The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-10-07
The Coupons.

The Wkiq knows where 4 the joint N
is aymor. 1t says:
III the Riddleberger bill become law,
"a Il certainly win II the RcSdjusters winin
November. the sax-conpons will wholly lose
fbeir tax-recciyabie quality, and they cam
NOT find purchasers In Virginia at any price
Tor the payment OF taxes. What Is the use,
then for The Dispatch 10 talk OF their sale
~ sorfv-eight cents in the dollary Why,
rven with two years without competition
from the Riddleberger tax-certifcates, we
will insure that they will fall below that fig-
urc in the market. And at any price they
win find no purchasers In real taxpayers,
but only IN spectators who will bring SUIT
for Judgment against the Treasury for what
they can make thereby. As tax-receiva-
bles. the coupons will have ended Their day
Of ruthless ravage when the RiddieDerger
bin takes effect"
Not a bit OF IL. Under the RIDDLE
RrRGyR bin the largest taxpayers IN Nlr--
ginia win not be allowed to purchase inc
Ioan-ccrtificates to pay their taxes with.
We mean the liquor-mcrchants ana other
merchants. The RmDLEBERGER bill pro-
yides only for Issuing the loan-certihcates
70 persons who owe land-tax or other
propcrty-tax. 1t also provides for their re-
ceipt only for land-taxes. We need not
quote the words OF the bill, seeing that the
Vhsq itself admits the true state OF the
ease when it says:
1.-The section which cOntemplstes in-
ttrc resort 10 tax certificates ut MY cents
IN the dollar also provides Tor their issue
"a every taxpayer 10 an amount d0"ote US
sum of all his taJeS on real and personal
pTOperfv; and II Is obvious that the intent
Of This provision is that the tax coupons
may, in the last resort, be thus fought ana
overcome by their own tax-receivable
weapon. without either increasing or
diminishing anybody's taxes. Hence,
as polttaxes, license-taXes, and the
like are not at all affected either by
the certificates, or by the double rate OF
taxation, Meu suffer nothing by being omit
ted from, the provisions Of the 10TH section.
People, however, who pay taxes on real
and personal property, no matter il they
do also pay pOll-taXcs, license-taXes, &c,
Will have an equal share IN The prOUtSt0n Of
. certificates for their real and personal pro
peTfv tGres. 1t WAS and is believed that
the application Of the certificates and the
double rate of taxation to the prOpertytdI
viii be sufficient rs against the taX-cou-
pOns; but il its extension TO all subjects OF
taxation be thought best, that can be easily
accomplished. - Wing, September 9th.
Isn't it plain that the merchants and men
VINO nav a heavy incOme-taX will buy cou-
pons 10 pay their taxes with: How many
will they need: We answer, two-thirds
perhaps Of all the coupons that are on the
market. Mark you, the taxpayers who
cannot purchase IO0n-certifcdteS will need
nearly all the coupons that are available.
What viii be the RESULT Surely that the
coupons will sell for two thirds OF their
face. value instead Of ct IS cents on the dol
lar-the low price to which we have con-
cedcd they might fall.
Again. The men who have TO pay hun
dreds OF dollars Of taxes on their lands are
not going TO pay more for lOan-certifcates
than for coupons. II broker on one side
OF Main street asks fifty cents on the dollar
for his coupons, and one on the other side
Ask only forty-nine cents on the dollar for
his, tine latter broker VIII have all the GUS
toners as long a. his supply OF coupons
holds out. II, therefore, q large taxpayer
can buy coupons two cents on the dollar
cheaper than loau-certifcateS, he win buy .
the former.
Clearly, then, the Wing is in error. /
There is no good reason for doubling that /
the coupons will sell for at least forty-eight /
cents on the dollar.
But our contention has always been that ,
the RIDDLEBERGER bill offers no induce
monts 20 the States creditors sufficient TO
lead them TO accept the RIDDLEBERGBR
bonds instead of the consol bonds; and
that that bill is therefore delusion and
snare. A man holding bond for 81 900 .
which yields him annually goo Of interest
will take the chances OF losing his whole
debt rather than surrender that bond for
one for only $500, which would yield him
only $3.50 year. Certainly he would
better hold on TO his thousand-dOllar bond
and sell his coupons at thirty cents
on the dollar, or eighteen dollars d
year, than accept the terms OF the RID
DLEBERGER bill. The Wing will hardly
contend that he could not sell his coupons
at thirty cents on the dollar. And how
will you prevent ii. 1t can't be done by
the RIDDLEBERGER bill. There are more
than million of dollars OF these coupons
thrown upon the market every year. This
means that il the taxpayers en- buy
million Of dollars OF tax-receiyablc COUPONS
for three hundred thousand dollars, tiey will
make seven hundred thousand dollars by
the operation, or il they can buy loan-cer-
'tifcates at fifty cents on the dollar, they
can still by purchasing the coupons, save
two hundred thousand dollars.
Drop ii, neighbor. The RIDDLEBERGER
that il won't do as it is.
~ 10 the rest, we need only say that II
the RDDLEBERGER bill provides as good a
remedy, the taxpayer will not need amdn-
dain,s. II that bin does not provide as
good remedy, then he will be entitled to
his nlanddmuS. In either case, his cou-
pons must be received for taxes.
------ -------------
The Dispatch Is right. While it is true
that the Conservative party is in this cam
paien fighting its ancient foe the Republi-
can party, yet the oppoSition-the so-called
Liberal party Of readiustment and coali-
tion-adopted the Riddleberger bill as a
part OF Ifs platform, and the extrayagant
statements about this quack financial cure
all should not go mchallenged. The Con-
servative party can lose nothing by dis
cussing it.-Sgfole Herald.
TITO as Dreachinm- Thn nelnncraia hnno ,