Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-07-14
TUESDAY......".....JULY Ia, 1850.
Financial.
In their last circular Messrs. JOHN
A. HAMILTON T. Co. say:

In their last circular hoSSiS' "N''
A, HAMILTON & Co. say
"wc notice that the treasurer o
the city Of Lynchburg had to give vi
his office because, in view OF the Ger
tainty Of bondsmen making themselves
liable for damages to any Taxpayer
whose coupons were refused when ten
dered in payment Of taxes, no one
could be found TO 60 on his bond
The chickens are coming home 10 roos'
sooner than we expected, and when the
treasurer. collectors, and their bonds
men begin TO realize that they are each
and every one of them personally liable
for damages il they refuse TO accept
coupons from taxpayers when rendered
tbe State will not be looking to the
bondholder for an offer Of compro-
mise"
The man who was appointed city
treasurer Of Lynchburg gave bond in a
hundred thousand dollars.
That fact would not seem 10 indicate
sbondsmen are alarmed.
~ Il we're true that the Federal
.arts had vacated ell the offices in Vir-
ginia, dismisslng all the States SER
wants, wouldn't that fact be speaking
commentary upon Mr.. Justice MT
THEws's decision that suit against
her officers IS not a suit against the
Sts,es
The same circular says;
1--WE notice that q movement is Oh
foot in Virginia to repudiste what are
known as the Riddleberger msndamus
bonds Of which some 100000 were
issued under q mandsmus granted by
the United States Circuit Court for tax
receivable coupons. The fsrcical part
Of the whole matter is that the parties
who had their coupons funded at par
into Riddle 5 per cent. msndamus
bonds have long since sold these bonds,
and the State now holds them among
the bonds purchased by its officials, so
that no one but the State, except the
Taxpayer, would suffer if the manda-
mus bonds are repudiated. AS very
few know the numbers of the manda-
mus bonds, the scheme to repudiate
them, If carried out, would discredit
the whole issue, and the State would
find Il a more difficult task than ever
20 inspire any one with sufficient
courage to hold a Riddle 3 per cent.
bona"
THE farcical part Of the matter :"
will make you laugh on the wrong side
of your mouth. Let Virginia once
nske known her intention to repudiate
al bonds funded under mandamus and
require her officers to brand them, or
number them, so as that all such bonds
shall be known, and our Baltimore
friends will see where the laugh comes
in. Don't ha,ter yourselves that the
Old Dominion has sunk so low that she
is powerless to protect herself against
the DEGREES Of Baltimore judge.
Surely the State can lose nothing by
refusing to pay herself what she owes
herself. The few bonds, however, that
have already been issued under Judge
3oND's orders are small matter. 1t
is TO prevent repetition Of wrongs
Of this kind that our Legislature
must act. And however much BOND
and the rest may affect to de-
spise the efforts Of the State to
circumyent the men who fund under
mandamus, we venture 10 say that not
one bond funded under mandamus will
ever be sold after the Legislature shall
have passed the law we have suggested.
IL would be impossible TO sell such
bonds. We are willing TO take the
chances, and 10 LET Mr.. Justice MAT.
ruEws and Judge BOND do their
worst.
The same circular says;
"As the amended Riddleberger law
requires that all bonds offered for fund.
ing after July |, IS, shall carry the
July, IS, and subsequent coupons, the
Governing Committee Of the Stock Tx
change has decided that consois, l0-i0's
and peelers, to bs a good ieiicery, mus
carry the July, 's5, coupon therefore
In any transactions in these bonds, it i,
understood that they are to carry tn,
July, 's5, coupon, unless specified L
the contrary. This action will M
doubt prevent many persons from cut
ting of tks.s coupons not that thcy
have any idea Of ever funding them
but because their boads would not b,
asood Stock-Exehange delivery minu
the July, IS, coupon"
And the Governing Committee o
the Stock Exchange has acted wisely
The result Came! but be that the cou
psns will be left upon the bonds.
"The skies are bright and brighten
ing" IS Father aIrcHis used to say