The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-02
DEBT OF VIRGINIA
|S$24,645,O75.29
Second Auditor Page Shows
That States Interest Burden
Is Less Than City's.
OYSTER FINES ONLY s218.75
State Now Has Large Endow-
ment i'll Literary Fund for
Public Education.
OYSTER FINES ONLY s21s.75

debt is classified as follows:
| Riddlberger bonds. S 55o4454 III
Century bonds 16124 4TS GO
School certificates. 2467.GO5 81
o"iuhoed securities. I5S.5SB ~
total S24.645.O75 20
State Cioscn Fiscal Year.
inc states fiscal year ended on
luesday night. and the officers were
busily engaged yesterday in balancing
accounts. Second Auditor Page, who
mas immediate charge OF the public
Gebt, sinking fund and the State in
vestments of school and other special
funds. reported that ut the close of the
fiscal year tho issue Of Riddlcberrer
bonds authorized by act OF 1852. con
sisted OF Sl,l6O.200 in registered bonds
sl,i53.5oo i'll coupon bonds, and S75IlG
III FRACTIONAL certificates making IL to-
tai OF So.594.i54.1G. OF these bonds the
literary fund. Il permanent investment
of the State for the benefit or public
education. holds sl.579,g27.2S. leaving
| OF the Riddlebcrger issue in the banda
OF the public s4.0l4.52G.ss. These bonds
issued under tho act of 1852, pay 3 per
cent.
Century Bonds
The century, or refunding bonds. is
sued under authority Of the net of 1892
which provided that the interest for
the first ten years was to be per
cent. and thereafter per cent, now
hSCoIuiuB TO tno statement
OF Auditor Page. to s16.124,47sS6 made
UP OF tho following classes registered
bonds. Sll.554.3o0: coupon bonds. s4-
$4,000; fractional certificates Sl17SSs
OF this issue S222.900 is held bv tho
literary fund and $4,000 is held by
inc state for the retired teachers fund
ieaving in the hands of the public sl5.-
S60.97S.s0
The third classification OF tho state
oent Is what is known as school and
college certificates. which pay 6 and q
per cent Practically the entire issue
amounting at the close Of this fiscal
year to $2,i67.6o5.S5. is held by schools
ana colleges in Virginia as a part OF
their permanent endowment and in
terest is paid at the rata of ; and G
per cent. according TO the classinca-
ION In tho century debt settlement
when these school and college bonds
were made into a separate class and
given higher rate OF interest
Cnfundcd Bonds.
me fourth classification OF the state
debt consists OF old and unfundcd bonds
amounting to s45s,536i2. on which no
intcrets is paid. but which. on being
presented are TO be refunded by tho
issue OF new bonds according TO the
terms OF the refunding settlement. Al
almost every session the Legislature
extends the time for the presentation
OF these ancient bonds for refun,.ing.
executor
OF some ancient estate digs out Of old
papers q few hundred dollars worth OF
Old unfundcd bonds and presents them
Tor new state securities of this date
subject to interest according 10 the
terms OF the refunding act 1t IS fair to
suppose. however, that a very large
proportion of these securities have been
lost or destroyed, and will never he
presented for settlement and that with
In few years tho General Assembly
viii fix upon a definite limit after which
they Will be barred from further CON
sideration as a part of tho State debt
Debt Reduced S2OO.OOO.
During the year just closed the pub
lie debt was reduced about 100000
by the purchase OF bonds for the sink
ing fund Tho year closed with a cash
balance TO the credit or tho sinking
chase and retirement OF bonds which
at the present market rate will serve
10 retire Approximately $4,000 Of the
state debt. BY the terms OF the sink
Ing fund act such bonds, although
marked cancelled" across their face.
and punched with holes SO as to be
Of no value. still continue 10 draw in
tcrcst for the benefit OF tic sinking
fund, that that fund has an income
both from: It's own Investments In State
bonds, and from the appropriations
made from year to year for reduction
of the debt.
better Showing Thnn Richmond.
Tho interest on the public debt Of
Virginia now amounts approXimate ly
to $4,000 per annum. Taken with
the annual amount appropriated &c
the sinking fund. approximately one