debt. and that
the bonds held by the literary, fund and
.he schools and colleges be treated as sep
crate obligations, and appropriations De
made to meet the interest on the same as
amounts allowed to educational work.
Then. our public debt would be in plain
and practical shape. easily understood.
and the true amount held by the public
could be seen unmixed with the school at
fairs and the State get full credit for
amount given to the cause of education.
The General Assembly has on several oc-
casions extended the time for the funding
Of the old securities which had not been
funded under the act OF February IA. 1882.
Of February 90. 1892. There are still out
standing OF these bonds which have tax
receivable coupons attached
tConeol coupon bonds .............. $40 $40 90
.'Ten-Forty" coupon bonds $3.50. 26,S0o 90
s72. 400 90
To avoid any possible future trouble rs
to these as we'll IS to do Justice to the.
creditors of the State. I would recon-
mend that the General Assembly grant
further extension of the time within
E which the holders Of these bonds may
fund them into new securities.
The Board of Fisheries.
point with especial qualification to the
report of the State Board Of Fisheries.
she results accomplished by this Board
demonstrates that the State has at last
adopted a plan that is not only the best
from a financial standpoint, but one that
IS eminentlN wise and just for the man
agemcnt Of her great fish and oyster in
forests. ASH said in my last message TO
the legislature ''If Virginia can always
be fortunate enough to keep the positions
on such boards from being the reward OF
partisan political la bors, we can always
expect satisfactory results.
The last Legislature appropriated s5,eVi
to dcfray the expenses of resurVeying the
oysters grounds. This work has been COM
pleted in York. Warwick and Isle OF
Wight, and some work has been done in
several other counties. Three thousand
nine hundred and ffty-two dollars OF the
amount appropriated was expended up to
October 1St.
1t has been shown that in many in
stances the renters are paying the State
taxes on much less number of acres than
they actually ho.d. and the gain IN the
Increased number of acres thus discovered
increased number OF acres thus discovered
will compensate the State for the ex-
penses of the survey
1t is very evident that the hope Of an
I, increase in! the income must be from the
planting ground rather than from other
sources. The gain last year over 1909 from
the planting ground was SS,lH.22. while
the increase from longing was s1.731.o2.
and from dredging. flsh-nets, ETC., there
was a small decrease.
During the three and a half years Of tho
operation of the law the net revenue to
the State to October I. 1901. was slOS272.72
which is an average of s29.oG6 per year.
while for the four years preceding It's en-
actlnent the average annual net revenue
was onl: 36S6.32. The last year under the
old system showed loss Of s1.sos.2S.
The steamer Chesapeake. which was the
largest of the oyster po!ice-boats, was
sold and smaller and much more suit
able boat purchased to take its place. All
the other boats have been overnauled and
made a. good as new. The costs of this
new boat and Of these repairs have been
borne by the running expense fund.
The State now owns three steamers and
one schooner. which are run at third
less cost OF men and fuel than formerly.
rithout accident no additional outlay will
be required for years, except incidental
repairs. ,s
hope the Legislature will observe the
| recommendations. and az far as possible
grant the requests made by this able and
efficient Board.
Educational Institutions.
The unusual length this message has al