Washington telegraph., 1862-01-22
WAR BOND CoupoNs.-With regard

due from the State as the original bond
itself. The object of printing them sep
arately, with margin to allow detach-
ment, was to enable the holders to cut
them off, for the purpose Of separate col Y
lection when due. Coupon in French
means something ''cut off" They are
com mon in government aud permanent
corporation securities. la law they have
each separate binding obligation much
% as if made originally on separate pieces
of paper. They are usually printed together
aud put out to be purchased as invest
ments Of funds, and usually 10 CONNER
cal and financial circles not considered
as currency. The habit is when the
holders Of these bonds, (having coupons
attached) find ih III coming due to deiach
aud send them for collection. 1t would
be considered strange in huanc'al circles,
f.r the obligor on the bond To refuse to
| pay one because it might have been de
coupon became due. The holder OF a
bond has the legal right to detach every
coupon Immediately. 1t he cin pass a
bond curtaied Of it, proper coupons, he
must deduct tho interest which he re-
serves 1t is the same as saying \. owes
me 500 pa al le five years hence with
eight per cent. interest | sell you the
principal debt, rcservlug ouly the right to
collect the interest till then. Ii the pur-
chaser Of tie boud choose to take debt
bearing no interest, at par, 1t Is his folly.
1t does not relieve the obligation of the
principal to pay the interest notes when
due aud presented, nor entit!e him to en-
q uire whether The original obligee trans
f.rred his bond before the interest note
in question became due.
The decision of the Treasurer Gas de-
rived from the True Democrat) j. that
these coupons will not be paid when pre-
seuted separately the principal bond being
outstanding. That is based upon the fact,
that they are receivable BY public collectors
for dues and the Treasurer cannot know but
that the bond from which the presented
coupon was detached might have been re-
ceived by some State collector. before the
coupon was due, and that he cannot pay
it until the original bond is returned and
proof made that the coupon was not de-
tached beforehand.
We respectfully differ from the views Of
the Treasurer on this point, aud think 1t de-
stroys the value aud defeats the objects Of
coupons 1t puts the bonds on precisely
the same footing as if they expres ed upon
their face, interest a5eight per cent pay
able semi -annuniiy aud dispensed with
the incumbrance of coupons wholly. The
gal obligation of the State to meet her
coupons when due being once admitted,
y not altered by any ordinance Or act
making tie bonds receivable fJr public
land vr public dues. Public clii ,ciors or
ia agents might, without any additional
act be required to take the bonds at their
par value when paid in: estimating the 10
Ierest Cd that time, aud u seems that pro-
per safe guards might be used by the Trea-
surer to effect that object. Even if that
b. IucunvgnicHt, il does no. seem I'd be
equal to tue Inconvenience Of destroying
the object OF coupons things to b. de-
Jachcd at tile pleasure of the owner, u be
| used when dle-aul even If il were. we
I respectfully sugsest again 1t is not law.
We advise onr readers that the State i
bound eventually to pay all due coupons.
whenever detached, when in the hands
of au nrocent holder. 1t therefore any
uf them have bonds with due coupons the
| State owes them The one, as well as the
other, and in passing the blud it is better
to require the taker TO tale it at the value
Of both houd and coupon 50 as to accord
with the wishes of the Treasurer in regard
TO these coupons. If he will rot, the
holder has the rigEt to tear of his coup D
before using, which will be paid by the
State in time, aud the receiver Of the
bond i not injured a. lie gets all the re-
manning interest.
Gas The telegraphc lines keep work
Ing away 10 Little Rock from Memphis
and bring US every week something which
now and then turns out true, and often
don't We do not cbuose 10 bore our
readers with all the contradictory mass OF
stuff as it reaches .us--very often not
worth knowing if true Our tclegraphic
summary contains all that we consider
| worth attention, winnowed out from the