The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-11-24
Tho neht-Its settlement.

Tho Debt-Its Settlement.
There Is going 70 be great deal OF mo-
rcx made and lost In buying and selling
virgins bonds during the next three or
four months It is easily to be seen that
tho creditors OF the State hold the Readiust-
cxs and their RrDDLEBEReER bin IN dcri-
sion. The prices NJ which Virginia bonds
arr now selling every day furnish conciu-
siyc evidence that although Mr.. GRoSKR,
Mr.. HippLxBERGER, and General MALONE
have all lust visited New York and other
cities north Of tis, and have no doubt told
all that thcy know as 10 the designs OF their
party friends in the Virginia Legislature,
yet nobody has any fears that the RIDDLE
MERGER bill will become law, or, be-
coming law. win ever be pun
into operation. The boastings OF the
Mahoneites 90 for nothing with the capi-
taiists who own Virginia bonds. These
gentlemen may lean upon broken reed;
but il Is a sol:-evident proposition that they
are perfectly confident that the RIDDLEBfE-
CIR bill never become an operative law.
VIC have ourselves predicted more than
once that the RIpDLEBRERGER bill will never
become law either as 1t was when 1t was
passed by the two houses OF the General
Assembly or rs il was when Mr.. RIDDLE
BERGER introduced it into the Senate. The
bill has been so thoroughly discussed, and
its defects made so plain, that it viii almost
certainly have to be changed before it can
commend a majority vote in the Legisla-
ture.
Who, for example, expects any member
OF the Legislature to vote for that section
Of the ILL which provides for the so-called
loan certificates: Who could possibly be
benefited or profted by its operation! IL
tho coupons are not received for taxes by
the collectors, there will be no possible Use
for the loan-certifcates, as the only object
10 Ie accomplished by the sale OF these GER
tiiicates was the destruction Of the value Of
the coupons. II, therefore, the courts do
not compel the collectors torcceive the
coupons for taxes. there viii tie no need for
The loan-ccrtiicates. II, OH the other hand,
the courts shall compel the collectors to re-
cciYe the coupons for taxes, then and in
that case the loan-certiEcates, even when
sold at fifty cents on the dollar OF
Ibeir face value, win be rendered
galueloss by the fact that the coupons can
be sold cheaper than the loan-certifcates
and still yield better return than the bond
holders would get under the operation OF
fhe RIDpLEBERCER bill. For instance: a
person holding Virginia per cent. bond
sent to exchange it for per cent. bond
for $3.50. The latter would yield him only
$3.50 annually, and bring him in only $3.50
at maturity; whereas the former, even if
he sold his coupons at 40 cents on the do!-
Tar, would yield him S27 annually and
$1,000 at maturity. II would seem, there
fore, even weighing these considerations
only, that il would be TO charge the Read
Justers with a want OF capacity il we were
50 charge them with the purpose Of passing
into q law the loan-certiicate feature OF the
RIDDLEBERGER bill.
These, however, are not all the obiec-
tons that can be brought against that sec
ton. II passed into law and put into
operation as it now stands, itwould reduce
the States revenue by one half the amount
oil the certificates sold. If million OF
dollars OF them should be sold, the loss to
she State would be five hundred thousand
dollars. The State would become q bank
r1ipt, and the schools would have to be
stopped, or the wheels Of government
brought to stand-still. II the price
OF the certificates were raised or low
cred, the reduction in the States
revenue would be greater or less
amount but the reduction would
necessarily follow. II, in order to avoid
reducing the amount of the States revenue,
the price Of the certificates should be
raised TO par, then Of course not one OF
them could or would be sold or bought.
They must be sold below par or not at Ill
and, II so sold, there must he a reduction
OF revenue in proportion to the amount
sold.
With all due respect, therefore, to our
contemporaries who take the other side (the
Lynchburg Virginian is in our minds eye,
we must still adhere to our position.