Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1883-03-12
MONETARY AND COMMERCIAL,
Virginia Bonds.

Richard H. Maury, of Richmond. writes to j. 4.
Himblcton & CO.. of Baltimore that there is to
be further legislation to compel the receipt of
coupons for taxes. He says:
"Coupon-kilcr No provides, in effect, that
Instead OF the old writ of mandamus to compel
the collector to receive coupons that taxpayers
may now pay under protest, and sue the collector
for refusing to take the coupons, in on. of our
simplest forms of proceeding in the court having
jurisdiction of the amount thus giving the mex
pensivc and summary proceeding before magis-
tratc when the amount is under $1OO and that
Judgment shall be given against the collector per-
Sonntly (which carries costs if ii be decided that
the coupons should have been received
Now, as you are well aware it has been finally
decided by both our own Court of Appeals. and
the Supreme Court of the United States on more
than Que OCCASION. that the State is bound TO re-
ceive these coupons for taxes and cannot in any
manner avoid this liability. She NAV, it seems
change and alter the mode by which they are to
he received, and make it more or less deterrent and
obstructive, but still the decisions all are that
provide proper mode she must. aud must receive
coupons from all who adopt and follow the mode
she does provide. No. gives no right OF appeal
III every case rs No. did. aud hence all ohst rr.
lions, delays of proceedings under il will terni.
nate Is soon us the Court of Appeals decide the
hrst case under It. 1t may be that the authorities
now III power will ubstruct lis fur us possible the
hrst VII" attempt to avail themselves of the mode
ttts provided for them To collect their coupons
Out II The Eases are promptly pressed the DELAYS
canine" he sreatl y prolonged. Appeals will not he
Tor amounts under 5000 aud after the first two
or three have been decided the way will have
been made as clear, simple and speedy rs M old
fashioned ten days motion for Payment of in
terest; a"rcat many will undoubtedly avail them
selves OF ii. both in town and country. inst AZ
people now flood the magistrates courts with
ciaihS against each other for few dollars Such
mo- Sl har H..
and argued"
MesSrS liamhlctun 4 Cos circular slys that
under the impression that the decision of the
Supreme Court would be in favor of the bond
holders some 100000 or ST 600 600 consnIs
and several hundred Thousand fen rorties waro
bonght 1t was somewhat significant that large
blocks 81 bonds were sold by one banking house
PREVIOUS 10 these purchases there were very few
Virginia cosols held in Baltimore, but at the last
moment some one succeeded in unloading on our
iocai opsr'torSa large block of bonds rs above The
confined sales created the impression that th,
Supreme Court would give decision against tn.
oohuh"llcrS but there was no rush to sell until
Just before three o'clock kilograms from Washing
ton announced that the coupon rasc had zone
against the bonlholders when cnnsnls were oll;.r
ed at ;,b and later sold ON tbe street fran, IN
down Ia IS. Tuesday morning the first saIn or
consols was ut Is. then on very large TRANSACTIONS
the hnhds broke To 40, ut about which figures they
rcllalncIi steady until Thursday morning, when
large orders were received both from Lnndon ard
New York to sell, when further decline ensued
collselS selling down to 49, Just ut this point
when the bonds were offered at 3Sis. and looked
Us IL they might sell much lower in fact Their.
was hardly any market for them We received the
following most remarkable dispatch from our
richmond correspondent: Royal has lust wired
here rs follows Have just seen opinion of court
1T cmphaticaly declares that the State cannot far
bid officers tn receive coupons and leaves him n
tresrtsscr if he refuses them We have won tho
fight. This dispatch changed the whole tone of
the market Orders ~ sell were cancelled and
fresh orders to buy came pouring into the E1
change, which caused rally in consols to 13ia
! rom TINS advance they again sold Off to 40 and
closed at AZ to 43
Now that the first effect of an un favorablc deci
SION mas spent its force in the recent decline the
bonds are much safer to deal in and will M
doubt III view of future Litigation Auctuate wide
~ and will present many opportunities for spec-
uiativr turns. For the present the tendency is
upwards" "
NEW YORK, Mar. 12.-The stock market openea
hrm at fractional advance from Saturdays
closing prices. In the early dealings there was
slight reaction, after which the market became
strong and recorded an advance ranging L. TO /
per cent, in which Omaha, Canada Southern.
Northern Pacific and Missouri Pacific, were most
prominent. At IL o'clock the general list fell off