The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-12-28
The State Debt.

~ 10 (. .
The report of the Second Auditor OF
Virginia on the condition OF the public
h debt, the literary fund and the sinking
fund for the fiscal year ending Sep
TENDER 50, 1905. is just issued. The state
ment of the debt is thus summarized:
e Principal Interest
IS S17,Qs7.oa9 70 Century bonds bearing
5g5 3 per cent. ............ S5Ic. 6l0 90
1854 a54 lS Eldlieherger bonds bear !,
ing \ per cent. ......... 1850 8.
.3s3 655 S. Schools and Colleges
bearing per cent?. 1898 -
8E3 50 500 90 Schools and Colleges
,s. bearing per ceat-.... .,aE !"
q t,, " CO, ., sSes,47c q
rho debt principal and interest, on
july i, 1871, as reported Us the Second
Auditor September 80, 1872, was $40, u.s.
l12..sa, OF which there was SET aside as
West virgini;as proportion Sl5.ssae 80. a.
leaving the debt of Virginia proper $50
41s.7,1.49. The literary fund Of the State
now amounts 10 sl,ssl,o27.2s. The state
also holds West Virginia certificates
amounting to S2,c-y,i5pi9. These certi-
t,cates arc held by the sinking fund com
missoners, but the sinking fund now
holds no Virginia bonds and only about
10000 in cusl1 the money having been
used from, time to time in purchasing
and retiring State bonds. The only
money now available from year 10 year
for the sinking fund is the dividend
arising from the Richmond, Fredericks-
burg and Potomac Railroad stock. owned
by the State, and amountig to s42,ll1 a
year
At the date of the previous annual
report or the Second Auditor. the sink
ing fund held sl.4n.5p. The sum OF
t-o1,5yo was added TO this. making q total
OF sl,sl3.0pO. with which bonds were pur-
chased and cancelled and the deb, re-
duccd accordingly. This makes all told
total cancellation of lo,77l,19l. -, of
State bonds as follows:
OF Issue OF old lintunded ...,..,...s 242,2GG CT
or Issue OF old unfunded--suiret-
dered by the United States in III"
settlement Inlide &ith them on
April . and 4, 1eo3..,.,,....,...-... 59isoD.i.)
or issue of March .. 1866. ............ 500 %
az OF Issue OF March 30, lSi........... 1920 q
OF Issue OF March Z. 1872 immune. 6.Sl7l5T GO
or issue OF March IS. 1879, ......... o9ias! 81
Of issue OF February a. 1ss2.....-.. s.sl5.56 %
OF issue OF February y, lsa2....... Hl,D' g
:,o77l,79l ~
These bonds were for the most part
purchased when the debt question was
being agitated. The interest on the
bonds was not paid and the money which
sccu7nllNtcd On ll.4t account Was used
iii reducing the principal but altogether
lie State has paid out in round num-
bcrs S'6coVQ1 in interest on the public
debt. Judge John G. Dew, Second
Auditor, who has given this subject in
1elligcnt care and patriotic consideration
Mil recommend tho re-cnactinent of the
uGt providing that the sinking fund com,
n,lssioners might use The surplus rcyc-
,.ues of the State in purchasing out
standing bonds. Judge Dew says that
II this measure be rc-enacted. there vii
be available on the present basis Of rev.
erue at least $4,000 a year FOR the sink
Ing fund, and lie has made "A calculation
which shows that With an appropriation
OF S1p6,oyl a year for ten years, $3n,OD
a year for ten years, and 10000 a yen,
'oi iNNl'hS sttA - W WIS Ftbi i'Jl Nv
ertirc debe OF the State WIN have bect
extinguished.
STe hope tliat Judge l1ew's ,ecom-
,nendation be adopted One generator
buildcth for another. II II were no
so tho human race would surely retro
grade and lapse back into barbarian,
is our business 10 Tighten the burdens o
generations 10 follow, and 10 do what W
can, IN fairness to ourselves. TO improy
Their condition. TO that end we shout
crtate a sinking fund to exiinguish III
debt ~ and by; we should give III
children as good scfoo, facilities as "
cen afford, end we should begin
system of rood Improvement which III
generations 10 come may continue.
The benefits VII! be to lis only /
part. bat We Shall have In addition u
satisfaction Or Knowing that we are al
Charging an honest obligation 10 po
terily.
-Szs-+-====-,,-====--;;=---==.e=a-
Who Payg tha Tay3