580 



EEPORT OF THE EXECUTIVE COMMITTEE. 



VIRGINIA BONDS. 



Previous to the year 1867, the savings 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, 1867, to increase the Sniithson 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: 



1867 $31,565 



1868 30, 000 



1869 40,018 



1870 42, 200 



1871 48,000 



1872 . 35, 500 



1873 37,000 



1874 33, 000 



1875 35, 000 



1876 42,000 



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 their separation. 



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

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



The bonds and certificates now belougiug to the Institution are as 

 follows : 



Consolidated bonds. 



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



1 bond, No. 1380, for $500 500 00 



2 bonds, Nos. 4191 and 4192, for $100 each 200 00 



(These bonds are deposited in the Treasury of the United 

 States.) 



58, 700 00 



