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.
Since by international agreement the wilful damage of a cable has been constituted a criminal offence, and the cable companies have avoided crossing the fishing banks, or have adopted the wise policy of refunding the value of anchors lost on their cables, the number of such fractures has greatly diminished.