Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1851-03-07
n,ur cn1rpnN RuND.

THE COUPON BUM.
THO most important bill of the prcsen, Legislature
under consideration in the House OF Delegates,
act 10 inprore the form Of the public Geol. ou 80
emf system a person who makes u loan - va dc6-
wealth receives her bond for the amount payable Il.
-, :, Tho f,,urc saw twenty years from It's d''e, y
himself md his name is entered in the BOOKS u wv ali
=, ,,o holder The pcmi.annua inicrcs, of this pow"
.r,,,lv occrucs and the principal nj maturity ~" ra
AMY at Richmond If the bond be at any 'ie ,nno,
nv the original holder another person. tha' rinci
draw the subsequently, accruing interest," OF '' holder n
nal without power OF attorney from 'ie s ,I n,onsr
receive it and the bond itself cannot become hoor f
" until an actual transfer has been nauc i -, ,,,v
tho Auditor at Richmond, which is only a0"e ,o Al
from the original holder given either IN peiso"
tors office, or proved by duly an'hen''cue'
ney. ,o,,o,,x oorvo
The presen, bond of the State therefore, coVe
-, e. a. vui,a holder meets little favor IN the foreign
markstls because tile foreign holder can receive Ills III
oro, on, ., rho civ Of Rchmond when puts MN 10 Inc
arn.nse trouble and delay either OF visiting 'hat city h'-
GOLF or of executing a power of attorney authorzhs soo
den, of the pace and probably stranger 10 Mmse 10 re-
ceive for him and 3D. because ne cahho' sell anu
his bond TO another person. except ny Ssi'ns i''''
and personally authorizing the transfer OF oy eAecus
mower of attorney for that purpose ana forwarding II " MO
Auditors office.
The coupon bond differs from the bond above descroed
and now in USE the following essential parucuiars-
II is expressed face TO be transferable ny delivery ano
like an ordinary bank from hand to hand
Tho interest upon it, accrung each nall year
from the date of its issue the date of its maturity pro-
vided for thus wise If the bond due twenty years after
ito date there are printed its bottom forty upon
the treasury payabe bearer Zone for each half in
teryenne between date and maturity for the
interest nccrung each PERIOD those due earliest being
the of the which tho bond Is printed AS
this interest acerues this coupon Of
nteres, rom the French word "copper" to cut Oft sit-
self transferable by delivery and itself passes as bank
noe from hand TO hand until reaches the Treasures office
Richmond, its place of payment The amount of each
coupon is of the of each half years install
of interest The holder of such bond in any part
the world may collect his semannual interest by simply
ting off the coupon from its BOTTOM and having it cashed by
the nearest bank within his reach. He may dispose well
his coupons of interest," of his bond ITSELF by de-
livery and finally when the principal of the bond becomes
DUE may receive it from the nearest banking house in
change for the bond without the ormay expense delay
of a duly authenticated power Of attorney.
II is plain that the coupon bondef other States is vastly
preferable the present Virginia bonds in the foreign
ke Their value is superior the form Of bond
by the amount expense incurred by the foreign hold
er of the latter au,henticang and transmitting powers
attorney commissions for collection and in the cost OF
transmitting and delay in receiving his interest and principal
after il becomes DUE Not only is the London the Bremen
the New York. the Baltimore holder Of the present Vr-
GINA bond subjected these delays and expenses but also
every holder in the State oVgna out of the city of Rich
mond The consequence of this of things is that the
bonds of almost every State Of the Union preferred in the
markets Of the world TO- and command higher prices than
those of Virginia Since other States have adopted the
coupon bond the bonds of Virginia find slow and very diff
cult sale without her borders Her large issues have
therefore other market than that home and
quenty the home demand is entirely suppied-thc home
market completely gluted.
Large issues of bonds yet be made by the State
meet her subscriptions public works. under of past
Legislatures. Still larger issues will have to be made TO fill
the requirements of the present winters legislation and
these be made upon market which the Second
Auditor his las. annual report has already announced
be exhausted Ii plain therefore, that modes must
be adopted extend the market for bonds and improve
the home demand otherwise public works must be dis
continued The coupon bond will extend the market for vr
ania stocks over the whole commercial world and give
impulse their sale in every part of Virginia. outside
of the city OF Richmond This improvement alone will
compsh every thing desired in facilitating their SALE
mensurately with the requirements Of our public works
To show the superiority of the coupon bond over that now
issued by Virginia. give the last New York quotations Tor
m honda offs Stntes.