Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1875-12-14
THE BONDEOLDE1 VS. THE
PEOPLE.
WAR DECLARED-THE BONDHOL-
DERS FIRE THE EIRST GUN
GREAT PREPARATIONS FOR
THE FINAL STRUGGLE

Mr.. EDITOR 1t was well know n
in Richmond, aud to well-infOrmed
people tlIruug hnut the State, that the
BondhOIders. Money Rings, and cnu-
pom Brokers of Richmond and other
cities, regarded Bradley I, johnson,
IN the late canvass for the Senate ia
the Richmond District, as the stan
dard bearer of their peculiar interest a.
against that of the people, and that
they would have regarded his defeat at
the polls as triumph of the peo
pie over The money rings, and
a death-blow to the Infamous funding
bill and the sharks and thieves who
sustain this law for the purpose of
making money by street curner and
curb-stOne traffic in coupons. What
ever may he said OF Bradley Johnston,
it can never lie said of him truthfully,
that he proved untrue to tie interests
of those who elected ~ HIM. EmbOl-
dened by the endorsement, such AS it
was, of the Money Rigs of Rich
mund he has taken the bii strongly
between his teeth, and before he hat
fairly warmed his seat in the Senate,
he has undertaken, by till Introduced
for the purpose u cure defect in the
luiuluS VII, " lllSAt Has SOAiC iAl =" -
Iieve the people from the intnlerable
burdens the authors of that bill iuten-
ded to impose upon them by its pass
age. But for this defect, one of three
things would have happened in less
that two years after the passage ot the
funding bIli. The wheels of govern
ment would have been locked stock
still, or large amounts of money
4 ,r;I hae asH
to pay current expenses, or the taxes
of the people would have been very
largely increased. The funding bill
n,'pvidps for the issue of only three
of bOHds with tax-re-
,liv ab!e coupons attached, viz: 81 .OO0,
S5on AM Sl00 bonds. The coupons
attached for the interest pf ya6ie SEMI
ere for $50, SD, and 81. re-
81 ctively. The Legislature at It's next
Session after tire passage OF the Iuhu-
ing bill, passed law. that Trea~urers
and collectors should not pay out any
money i'm change for coupons IL thus
become difficult for the coupon h"ideT
to D V his taxes, without paying
large proportion in money. FOR III,
stance, if A owed SIS so taxes a''u
held $50 coupon, he could pay u"
part thereof. the collector not b eng al
lowed to give him the difference ,h
money. a, might at considers oi<
trouble and some expense, exchange
his $50. for Sis aud five So coupons,
aud thus pay S24 in coupons, and the
balance. Sl.50. in money. But the %
coupons being more convenient ara
aviiabe than the larger denominaiinnsI
il was difficult to exchange the latter
for the former. and 10 split up the
81 900 and $500 into 500, bonds III Of
der to multiply the S3 coupons, would
have made the bonds themplves, bull
Ky and troublesome. All that Class OF
tax payers whose tax did not amount
To So. cannot pay in coupons at all. as
the So coupon u the low st denouiIiIa-
ton. These defects in the funding
bill, greatly curtaiied the sale aud dis
trihution of the CnupUns, q cnnse-
uupnce has been, that the bOndholdeTs
aud coupon dealers have loud upon
their hands at the end OF each fiscal
year. a large amount of coupons unso d,
and Just to the amount OF couIo hs uiI-
sold, the taxes of the pes pie have gone
Into the treasury, bnd been applied io
the EXPENSES of the State Government.
As stated above, but for this fortunate
oversight in the trainers Of the FUND.-
ing bill. the State Government would
long since been swamped, or the taxes
doubled. or $500, 000 10 $500, 900 per an-
mum borrowed to 10 keep the wheels OF
government in motion.
Now in order that the original pur-
poses of the Fundeis lie carried out,
Inc ingenuity of their leader, bradley
r. Johnston has been called into re-
QUESTION, Bradley proposes to con-