The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-09-17

Al LN|
A Sham.
csmmeu,mg np06 our statement ina.
w,n s.ayc hundred tneussnd dcslafs O
Swung tertlacates and q million OF lax
rsr,mc moo put upon the market simo'i
o,.ls would resaIt and could result IN
no,nioc but bankruptcy, the veg afs
Yes; bankruptcy for The eoapcns, ~"
donhiedly. II they shonid ever care ~ lvlso
snch ! contest by refusing 70 accept Wv IN
tlement proposed by tbe Klddleus'se. w.
Tbe on, however, p~roytaes TOT tne ,ss"e ~
tsxs nayers OF certificates IN uoaose :
amount of their taxes, so thst we rave =,
tax 4tlon could easily be nominany uouD,s
ssa, nSsrcs without affording the doomed
ccnpons the least reliei."
no. sir; mol bankruptcy for The coupons
bnt bankruptcy for Virginia. The RIDDLE
nrseKR bill offers only $3.50 for a thousand
Dollar consol bond, and only sl5'90 Of an
maj interest thereon Instead OF sixty dot,
lar Where Is The holder Of a consol bona
who would take such sn offer when nc csn
annually sell bis sixty dollars oil coupons
for nearly thirty doilars in cashY Inefe Is
uno t~horoughfafer for the Readiusiers In
that d,rtction. /" Dare 10 force such a con-
test by refusing TO accept The settlement
proposed by the RIDDLEBERoER biH"! res,
that Is lust what every consol bondholder
viii, dare TO DO. He will scorn TO ac-
cept Your sham settlement. You oher
him no in%ducement whatever to accept
your new proposition; and be would be a
fool indeed to prefer $1,000 TO $3.50, besides
losing about three fourths Of his annual IN
tefest. Why should any creditor accept
the terms OF the R-IDDLEBERGER bills what
is the indueement? How can he by not
accepting them be damaged hell so much as
be would be by accepting themY The
scheme is a mere mirage in the desert-a
delnsiou-a mockery-a snare. we DON'T
beIlye that there can be found IN Virginia
or elsewhere one single holder oil a consoi
bond who will say that he viii accept the
terms oil the RIDDLEBERGEB bill.
Bun mark the Whig's remedy Tor the
shortcomings OF that bill. "The rate OF tax
alton could easily be nominally doubled ~!
So il could, no doubt; bat the RIDDLE
BERGER bill does not provide for snch o
doubiing Of the taxes, and when It shall De
so amended as 10 provide for uominally
doubling our taxes, what possible adVan-
q 2 would result to any tax. payer from lbe
issuing of the oan.certifcaiesY Instead Of
paving twenty-five hundred thousand dol
la,s IN money directly into the State trea-
sury, the taxpayers would be compelled 10
buy ffty hundred thousand dollars worth
OF loan. certificates, and for these loan'certl-
1cstes pay twenty-five hundred thousand
dollars in money! There's the relief which
The RDDLEBsRGER bill would give TO the
tax OF Virginia.
And this wonderful relief to the tax
psyers would take place without AFFORD
ing The doomed coupons the least r%elieff
Oh, no. The " doomed coupons" would
be sold for AS cents on the dollar, aud paid
in for taxes. The coupon.holders would
every year sell their million OF coupons at As
cents on the dollar before anybody would
call FOR your loan.ceriificates at 90 cents on
the dollar. Look: A man owns thousand
dollar coasol bond. He cuts sixty dollars
OF coupons from it. His taxes amount
under the nominal doubling OF them to $50
q year. He would have to pay 80 for loan
certificates enough TO pay bis taxes But
for the sum Of S14.4O be can buy thirty dol.
lars worth OF coupons, which will pay all
bis tsxes. He saves 4 per cent. Of bis
money, and yet the bopdholder gets more
interest than your bill allows him, besides
saving all his principal.
Where, then, is The "Persuasiye" power
OF the R~IDDLEBERGEg bill? II has no such
power in il. There is not a feature in IL
that is not failure. 1t will never either
persuade or compel one single creditor to
accept its terms. s4. gf