The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-09-13

efn people nor u own people naseo'es
unde,slood thoroughly how, by all sorts o'
upiuaiaable provisions In this oii OF aoOm'
nations, the Re8dius,eTs attempted 20 ge'
the advantage OF the creoi'o's u '"'
nonored old Commonwealth.
We have shown thai ibc biz ~ question:
nrop,ses % repudiste out aud out forty
.aven dollars out Of every hundred for
which virginia issued her copsoi bonds 10
1871, and that, TOO, although Virginia mao
assigned 70 West Virginia fifteen millions
~ her debt before she issued any OF those
consol bonds. We have shown that tue
sum OF thirteen millions Of dollars Whicn
the RmDLgBERoER bill proposes to repuul-
ATE Is not a separate debt, but consists oi :
certain percentage Of the states nones'
deb. which that bill cuts of without rhyme
q, reason and repudiates as q deot not
Justly owing by The State. We have SHOWN
that the same BIZ attempts TO suppress tne
nrocess a. the Supreme Court Of Appeals
BY making the judgment OF q county OF
corooratIon court final in revenue cases,
and ~forbidding writs Of mdndamuS, &c.' 10
BE- issued in such cases. j..
These attempts to ccerce the creditors OF
virginia are euphoniously called The "per-
sussiSe . features OF the RIDDLEBERGER blll'
They Viii all fall Of course to accomplish
the end intended to be accomplished. Inc
Constitution OF Virginia gives her nignest
court original jurisdiction In Just sucn
cases as the States creditors will originate.
Besides, the creditors would indignantly
reject the terms proposed, even IL u were
ffue that the R%IppLEDERGER bill could stand
The test Of the courts. Those creditors VIII
never surrender a bond yielding Sixty doi'
lars q year interest, and paying a thousand
dollars OF principal at maturity, Tor a bona
yielding only fifteen dollars and ninety
cents a year interest and i've hundred ana
thirty dollars OF principal at maturity.
They would seorn TO accept such terms, and
would throw the whole debt to the winds
rather than submit to such a wrong.
Let US examine another persuasive iea-
ture Of the bill-persussiye and a6ortiVe'
The bill actually proposes TO sell loan cerlin
Gates receivable for taxes TO the taxpayer
at alf.price-that is to say,
"Any person subscribing 20 said loan
will apply 10 the clerk, ana upoO Tue
payment IN cash OF his subscription to-salu
clerk will receive a certificate OF indeotness
> acknowledging the liability OF the
State TO him for 40 amount twice as large as
his subscription"
These certificates, il Mr. RIDDLEBERGER
had bad his way, were to be received "at
par" for taxes when presented by the per-
son TO whom they were issued.
The reader will see that this Is disguised
repudiation-ver tbinly disguised, how
ever. The man who owed a thousand dol
lars OF taxes was to pay that sun by lend
ine.tbe State five hundred dollars. Why!
Tn order to eyade the decisions OF the SUI
prtme Court OF Appeals Of Virginia and
the Supreme Court OF the United States as
20 The coupons. The coupon-holders now
receive seventy or eighty or ninety or more
cents on the dollar for their coupons. Mr..
R~mpLhBARGE flsttered himself that be bad
devised a scheme for making them accept
his terms rather than sell their coupons at
half price.
But LET us examine this feature OF Mr..
R-IppLEBERGER's bill, and We shall soon
leain that II, too, is an abortion. he would
sell tax receivable certificates at hity cents
nm the dollar. Very well. The creditor
could much better afford TO sell bis tsx.re-
ceiyable coupons at fifty cents on the dollar
thon be could to accept the terms oil the
R,~ppLEBER0ER bill. A consol bond for
$1,000 Yields eco annually in coupons.
These sold at the price named would pay
$50 Of taxes. The RIDDLEBERGER bill oilers
n 1880 bond for a bono for 81, 1000. This
new bond, at 3 per cent, would yield only
1880, besides having lost S470 OF The prin
cipal. Isn't it rs plain as day that no ere
ditor can ever be forced to accept such
termsf Isn't that scheme a failure in adj
yancei Nobody can reasonably expect such
scheme to succeed.
But suppose the tax-rtctivable certificates
sold at fits cents on the dollar. Then The
revenues OF the State would be reduced BY
one hall, so far as these certificates wer,
used to pay taxes. How is this deficit o
$500, 900 10 be made up? Already The reye
nues are so small that they are not s~uticien
TO pay the interest on The debt and keep vi
the schools and the State Government, 81
the Rcadjasters declare. Then, In the name
OF common sense, how are you going to d.
without the s500,0O0 you propose to civ,
awayf
Bot that Is not all. The Constitution
says that taxes shall be "equal and uni
FORM" How can this be II one man cal
buy certificates at 30 cents on the dollar anC
another must pay in money, as he must un
less every taxpayer is allowed to buy Ger
tincates. Recolleet that this would not b.
done by private individuals. but by the
State. II is not like buying coupons 10 mar
ket overt. 1t would be the State hersel
selling her own certificates or tax-receiya
bic coupons to one man or set Of men, an
compelling the rest to pay their taxes |
money. Such taxation would be neithe
equal nor uniform.
Examine the bill, we pray you. See 70
yourselves that it is a mockery. Let n
man deceive you. BE sure the creditors c
Virginia will never accept its terms. b
assured, too, that as the debt must be Sc
tied next winter, 1t Is your duty to vote 10
DANIEL, BARBOUR, and MCKINNEY. 10 nc
call Reputation "reSdjustment," nor daI
ter yourselves that the creditors OF Vii
GINA will give 500 OF interest for $1,000 Q
interest, or $1,000 Of principal for $3.50 0
principal. They are not such fools.
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