The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-04-10
The Coupon-Ktller--AL Letter from
Mr.. Massey.
10 Me EiitOr Of Mc DiSpdtch :

states having decided tlat tnOse DllS are
constitutional and valid, those Readjusters
who acted from principle. and not from
selfish motives, consider the debt settled SO
far AZ legislation can settle II, and are will.
! ing and anxious 10 drop the whole subject
and let II =" sleep the sleep that knows no
waking" They feel but little personal
concern as to who gets the credit or en-
Joys the honor Of having fought the battle
OF reimbursement and formulated the prin-
cipIes which gave IL success.
But as the Wing and those who echo its
notes insist that the debt is not settled, but
Is still TO be an issue in Virginia elections,
and as they claim TO have been It's special
champions in the past. and arrogate to
themselves the entire guardianship and
control OF IL in the future. and as these
arrogant claims may. II allowed to pass
unchallenged, deceive and mislcad honest
men, have consented. at the solicitation
Of friends for whose wish have great re-
spcct, to give few incidents in the history
OF the fight for and against the use OF re-
ceivable coupons, &c.
! will state, by way OF introduction, that
| I. in common with large majority OF the
Conservative party OF Virginia, was not
satisfied with The funding bill OF 1871. We
did not believe the people Of Virginia were.
under oil the circumstances, morally bound
TO meet its demands. We believed, more
over. that the operation Of the taX-receya-
ble-coupon feature OF that bill would prove
detrimental TO the best interests OF Viz
GINA The seli-eXecuting coupon was the
man obstacle in the way of such settle
ment Of The question as would, in my opin-
ion, lie just and equitable TO both debtor
md creditor.
The Court Of Appeals had decided that
| Virginia was bound byan irrcpealable con-
tract TO receive these coupons in payment
of all public dues. Hence the question
how we could obtain relief from these
pocket executions, and put ourselves in a
favorable position to secure equitable terms
from the holders OF Virginia bonds with
out coming in conflict with the decision OF
our highest courts, was difficult one 70
answer. had knowledge OF facts which
impclled me TO believe that serious frauds
could. and almost certainly could, be COM
mitted against the State unless proper
steps were taken to guard against them.
Millions of dollars OF bonds, each bond
having coupons attached to it amounting
to twice as much as the bond itself, and
which could be used by any one who could
get hold OF them, were living in wooden
presses in the Treasurer's office. The hon
csty OF officials was the only guaranty the
State had against the abstraction and use OF
these millions OF coupons.
These coupons were perfectand complete.
Those which might be clipped from the
bonds which had not been issued could be
as readily used in the payment of public dues
rs those taken from bonds which had been
issued could. TaX-cOllectOrs had no way
of distinguishing the one from the other
the spurious from the genuine. Moreover,
the plates from which they were made were
still in existence and in the hands OF
northern company, which could, If they
chose. make millions more Of them.
Again, these coupons were, in my opin-
ion. liable to be counterieited. The report
of the special committee OF the House of
Delegates " appointed lin 1880 to examine
the books and valuable papers in the
Second Auditors office" shows that this
opinion was not without reason. IL says:
- Our Investigation also brings to light the
fact that some coupons have
passed through the office which have no
face or bond number, and the presumption
is very strong, in the opinion OF your COM
mittee, that these coupons are counterfeits,
and the coupon system is liable TO gross
by cOunterfeiting. We submit
tins fact. and beg to call your attention to
the vast extent to which the State may SUI
fer by such imposition"
After maturely considering the difficult
ties which enyironed the subject the most
feasible plan i could devise for meeting
them was not TO deny the receivabllity OF
coupons, but to provide by law that no
paper purporting to be coupon should be
received by any taX-colector until it had
been prOUed TO be genuine" therefore
prepared bill. which l presented in the
House Of Delegates on the 18th February.
1874, "to prevent counterfeit orimproperly-
obtained coupons from being received in
payment of taxes, debts, dues, and de-
mands due the State"
About ten days after the Introduction Of
this bill the Legislature was called upon to
charges OF the abstraction OF
bonds and coupons from the basement Of
the Capitol. Although the facts developed
by that investigation showed that my fears
had been well grounded, and that the
measures which proposed were necessary
and proper, met with so little encourage
ment that never pressed for vote upon
The bill during that session. On the seventh
day of the session Of 1919 again offered
my bill, which became known throughout
the State as "Pars0n MaSSey's coupon
BILL"
II provided that whenever State bonds.
with taX-receivable coupons attached there
to, should be presented ~ the holders
thereof. or their agents, TO the Secretary of
the Commonwealth, he should write on
those coupons which had mdtured and upon
no others the word "QeRuine," and afliX
thereto his signature and the date OF his
Ii provided, further, that no paper pVI-
porting 10 be coupon, but which had not
this endorsement OF the Secretary OF the
Commonwealth, should be received as a
coupon by tax collectors.
This bill was before the House rs - pe-
cial and continuing order" for a number
OF days, and was earnestly and deliberately
discussed.
Colonel Fulkerson, who was one among
the first Readiusters. and who never fall
tered in his devotion to their principles,
but was always consistent and persistent i'm
their advocacy, supported it earnestly by
both speech and vote.
Riddlcberger, who now claims the credit
OF having originated the idea of requiring
the genuinenesS of coupons to be proved
before they can be received, was one Of its
fercest opposers, and made one Of his
characteristic speeches against it. -Four
recorded votes were taken upon the bill
first, to lay it on the table; second. to en-
gross it; third, to reconsider the vote by
which it was ordered to be engrossed:
and fourth, upon its final passage (See
House journal OF session 1919, pages
245, 2l9, and 25G.) One each occasion Rid
dleberger and Judge b. w. Lacy voted
against it.
Opposition to every practical step in
favor OF readiustmcnt was persisted in
for more than two years after the defeat O,