The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-11-13

Editor offhe Baltimore AMERICAN: The
result In Virginia presents the plan OF re-
adjustment known a. the Riddieberger blu
as The basis of settlement Of the State debt.
The process Is simple:
New bonds, to run forty years and pay
per cent, are 10 be issued and to be cx-
changed for consols and i0-40's tt fiity-three
cents on the dollar--that II, n 81 900 bond
in consois or 1905 Il 10 be exchanged for
$3.50 In Riddleberger bonds. The peelers
arc to be exchanged ut sixty-six cents on
the dollar.
Thus, n 1000 bond now yields 900 per
annum in tax-receiyable coupons. II IL
sold In the market at 81. The bond, there
fore. Yields S57 in cash. Under the read
iustmcnt II will be exchanged for 1880, on
which 3 per cent. (s15.90) Is to be paid.
The peeler will by the same process yield
sGG0 in the new bonds and pay $40 per an
mum. The method by which men who
hold q bond for 81, 900, paying sj7 interest,
are 10 be forced to give it UP for bond Tor
$3.50, paying 1880 interest, Is as follows:
Coupons shall not be received for taxes,
but whenever q party offers to pay his
taxes in coupons he shall pay the same IN
money under protest, and then shall have
the right TO sue the officer to recover the
money back; and "if u6e determined that
the same ,r0S uronltully collected for any
reason, going TO the merits Of the same"
then the court shall grant him certificate,
and the money shall be repaid him from
the treasury.
There shall be no other remedy by man
damus, injunction, or otherwise, and the
Commonwealth shall pay the costs in case
the matter be determined in favor OF the
claimant. This will require every tax
payer TO bring lawsuit to compel the re-
CENT OF coupons for taxes; and il Is be-
lieycd. rs the theory OF the bill, that tax
payers will not burden themselves with
iawycrs' fees and law suits to pay taxes in
coupons.
In addition to this. the bill provides that
certificates receivable for taxes shall be
Issued and sold to taxpayers at fifty cents
on the dollar. In order 10 find market
for coupons, they will have TO be sold for
less than fifty cents.
This is the plan OF readjustment. II
fixes the amount OF the debt at SlO,G65,OOO.
II proposes 10 harass and annoy holders OF
consols and 10-40's so as 10 render their
bonds worth less than the new Roadiuster
bonds. II aims to require suit in every
case to enforce payment OF coupons, and to
have that issue tried before Readiuster
Judges and juries. The result will be rs
uncertain rs the verdict OF jury.
BIT the Riddleberger bill is not the ulti-
matum OF reputation. The leading minds
of that side have never aSsented to the
amount OF the debt assumed by 1t. Full
kcrson, now member Of Congress and long
State senator, always insisted that the true
amount OF the just debt was not over sl5,-
600. 900. Massey, the father and nurse OF
reputation, always refused to specify
sum he would agree to pay, but it was
generally intimated that his limit was be
low S12,0O0 600.
What | want to direct attention to is
this: The debt fixed by the Riddlcberger
bill will not be agreed TO by the Readluster
Legislature, TO meet next December. Mas
scy is candidate for the United Senate.
He will under-bid Riddcbergcr, whom he
has trapped into specifying the aggregate
of the debt az $i9,G6j,0 900. The same pro-
cess of elimination will reduce 1t to
Sl2. coo, 900, "a necessity may require, and
before The session ends the Conservative
influences in the Legislature will struggle
to save the fragment OF the debt admitted
by the Riddlebcrger bill. 1t will be a
Dutch auction, competitors undertaking
each other. IA.