The treasurer is the person who receives and takes charge of money belonging to the State.  The building in which the money is kept and in which the treasurer has his office is called the treasury.  The treasurer also disburses money.  To disburse is to pay out, and the treasurer cannot disburse without a warrant from the auditor (see next section).

The warrant is a writing giving the treasurer power to pay money.  The treasurer pays the interest on State bonds.  A bond is a written paper by which a person binds or pledges himself to pay a certain sum of money before a certain day.  Sometimes the government has to borrow money, and when it does so it issues bonds to the persons who loan the money.  In these bonds the government binds itself to pay the money by a certain time, and to pay a certain amount every year as interest until the principal (the full amount borrowed) is paid back.

The sinking fund is money set apart at certain times to pay the debts due by the government.  It is in charge of officers called commissioners.  These commissioners hold bonds for debts due to the government on account of the sale of public lands, and the interest of the State in railroads and other corporations.  Express companies and insurance companies whose head-quarters are in foreign countries, and who do business in Virginia, are required to give bonds to the State as security that their obligations to citizens of the State shall be honestly carried out.

Auditor of public accounts.

Elected.  By the General Assembly for term of four years beginning on first day of March succeeding election.  Salary, $4,000.

Duties.  Shall audit all pecuniary claims against the commonwealth, except those chargeable to the Board of Education, Corporation Commission, or any corporation composed of officers of government, of the funds and property of which the State is sole owner; shall settle with officers charged with collecting the revenues of the State; shall issue warrants directing the Treasurer to receive money into the Treasury, and warrants upon the Treasurer in payment of all claims except those mentioned above; shall report to the Superintendent of Public Instruction by September 15th, in each year, ninety per cent, of the gross amount of funds applicable to public school purposes for the current year; shall make quarterly and annual reports to the Governor.

An auditor is a person who audits or examines accounts or statements of the receipt and expenditure of money, to see that they are correct.

Pecuniary claims are claims for the payment of money.  Such claims made against the commonwealth are not paid until they are examined by the auditor of the public accounts.  Claims that are chargeable —­that is, to be charged—­against the Board of Education, the Corporation Commission, or corporations of government officers, are not audited by the auditor of public accounts, but by the second auditor (see next section).  To report ninety per cent, of the school funds is to state the amount to that extent that is ready to be apportioned or divided among the cities and counties for school use (see under sections Superintendent of Public Instruction and School Funds).