The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-01-03
An Omen Letter to the General
Assembly.

Gcntlemen,-Thc Court of Appeals hav-
ing decided that coupons on State bonds are
receivable i'll payment of State taxes, all
good citizens are bound TO yield obedience
to the Judgment of this tribunal Of last re-
sort. Resistance would be revolutionary.
and entail on the Commonwealth untold
| evils. On you, as the representative of the
people. devolvcs the responsibility of meet
ing the emergency. In my Judgment, the
only cilectual mode of preserving the honor
and credit Of the State is by making ade-
qlE,ic provision to meet her liabilities.
have seen, with much concern, a diSposi-
ton manifested by some to cvade the fulfil
mcnt of the contract of the State by indirect
means. This is u grave error. The people
of Virginia, though poor, are honest. and
will sustain their representatives in an honest
effort 10 maintain her high credit for in
tcsrity. -.
Some have proposed to throw difficulties
In the way of using coupons for the payment
of taxes. 1t seems 10 me this is Il short
sighted policy. So far as making provision
against speculations by collectors in coupons
is concerned, tits all right and proper; but
any attempt to fettcr thc ncgotiabiity of cou-
pons must do evil.
The great complaint among our people
now il of the scarcity Of money. Every fall
large portion of the money in circulation
IS taken out of its legitimate channels in
payment oi taxes, or Is locked up in the
treasury until withdrawn by appropriations.
Now if the coupons are allowed to circulate
freely they would, in effect, add to the cir
culatlng medium nearly one million of dol
lars. 1t Is true they would in no just sense
be money, but they would have some of
he properties, and perform many of the
functions of money. They would be receiva-
hlc III payment of taxes, and would thus d.
mniSll TO the amount of near million of
dollars the annual drain on the circulating
| medium of money to pay taxes. Every one
must perceive at Il glance what immense
relief such an addition to the currency
would afford. | verify believe that with the
aid of this sort of currency the people could
pay seyenty.tiye cents OH The one hundred
dollars more readily than they now pay fifty
cents.
But it may be said coupons will DC at a
discount. Surprising this to be true, What
difference does it make to the State? II she
meets her obligations that is all she need
care for. My only fear is, that they will not
be at discount. If they are, then it will be
all the better for the people, because they
can buy them at a discount, and thus the
more readily pay their taxes. 1t seems to me
you ought to have an eye to the relief of the
taxpayer; and know of 10 way in which
you can do it SO eilectlalIy as by facilitating
instead of lettering the ncgotiability of cou.
pon$.
Some seem to apprehcnd that all taxes will
be paid in coupons, and that no money vii
be left in the treasury TO meet the current
expenses of the Government. This is an un
founded apprehension. If there be fifteen
millions of consolidated bonds, the coupons
will be only 100000. Ii the amount he
| twenty millions the coupons would be 81 :,
| 2O0,0uO. In either case the amount of ccu
pons would he lcss than half the hmbunt O
| thc aggregate taNcS: And if the taxes bc in.
trea>eu to - cents on 500, the coupon:
would not be onC-tlIird OF the whole amount
| of taxes.
1t seems to me, therefore, that you should
| do all in your power to enable the people tt
pay their taxes without distress, by furnish
ing them a cheap currency, in which tht
taxes may be paid.
In conclusion. would call your attention
to another good quality which these coupon.
would have as Il currency. They would re
main IN the State. They would net, likt
Hrrcnback>, gn abroad. They would remain
here. They would plSS from hand to hand
like money, in payment Of debts. Ercrybod,
would wish to get some Of them, to he usct
in payment Of taxes. This quality woult
give them currency, and if you leave ther
to circulate from hand to band, like money
you would relieve the people quite as mucl
~ il YOU were to throw I'LL additional million
oi national currency into circulation in Vii
Sinia. \ TAXPAYER.