The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-12-24

TUESDAY, DECEMBER "a, 1907.
The greatest and sublimcst power
is often simple pntiencc.-Horncc
Bushnell.
THE PUBLIC DEBT.

the debt of the State should not be for
gotten in disposing of our surplus reve-
nues. The Landmark Is mistaken, how
ever, in saying that the rate of interest
ON the public debt is gradually increas-
Ing In accordance with the plan of set
Element. Under the settlement of 1892
1T was agreed that the interest rate On
the century bonds, constituting the
bulk OF the readjusted debt, should be
per cent. for the first ten years and
3 per cent. for ninety years thereafter
to the date of maturity. Since 1902
both the centuries and the Riddleber-
gers have borne uniform rate Of in
terest of per cent, and that will be
the rate during the further life of the
bonds. Some of the bonds. however
bear higher rate of interest.
On October l. 1907, the whole debt of
the State was as follows
Principal. interest
S1CS66.o55 Is Century bonds.
bearing per
cent ....... s505,9S1 IS
5,927,454 16 r d dleberger
bonds. bear
ing per cent. 1888 e.
2,SS3,665 S. Schools and
colleges, bear
6 per cent. 143,019 So
$4,000 90 Schools and
colleges, bear
ing 4per cent. 1912 90
S25,2o9.9t5 Ii sS30.13G 62
Our friend in Norfolk says that COM
mar two 81
The reduction of the principal of the
debt. That is true but the State Is
doing something. and more than she IS
required TO do under the terms OF set
tlement. Tho State is not required by
the funding act of 1892 to provide for
sinking fund until 1910. But such
fund has already been created, amount
ing to s227.S00 OF century bonds and
$4,000 of Riddlebergers. This fund
was created by the application of the
states dividend from her holdings n
the Richmond, fredericksburg and Po-
tomac Railroad and an annual appro-
priation of $4,000 by the Legislators.
This. we understand, is about what the
annual provision for the sinking fund
will be in. lh2, which means that for
several years the. State has been anti
cipating that obligation. During the
year 1907 the payments into the sink
ing fund were as follows:
Dividend from Richmond, t
Fredericksburg and Poto-
mac stock. ...........S 47271 50
Interest on bonds held by
& In 4
Appropriation of Legisla-
tnre Observation-Disclosures. $4,000 90
Total ACKNOWLEDGEMENTS 80
AT this rate we shall have consider.
ably more than half million dollars
in the sinking fund by 1910, when that
obligation becomes legally binding.
That is not a bad exhibit, but in our
own interest we should employ all sur
plus revenues as far as practicable in
Distinguishing the public debt and
thereby reducing the interest charges.
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MUNICIPAL GOVERNMENT IN VIR-
GINA.
The annual meeting of the Virginia
Municipal League will be held in Rich.
OF public interest will be discussed
No question, however. needs the careful
consideration OF that organization quits
80 much as that of the general plan o
municipal government in Virginia.
Is clumsy. dilatory and expensive, an
in Its operation a hundred years behin'
the modern method of carrying on TIL
affairs of corporations. 1t would be
failure even If the Councils were com
posed of the most intelligent and pa
triotic citizens; but when compose
Of politicians, as is too often the case
bad system is made worse.
Several of the Virginia cities hav
shown disposition to try the commits
Won plan as employed SO advantageous
ly in Galveston and Houston. But til
,ticameral system compulsory stand
I'm the way.
The Stanton Dispatch and tn
Roanoke Times are urging modihca
ZION OF the Constitution in that re
spect, so that any city which desire
to try the commission plan may do s
and to that end they are calling upo
the commercial bodies Of the severe
sities 20 petition the next I.egislatui
70 take the necessary steps to subm
The proposed amendment 70 vote
the people, The Times-Dispatch is N
swift to advocate a change in the o
vsnlc law Of the state. but thinks TIL
d : great blunder was made by the la