Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-02-28
Letters must give the name and nd.
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Shall v. -. Is.ue Rom

., Shall v. II. /. Issue Bondsf
10 tho Editor OF The Times-Dispatch:
state briefly the reasons that decided
inc V. P. !. board to ask authority to
ISSUE bonds for building and equip
pamphlet bearing the signatures
OF tho president and rector was placed
iature setting forth on pages / and .
tho increases in annuity asked for sup
port, With reasons therefor. while on
as to buildings and equipment was
gone Into. but no direct appropriations
asked for the latter purpose. the bond
ment: 800
1T can be stated without exaggera-
ZION that the financial condition Of the
". y, l., both as to annuity and as to
buildings and equipment. is desperate.
UNLESS tho increase in annuity is
given Substantially In its entirety. dis
and there can be no continued growth
unless provision is made for needed
building and equipment.
Under the plan presented tho great
est measure of relief can be furnished
at the least cost to the State: due re-
gard VIII DO had by the authorities to
inc most 1udtcious expenditure"
These statements are not new, only
more iorcfble than ever before because
conditions have become more acute.
ferro Goh no. issue ,i Is not the method pre-
,erc Dy the board; 1t is on record I'm
Isl6 as asking that the Legislature
a shop the me sc SETTLED policy of providing
S ina S;1,99,o0o BIO available each year
LOT oulluinsS and equipment for W T.
T., 70 continue indefinitely till the in
s 81 stands equal in effectiveness
scented in the pamphlet, and before the
committees this session. Nothing Of n
coompreEcnsive character was done In
plan must be presented this session II
success was to be achieved Hence the
oo M issue proposal as an alternative.
has been dealt with in the bill appro-
priating the. public revenues passed on
yesterday. but an examination will
and equipment at Y. p. l.. but the APP
propriations committee OF the House
reported the bill authorizing this bond
issue by unanimous vote. am In
formed by the chairman of the com
mittee that he heartily indorses this
method OF providing the necessary
FUNDS Tor building and equipment pur-
pose.
Now. to consider some OF the objec-
Ions in ,so raised isa Is it precedent? No!
allowed to issue bonds TO rebuild tho
rotunda.. etc: Virginia Polytechnic In
stitute issued water works bonds: In
sued Improvement bonds. and in 1905
me university was allowed reissue
Sf her Il bonds, Why now conjure this
been full opportunity for other institu-
tons to ask the privilege. but none
have done so. Nor is there reason TO
deny it TO other institutions. II it is
demonstrated the necessity exists and
the State cannot meet II from current
revenues.
Tennessee only last year authorized
a like issue for the University OF Ten
neSsee OF sl.0o0.00o and in the senate
only, three votes were against. and in
the House only fftccn. North Carolina
has done likewise.
To quote again from pamphlet:
what business man. corporation or
municipality owning fine plant that
could certainly be pat on a much more
productive basis. assuring Immediate
and largely increased profits. would
hesitate momcn; to issue bonds IL
current revenues could not furnish the
necessary funds.
Virginia polytechnic Institute is
just such plant owned by the state
whose product consists Of young men
technically trained. linn cd!atcly upon
graduation they become valuable as
sets 10 the state: TOR does this take
into consideration the many avenues
OF potential influence upon the material
welfare of the State that will be