REPORT OF THE EXECUTIVE COMMITTEE. 



105 



YIRGIMA BONDS. 



Previous to the year 18G7, the saviugs from the income of the Insti- 

 tution were invested in State stocks, as shown in the following table : 



In accordance with the authority given in the act of Congress of 

 February 8, 18G7, to increase the Smithson fund in the United States 

 Treasury, the regents disposed of all the State stocks held by the Insti- 

 tution as shown above, with the exception of the Virginia bonds, which 

 were at the time so low that it was thought advisable to retain them, 

 with the expectation that they would enhance in value, which expecta- 

 tion has been realized. The following table, however, shows that the 

 value of these bonds has fluctuated : 



, 35, 500 



1872 

 1873 

 1874 



37, 000 



33,000 



1875 35, 000 



187G 42,000 



1SG7 831,505 



1SG8 30, 000 



18G0 40, 018 



1870 42, 200 



1871 48,000 



Under the provisions of an act of the legislature of Virginia, of 30th 

 March, 1871, the accumulated interest on these bonds was funded by 

 the State ; that is, the interest was added to the principal, and for two- 

 thirds of the increase new bonds were issued, and certificates of indebt- 

 edness were given for the remaining one-third. 



These funds are, therefore, of two classes, one known as " consolidated 

 bonds," due from the State of Virginia, and the other as " deferred cer- 

 tificates," the payment of which is reserved until an adjustment is made 

 between the States of Virginia and West Virginia as to the settlement 

 of the State debt prior to tlieir separation. 



The income which the Institution has received from this source is en- 

 tirely from tlie sale of the coupons of the consolidated bonds. 



The bonds and certificates now belonging to the Institution arc as 

 follows : 



Consolidated hands. 



58 bonds, Nos. 11521 to 11578 inclusive, for $1,000 each. . . 858, 000 00 



1 bond, Xo. 1380, for $500 500 00 



2 bonds, Xo-s. 4101 and 4102, for $100 each 200 00 



(These bonds are deposited in the 

 States.) 





easurv of the United 



58, 700 00 



