Debt and resources of the State.
The report of the Second Auditor, to the General Assembly, contains detailed statements of the accounts of the fund for internal improvement, of the sinking fund, and of the debt and resources of the State
, a synopsis of which will not prove uninteresting to the reader.
The receipts for the fiscal year ending Sept. 30th, 1860, including the balance on hand at the commencement of that year, amounted to $4,822,634.36. There was expended that year the sum of $1,895,002.23; leaving a balance in the treasury on the 1st October, 1860, of $4,632.13.
The receipts for the fiscal year ending Sept. 30th, 1861, including the balance on hand at the commencement of that year, amounted to $1,775,091.72. There was disbursed during the same period the sum of $1,766,871.29; leaving a balance on hand 1st October, 1861, of $8,220.43.
The investments of the fund in stocks loans, &c., other than subscriptions and appropriations to internal improvements, amount in the aggregate to $5,108,483.33.
The amount of bonds of prations, the payment of the interest and the principal of which is guaranteed by the Commonwealth
, is $2, The amount heretofore reported was $3,898,500. Since the last regular session of the Legislature, under an act passed 23d March, 1860, $1,862,665 of the guaranteed bonds of the James River
and Kanawha Company have been converted into State bonds.
The interest due the 1st of July last on the bonds of the Chesapeake
and Ohio Canal Company, guaranteed by the State
, has not been paid, no report having been made by that company of its inability to pay the interest.
The amount appropriated by State subscriptions to joint stock companies and for State improvements, upon which payments have been made, is $40,642,189.88, and the amount paid is $35,568,266.71, leaving a balance of $5,133,923.17 yet to be paid, which, added to $9,900, the amount of subscriptions to companies how authorized, on which no payments have been made, makes the sum of .
The amount authorized to be subscribed to companies of whose organization no information has been received is $785,740, which, added to the aggregate amount of the two items last stated, makes $5,529,263.17, and constitute a contingent liability of the Commonwealth
Bedmates are given of certain and probable receipts on account of the revenue of the fond of Internal Improvement for the fiscal years ending 30th September, 1862, and 30th September, 1863, after deducting the estimated charges for the same.
The surplus for the year 1862 is supposed to be $238,759.39, and that for 1863, $258,759.39.
The amount paid out of the Sinking Fund on account of the redemption of certificates of public debt issued prior to 1st January, 1862, in the two years 1860 and 1861, is $462, and the amount paid for certificates of debt purchased for an investment for fund the two years, is $581,012.41.
The aggregate outstanding debt, consisting of registered and coupon bonds
in the hands of the public and the Commissioners
of the Sinking Fund on the 30th September, 1861, is ascertained to be $34,899,824.32. The net increase of the public debt, during the last two fiscal years, is $4,619,507.69; which increase include guaranteed bonds of the James River
and Kanawha Company changed to State bonds, ($4,862,695,) armory expenditures and subscriptions to railroad and other improvement companies.
The amount of public debt issued prior to 1st January, 1862, and now outstanding, is and is called the old debt — that created since the 1st January, 1852, amounts to $24,538,713.33, and is called the new debt.
The Commissioners of the Sinking Fund have advertised to redeem, on the 31st December, $60,614.96 of the above public debt.
The aggregate amount of the funds and resources of the Commonwealth
is $43,080, of which amount $8,120,805.90 are productive of a revenue equivalent to about four and one-half per cent. The remainder or unproductive portion consists of bonds and loans, which are more or less available and secured by mortgages, &c., and stocks in improvements not completed, and also in improvements completed which yield no divided.