Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1872-11-18
The Coupon Case.

1t was agreed on Saturday last, by counsel,
that the coupon cases should be submitted to
the Court of Appeals, sitting 10 Richmond on
printed Briefs already fled as soon as all the
judges are present The history OF these cases
is as follows
The Legislature of lS7O-'7l, undertook to
settle the public debt OF Virginia by funding
the old debt, on much of which interest had
not been paid Tor many years, by issuing new
bonds for two-thirds of the old debt, and Civ
ing certificate for the other third that it
would be paid in accordance with such settle.
ment as should be hereafter made with West
Virginia The old creditors were offered a
special privilege if they would surrender their
old bonds and take these new ones They
making the new bonds payable in thirty-fve
years, and also to defer all claims for the one
third until West Virginia had settled. In con-
| sheraton Of the creditor doing this, the Leg
isature offered to give him new bond, the
coupons on which should forever be receivable
for taxes and all demands due the State. 1he
holder Of this bond was thus secured in the
payment of his interesr for, if the State failed
to pay 1t, he could sell his coupons as fast as
they became due to the tax payer, who
could pay his taxes with them The bond
holder was thus offered a new bond for
two-thrds Of bis debt, the payment of interest
on which was secured. A great many of them
accepted this offer, and out of forty FIVE millions
of bonds, thirty.three millions came in, and new
bonds, TO the amount Of twenty-five millions,
We're issued for them for the two thirds, aud
eleven millions Of deferred certificates for the
other third.
These new bonds are known as Virginia Con-
sols There are fifteen millions of coupon
bonds. the coupons on which are considered as
receivable 10 payment of taxes, and seven mil
lions are registered and have 10 COUPONS The
Legislature of lS1l-'12 was dissatisfied with
this law aud passed another act torbiddng
these coupons FROM being received 10 payne ut
Of taxes
Whcrcupon, the bondhollers claimed that
this last act was unconstitutional, because, they
say. Virginia had made contract with them
if they would give her further time to pay,
then she would secure the payment of interest
| on two-thirds Of the old debt by making these
coupons receivable for taxes. Counsel were
Employed who sued out mandamus, 10 the
case Of Smith, before Judge Wexford, OF the
Circuit Court Of the city Of Richmond, to com
pei Wright sheriff, to receive coupons in
payment Of Smiths taxes Judge Wexford
decided the act Of 1872 was unconstitutional,
and issued the maudamus to the sheriff, from
which Mr.. Attorney General Taylor appealed
for the Commonwealth.
About the same time motion for manda-
mus was made in the name of Antoni against
Wright, to make him receive also coupons 10
payment Of his taxes. The causes were set for
the WytheviIle term Of the Supreme Court
last June, but were continued until this term,
and are Low before the court for decision.-
R,chmona Enquirer.
1t is not thought that there will be an early
decision in the case.
DEATH OF Col. WILLIAM GILLIAN -Iofor-
marion was received in Richmond by telegraph
on Saturday Of the death, at the residence of
his brother, in Vermont, of COL VIM. Gillian,
whose uame has been intimately and most hon.
orabIy connected with the history of the Viz
giDia Military Institute for the past quarter Of
century. At an early age he entered the
Military Academy at West Point and served
his collegiate course there with much honor
and credit TO himself Upon graduating be was
assigned to duty 10 the engineering department
of the United States army where he remained
until after the close of the Mexican war. He
served uoder General Taylor through his cam
paigns and gave evidence of superiority of in-
telIect and an exceeding familiarity with scien-
ti6c subjects. Upon the cessation of hostilities
with Mexico, he was elected professor Of chem
istry at the Virginia Military Institute, and vas
also selected at the same time, as the command
ant of the corps of cadets Under his admins.
tration the corps attained to perfection in drill
and discipline. He remained at the Institute
till the beginning of tie late war, when be was
temporarily relieved, having been assigned to
the command of the Dist Virginia Regiment
COL Gilman was born in Illinois and was near
| ly tftythree years of age when he died.
| EIGHTH CONGRESSIONAL DISTRICT. We
subjon complete returns from the Eighth Con-