Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1880-11-20
voted fer.

voted Ter.
Tho r,c.ut decision Of tho casa OF Cass:us +.
Lee, :, ". Hullow. City Treasurer, by the
Court Of Appeals, has attracted genera at!en-
ton over ths State. The legal points involved
10 the CAUSE and the practical consequences OF
the decision. arc both Interesting. The interest,"
coupons on what ere known 50 Virginia coas:l
bonds ore made receivable for taxes AID tor all
public dues. It is this feature CT tax recclVl-
bit7 which gives them their high Value 10 the
market. The Legislature of 1872 in providing
for the payment Of tue coupons maturing Jan
uary l, 1872, end July l, 1872, appropriated
money fer tho payment Of tRo thirds org
Of their amount o. thirty dollar coupon
twenty dollars was 10 be paid, on fifteen dol
lar COUPON ter dollars vas to be paid, leaving
ono shird of the coupon still duo and unpaid.
Tho provision Of tho act WIS thai On pIes'nta-
ton Of tho c,upon fer payment tho Auditor
should Day two thirds Of its ftc'. stsnp
crsdit for that amount upon the coupon, and
return it to the holder. The act further declared
that the receipt ty the holder OF these two
thirds should be deemed waiver BY him CT
Lis right to lenler the remaining third For taxes
and public dues. In olhsr words the uapald
third was 20 longer to have tha feature of tax
rsc.iv.b!sy. Ucder this act large amounts Of
c;uo,nl were presented at tho Treasury, were
two thirds raid. were stamped cc'erdinglg, and
were returned 10 the holder. There was zen-
oral scoaiesccIce il the opinion that the un'
pcii third wss 90 longer receivable fJr tsxes,
and tho market yaIuo of the punched ecu
pops," as they ars called, fell TO ten or twelve
cents 10 tho dclar. 10 tho fsll OF les: year Mr..
Lac was advised that tho Slate could DO
compelled to tc,ops thsso ciuoons TOR
taxes, notwithstanding tie CO.'S Il the
LEGISLATURE by which The feature Ct tex re-
coivability was thought to have been destroyed.
| Tho writ ils. decided w:s brought to test that
o1cstioo, and the o,urt has decided it eti:ma'7e'
Wv. itw:s asserted before the Court, that the
accaptarc, by The coupoo holder Of two ttirda
of his c,upon cauld Eot bs Legally treated as CD
! implied agreement. ca his part, to WaVo Ills
right OF teude.ieg the urpaid third for taxes;
that Tie S!ato had 20 powcr.to deoaTe that the
I acceptance, by creditor, Of part that vas
duo lin. should operate to impair, 10 any re.
sptc., bis rights 10 connection With The part 40
paid; that the unpaid third still stood ca its
original footing Of tsx rtcsivatiliiF. and that
had there bsoD, ever, sn express egrtement by
the holder when receiving his Two thirds, to
wai7o tax rcosivabi,ity as to the othsr thitd,
sush az agreement woald hzvo been void. for
want of consideration. These views the court
sustained Tho Interesting feature OF tao case,
practically is. lint tbs vslGe Of tic c,u9ors is
advanced By this dso;sioo liom on avtrage Of
fifteen c,n!s 10 the dollar to ct last ninety c,nts
fin lie dollar. TIE amount cf these coupors
| outstanding is said to bs relatively not large.
aod to DO held, exclusively, By two or thee
pariicR.
| Rot. General Grant sad MIR. Garfield dtry