The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-09-28
gifhnlolla 9ispatth.
rAa R,adleherrer Fanuro.

lHENE NNNth al
4. nlc,e failure as the RrDDLRBERokR o''.
IL u worse Than nothing as a se'tlen'en' u
I'M public debt. It's advocates ougns'osou
se,s AZ once that II IL : miserable hDol.ou'
T,,.,,ho reader may see for himself lhatsueh
=. /. -. 4. he need only examine the DIN
: .,s,n,,v I, msy be found In full IN las'
ssinrdsy's Dispatch.
:, attempts 10 repudiste thirteen MIL
l,ons Of the public debt OF Virginia. most
of which rcpudlsted debt Is evidenced oy
hanas issued by authority Of The Legisla'
,p,e and the Governor, and signed by the
s,.,,,s own officers. This amount thus at
,emp,eG TO be repudiated is not a separate
end distinct debt, for repudistipg wh'cn
there might be special reasons, but Is the
sun total Of Al per cent. arbitrarily 'aken
Of tho consol bonds, 33i per cent aroiira-
,,,v taken of the peeier bonds, snd 40 per
cent. arbitrarily taken of from another por'
tion OF The debt.
. II attempts 70 compel the bondholders
10 accept these regulating terms. Howl
By providing that nothing but so-oalled
Iosa.eerti6eaies and the usual currency
sbaI be received for taxes. This Outrage
Gus provision was framed for the purpose
Of eyading a decision Of the Supreme Court
OF Appeals OF Virginia that the coupons Oh
the con>ol bonds must be received fortaxes'
A decision Of the Supreme Court OF Inc
Hailed States rendered since the RIDDLE
BRRGER bin was passed and vetoed, requires
the State OF Virginia 10 receive the coupons
FOR taxes at their face value. The he
adjus.ers have endorsed the bill since tnls
decision was rendered. Thus this fourteehtn
section Of the bill is an attempt to rem
der OF none effect the decisions OF these high
tribunals by providing that the taxpayers
Of virginia shall not be allowed to use the
very coupons which those courts say they
are entitled to use in paying their taxes.
q. Bot the same section 10 in tisgrant Vio-
lstIon Of the Constitution Of Virginia aud
the laws OF The United States. II provides
that utside Of The county courts, oihcered
by the last Malone Legislature, there shall
be no remedy even for "the attempt TO col
lect reuenue illegally" although the Consti-
tuition OF Virginia expressly gives to The
Court Of Appeals jurisdiction in cases In
yolying the constituti0nality OF a law, ss
well as 10 csses OF h0beds corpus, mdnda-
mus, and prohibition. lint it a pretty
confession for the Republicans OF Virginia
10 make, that their allies have attempted 10
provide for collecting revenue "illegaIly ="
In that they bave authorized tax collectors
10 refuse coupons, and then provided that
neither The circuit courts nor the Court oil
Appeals should have jurisdiction in such
c4ses? Does not every one see that that
provision is substantially an attempt to set
sid IN contempt OF the Constitution aud
laws of the United States, y decree OF The
SUPREME Court OF the United States!
4. But'all those attempts are now seen to
be dead failures. AS RAN. TUCKER and
JonS GoODE declare, The Constitution Of
Virginia SAYS the coupon-holder can appeaI
10 the Supreme Court Of Appeals, aDdthaps
the end OF It. The coupons must and VIII
be received. The judgment Of the highest
court in Virginia, and the judgment OF the
highest court in the United States, will be
respected. The rights Of property are cafe.
There can be no reputation In Virginia.
The people are poor, but they are not poor
enough to be regulators.
s. And then look at the silly section au-
thorixing oan-ceftincates Never was there
so clumsy a device Tor repudiating a debt,
or eyading a law, or killing q courts decree.
RDDLEBsRGER tries to compel the coupon
hold, 10 accept the terms Of his bill by
providing that property-owners may pay
their taxes in lOan.ceTtiicates bought at
ffty cents on the dollar. But the repudia-
tor made bad calculations, as we have often
shown. The coupons can be sold at Two
cents on the dollar lower than the lOan-cer-
ti6eates, and will then yield the boDdholder
almost double what RIDDLEBERGBR offers
him. So there is ats lutely no inducement
at all held out 10 the consol bond
holder to fund under the RIDDLEBsR-
GER bill. lie is not such a fool
as TO exchange a thousand-dOllar 6 per cent.
bond FOR a bond for $3.50 bearing only 3
per cent. The former will yield him a
thousand dollars at maturity and sixty dol
lars a year IN coupons 10 the mean time.
Those coupons at As cents, on the dollar
would yield him $3.50 a year as against the
&15 90 which RIDDLkBERGgR offers him.
There is OF course not a bondholder who
would even entertain the RIDDLBBERGeR
proposition for q moment, much less &C
sept it.
s. The RIDDLEBRRGER bill provides that
the certificates issued under the HBNKEI
bin shall not be received for taxes The
proiessed friends Of the public schools did
this! Wait TIL JOHN DANIEL catches RID
DLEBERsER on the stump again.
Z. The RIDDLEBERGER bill provides that
executors, administrators, and others act.
Ing as hduciaries, may invest in RIDDLE
BEBGER bonds VI the courts say so. Why
should any more widows and orphans be
chested? Thousands Of doIlsrs-nay, hun
dreds Of thousands Of dollars-were Store
time invested in Virginia bonds by fducia.
rles, upon the faith Of the Commonwealth,
But Mr.. RIDDLEBERGER and his associate:
deny that the bonds issued to widows anG
orphans under the funding bill OF 1871 and
the McCuLLOcH hill are binding upon III,
Stale. Is Mr. RIDDLEBERGER's or Genera
MABoSE's word better than Goyerno'
Walkers or Governor HOLLIDAY'sy 1
The signature OF ReSdiuster official bette
IN evidence Of q debt than the signature OF
Democratic oficiali VIII any iduclar,
be justifsble in trusting to Yirginia's homo
again? II her pligbted faith Of 1871 an
1879 is worthless, her plighted faith OF 1888