Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-02-17
is LAUNCHED
IN BOTH BRANCHES
OF LEGISLATURE
Continued From Firs, ragcD

Il
the leading Lond experts and nnan-
cicrs in and out of the State.
Provide More Than Enough.
The final computation developed
the fact that the payment OF / per
cent of the total bond issue annual
~ for the first seven years. per
cent annually for the next five years.
I per cent annually for the next six
teen years. and > per cent annually
for the remaining three years with
the interest, would provide more than
enough TO ray the entire principal
OF tho sl2,Qo0,000 bond Issue. The IN
tcrest on the sinking fund is com
pounded at per cent, the rate the
State is nov receiving ON its present
sinking fund according to the Hon.
Roosevelt \Pagc. Second Auditor.
1T is more than probable that the
Sinking Fund Commission will be
able To secure higher rate than
this. by this schedule OF payment 10
the sinking fund $4,000. 900 will he
retired at the end of ten years So
Voo,oon In hftcen years, S3.50O,0OO at
tn" end or twenty years. S25Oo,OO0 at
The end of twenty-five years and the
remaining S2.oO0,000 at the end of
thirty years. In other words. at the
end OF twenty years, almost three
fourth" OF the entire issue will have
been retired.
AT the same time the payments
I" inc sinking fund will not become
Il hcavE burden on any one year For
instance, 1T the end of tho first wear
the payment will be only 100000
during the rcXt six years. which win
carry the state through it's PRINCIPAL
construction period, the annual pay
meht VIII he $4,000, for the neyt
hNc years 100000 per annum. for
the next sixteen years $4,000 n.r
ahnum, ana for the last three wears
100000 per annum"
IN speaking Of the feature OF tho
mn which gives the Governor dis
crc'iohary powers as to the issuance
any bonds. Senator c. O'Conor
""oi',:h, VINO co!laboratcd with Sem
ht"r vaughan in the preparation OF
me bill. calls attention TO the fact
'hat TINS provision guarantees To tho
fcopie thai bonds will not he issued
IN the event the Governor. I'm his
opinion. does not hciicve that condI-
luis are such as To warrant their is
S"ahce' III Is the same kind OF
ShtSs "lru which was placed around
lhe constitutional amendment" said
senator Goodrich. For example. In
lhe event the reorganizcd Highway
department. in the opinion OF tbo
Governor does not function properly.
!he Governor need not authorize tbS
issuance of bonds. II is just anbther
s"ics "aru the proponents OF this
bond issue" ''
Watch NciGhbors Grow Rich.
Speaking III the bill, Mr.. Wills
yesterday said: ''
ne present position of Virginia Is
'"at vi the man who argues that he
cannot afford To buy machinery 10
Urn "ith. We are wutcninx our
grew rich using the mod
cFh implement OF good roads while
We plead ,nat we cannot uno-i them
III /" useless To review The arpI
nehis III favor of them. The SAVING
:" 'nc users OF the roads in one wear
would easily pay for our highway
system. The problems of rural ylr-
S'hHt mat have caused the oppcs.
.'on ~ hpnd issue are the direct
result Of the lack of roads. The
farmer who can reach the rnrsumn
directly is prosperous.
AS 10 the Sl2,000,O00 proposed l.,
my Hilt. this can be financed out Of
'Ic current revenue. without the in
crease OF any tax. While I do MOI
Propose il. an Issue oil O,0Oo. 10o
could be funl ii Ey Il tax of | cent
per gallon on gasoline. thereby mag
ing the hcnr:iciarics OF the road pay
directly for Il.
III the gasoline tax is not bro-
posed. $50.000.00O issue could be
FUNDED with less than u per cent
Increase in the present tax. Would IL
DC WorthsSl per year 10 every tax
payer VINO pays AZ much as 500
taxes To the state to have n complete
iystcm Of hard-surfaced roads.
are now at the parting of the
ways: the question now is, whether
Virgin" shall keep pace with her
neishborS, VIII" have built roads up
To our very iinc, or whether we shall