Lexington gazette. [volume] (Lexington, Va.) 1871-1962, 1906-01-03
A Presentation of virginia's
STATE Debt

0tatC ACOe
The report Of the Second Audi
tor of Virginia on the condition of
the public debt, the literary fund
and the sinking fund for the fiscal
year ending September 30, 1905,
is just issued, says the Richmond
Times Dispatch.
The debt, principal and interest,
on July 1, 1871, as reported by the
Second Auditor September 80, 1872,
was $45, 718, 1923, of which there
was set aside as West Virginia's
proportion, $l5, $50, s7O.74, leaving
the debt Of Virginia proper $780,
AIS. 741.49. The literary fund of
the State now amounts to 81, S81, :
OPT .28. The State also holds
West Virginia certificates amount
ing to $4,000, 4S9.49. These GER
tificates are held by the sinking
fund commissioners, but the sink
ing fund now holds no Virginia
bonds aid only about $50, 900 in
cash, the money having been used
from time to time in purchasing
and retiring State bonds. The
only money now ayaile BILE from
year to year for the sinking fund
is the dividend arising from the
Richmond. fredericksburg and
Potomac Railroad stock, owned by
the State, and amounting to
$42, Ill a year.
At the date of the previous an
nual report Of the Second Auditor,
the sinking fund held Sill, 800.
The sum of $201, 500 was added to
this. making total of 81, 81S, 900,
with which bonds were purchased
and cancelled and the debt reduced
accordingly. This makes all told
g. total cancellation of $40, Ill.,
591.49, of State bonds as follows:
Ofissue Of old unfunded.. 8 249, 81
Ofissue of old unfunded
Surrended by the Unit
ed States in the settle
ment made with them
on April 8 and 4,19OS.... 594, 100000
OF issue of March Q. 1885,. $4,000
OF issue OF March 80, 1871 43,O2O.97
OF issue of March 7, 1871. 5,S17, 1878
Of issue Of March %, 1879 294, SS1.S1
OF issue Of Feb. IA, 1882. 1905, 6O7. S5
Of issue OF Feb. 30, 1892. 97l.157.26
Total. $40, III. 791 40
These bonds were for the most
part purchased when tie debt
question was being agitats6. The
interest on the bonds was not paid
and the money which accumulated
on that account was used in re-
ducing the principal, but altogether
the State has paid out in round
mum bers $50, 0O0,0 in interest on
the public debt. Judge John G.
Dew, Second Auditor, who has
given this subject intelligent care
and patriotic consideration, will
recommend the re enactment of
the act providing that the sinking
fund commissioners might use the
surplus revenues Of the State in
purchasing outstanding bonds.
Judge Dew Gays that il this
measure be re.enacted, there will
be available on the present basis
of revenue at least $500, 900 a year
for the sinking fund, and he has
made a calculation which shows
that, with AN appropriation of
100000 year for ten years,
$500. 900 year for ten years, and
500. 900 a year for twenty years,
by the year 1850 the entire debt
Of the State will have been ex-
tinguished
We hope that Judge Dew's re-
commentator be adopted. One
buildtth for another.
If it were not so the human
race would surely retro grade and
lapse back into barbarism. 1t is
our business to Tighten the burdens
of generations to follow, and to do
what we can, In fairness to our
selves, to improve their condition.
To that end we should create
fund to extinguish the
debt by and by; we should give
the children az good facilities as
we can afford, and We should be-
gin system OF road improvement
which the generations to come
may continue.
The benefits will be to us only
in part, but we shall have in adj
ditiOn the satisfaction OF knowing
that we are discharging an honest
obligation to posterity.
Pretty Marriage on Blu ffaIo