Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1883-12-17
ELL TO ENFORCE FUNDING

Mr.. J. Marshall Mccormick, of Clarke.
has presented the following bill in The State
Senate, which is now before the Finance
Committee Of that body:
\ ELL TO amend and rcenact section one OF an ac,
entitled an act 10 prevent frauds upon the con-
monwcalth aud the holders of her securities in
the collection and disbursement OF revenues
approved January IL 1882.
Whereas bonds purport!ng to be the bonds Of
this commonwealth. issued by authority of the
act Of March Both, 1c11, entitled an act 10 pro.
vide plan Of settlement OF the public debt. arc
in existence without .utiorit: of Law: and
whereas other su.h bonds 0r. III existence which
arc spurious, stolen or forged, which bonds bear
coupons in tho simllitudc Of genuine coupons re-
cciEable for nj taxes. debts and demands due
the commonwealth and whereas the couIoIS
ircm such spurious, stolen or forged bonds, are
received Ill payment o! taxes, debts and demands
aud whereas genuine coupons from genuine
bonds after having been received in payment of
taxes, debts and demands, arc fraudmlently refs.
sued and received more than once in such pay
mcnts; and whereas such frauds OH the lights o;
the holders Of the aforesaid bonds impair the CON
tract made by the commonwealth with them, that
the P0ns thereon should he received i'm piv.
mcht OF all taxes, debts and demands due the said
commonwealth, and al the same time deirauts
her oul OF her revenues and whereas; the means
now prov 'drd by law for the Identification and
Vcrilcatlon of such coupons have proven incilec-
tuai, III some instances judgments having been
rendered against the treasurer Of the common
wealth on coupons which had no number and
which We're therefore the legal product OF no bond
ana whereas Tor the more thorough protection al
the commonwealth and the holders of her secur-
ties the co"csnur has recommended that addi-
tIonal Legislation IS necessary therefore, for the
purpose OF more fully protecting the rights of said
hpndhoi!ers, and of enforcing the said contract
between them aud the commonwealth and of
preventing frauds in the revenue of the same,
1. BE IL enacted by the General Assembly OF
Virginia, hat section one of an act entitled al
ac6 To prevent frauds upon tho common wealth
ana the holders Of her securities in the collection
ana disbursements Of revenues, approved January
l1th, 1857, be amended and re. enacted so as to
read follows:
Sec /. That Whenever any tax payer, or his
agent, Shall tender 10 any person, whose duty il
Is To collect or receive taxes, debts or demands
due the commonwealth. any papers or instruments
In print writing or engraving, purporting to be
eoupotS belonging ard attached TO the bonds of
the commonwealth, issued under the act OF eight
cen hundred and sevcnty-onc entitled an act to
tunh The public debt, in payment OF any such
taxes, dents &ud demands, the person To whom
such papers are rendered shall after ctachiug the
same from the bonds, receive the same giving the
party rendering them a receipt, stating that he
has received the same for the purpose Of dcntf-
cation and vcrilicatOn provided, however, that
no person whose duty IL is To receive or collect
taxes, debts or demands due the commonwealth.
shall receive such papers if detached from the
bonds to which they belong
>. This act snail ho in force from its passage.
THE theory Of tho bill isthat the Supreme Court
has decided that whatever n.ay be the contract be-
tween the State and her creditors, uuduying it all
is her right To exact proof Of the gennacnesS Of the
coupon Tho b0ad IS Ike best cciicncc because it is
signed by the States officer in his hand, while
the signature to the coupon is Mhographed. The
object Of the bill is to enforce funding under the
bill. If the jobbiug and speculation
IN coupons is once stopped that object can be ac
'omplshed. The bill prevents obbing and spec
llato. because the holder cannot dctach his COLI
non and hence cannot put il upon the market,
The bill is very simple and easy Of execution