Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1883-01-10
The Virginia Debt.

As many of our readers expect the
VALIDITY Of The debt settlement to be de-
termined By the case which was tried
BY the Scpreme Court yesterday, we
nnb)isb below clear statement of the
case as gwen b. the Correspondent OF
the Baltimore Sun, Of Monday. The
decision of the Supreme Court, 1t app
nears, will be confihed TO the validity oil
the bill known az coupon killer, No. l.
The Virginia tax case, which is set
for argument iD the Supreme Court OF
the United States tomorrow, has been
looked upon with much public interest
because of the general impression that
IN il we're involved the important ques-
tons affecting the validity Of he recent
reimbursement Of the debt OF Virginia.
Such is not the fact. The case comes
I'D on apr cal By tie cOun ell Tor the
bondholders from The supreme Court OF
Appeels of Va, and tia salient points
NAV be briefly given: 1t involves only
the validity OF TIE bill passed blythe
readiustcr Legislature known as cou.
pon-lirler 40. |, and which provides
that before coupons Of bonds issued I'M
der the acts 0i 1871 and 1879 should be
received in payment OF taxes, the alore'
said coupons should lrst be pronounced
genuine by q jury impannoled 10 try
that question. -
The preamble to The dill declares as
the reason for ito passage that coupons
from spurious, siAen and forged bonds
had been is1dered and received in pay
ment Cf taxes. There is no line or
word in the act having any reference 10
The principal of the debt, and the OBJ
iect on The face OF The law, whatever
may have been the ulteriOr moliyes,
was 10 more than to prevent tue recef-
ton OF coupons no; genuine or not
honestly obtained: Acknowledgement
BAR, OF Virginia, cOnteuded before
the Court o! Appeals Of that State that
the act did not violate the obligation Of
the contract, but expressly recognized
it, and only required, by 4 particular
remedy pre-. cribed, that the coupon
holder should prove and identify his
coupon to be genuine, and when that
was done. it was legally receivable iOr
all taxes. debts aud demands due the
Commonwealth. This view was sus-
tanned ey the Court Of Appeals Of Vir'
gina, composed Of majority Of those
whom in Virginia parlance are denomi-
mated as Bourbon fuuders, and was
;hereupcn appealed TO the Supreme
Court Of the United States. BY rea-
son OF the subsequent passage by the
readiusler Legislature Of the act known
"a coupon killer No. 2, iorbiddins the
receipt Of coupons at all, and Of the
Riddleberg,r bill. sealing down and
readiustirg the Stale debt, coupon
killer Nc. l has really ceased to be Of
any material consequence. 1t is TO be
Anticipated that in the argument Of
The case counsel may be disposed to
wander of to The discussion of correln
i've iss ues. but Acknowledgement Blair
saws that ne will cOnfine himself strict
~ TO the real points involved, and will
ask The eOnrt 20 compel other counsel
10 do 80. Ii is probable that the court
would 10 this at any rate. as il is not
the habit Of that tribunal TO decide upon
questions not properly aud technically
before II, or 10 permit The consumption
OF tine Ia ssle presentation OF lr.ele-
vaus questions. IN answer 10 an in-
quiry y YOUR correspondent, Attorney.
General Blair SAID that Up to this
time DO case had been brought before
the Comt of Appeals of Virginia in
the matter Of coupon killer No. 2. or
of The act scaling down and readiust.
-iirg thc State debt. Therefore, it is
likely to be sOme time before the conrt
Of last resort will be called upon to
decide as TO 'he fright of Virginia to
edDcc its debts. General blair said
that there stood on the statute books
OF Virginia more than 100 acts with
reference TO the different d, BITS coutrac
ted 6y the state since 1850. Perhaps
it is the multiplicity Of these acts that
makes the study of the debt Of Nirgi.
MA so abs,rusf snd difficult az 10 be
beyond the comprehension Of ordinary
intellects, and the Supreme Court Is
got apt to grapple with the subject
for the mere love Of Il. Consequently
il may be repeated that no decision
affecting the readIus;ment of the debt
Of Virginia may be expected to grow
Dat e The case which will come mp
tomofrov. Conpon-k'iier No. l. j. an
exact trah4Sript Of 2 Tennessee statute
which has already been pronounced
valid b, the Supreme Court
A GooD PRosPEcT FOR TIE IRON
TRADE.-A Pitlsburg telegram Of the
3rd says: The new year opens with