The bonded debt was thus reduced to $884,500; and on the 1st of January 1909 the debt, consisting of refunding bonds held as educational funds, amounted to $601,567.
Measures for its refunding, but not for its extinction, have been taken.
Skilful refunding postponed the day of evil, but cash on hand was too often a temptation to plunder.
The General Assembly passed an act at that time for refunding two-thirds of it, claiming that the other third should be paid by West Virginia.
CSA made some small lump sum refunds to him but failed to consider refunding larger overpayments to him in the same way.