Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1885-05-01

! EON u uulthb ~ HtliOuoil AlSbhi DihS
It's financial arrangements. 1t may
be wise for the republican Cover
nor to call an extra session of Vir-
ginia's democratic Legislature, in
order that such a plan or method
may be adopted for the reception
of the coupons in payment of taxes
for the current year as will be Sati.
factory to the creditors and relieve
the State from immediate and vexa-
ti0us financial complication
Richmond (Va.) State, dem:
There is 10 reason for any popu-
lar excitement over the decision of
the Supreme Court in the coupon
cases. The result of that decision
will not be TO arouse cOntending
parties or factions on the debt cues
ton. That day has passed. The
debt question has gono out Of poll
ties. 1t now rests with the courts.
| No popular enthusiasm can ever
again be called forth in favor OF
either side of this worn subject.
No Legislature Will ever again be
elected on this dead issue. There
may be those who with only de.
magogic purposes will cry out to
the people to declare for absolute
reputation. But their appeals
will be plainly in vain. For the
people have learned that the Sup
rene Court of the United States
will not permit population. No
question of State sovereignty will
have a patient hearing before
the Supreme Court as has been
shown in this. decision, and of
course reputation is therefore i'm
possible. Future Legislatures will
make provision for the payment of
the support of the government. OF
the schools and the asylums, and
of other Institutions. Whatever
may be done concerning the debt
will not be done by any organized
party. The people will not be
turned against one another again
in hostile conflict only to furnish
test cases for the packed bench at
Washington
Richmond Dispatch, dem =: we
agree with the State that there is
no party in Virginia which will
endeavor to compel her to pay
more of her debt than the Riddle
berger bill provides for paying.
We are not so confident, however,
that the republicans Will not at
tempt to make capital out of the
embarrassed condition Of the State
finances which it is feared may re.
suit from those DECISIONS. How
ever, when we remember that the
decisions were rendered by a tri-
bunal having upon it onl ) one de-
mocrdt, and that almost all the re-
publican papers in the North will
he found appiauding those deci-
siOns, We are at a loss to know how
any party capital can be made out
Of them by the republican party OF
this State. It would seem that tho
boot ought to be,on the other Leg
Richmond Wing, rep: What
will you do about it, Messrs. BOur-
bon Fundersf We allnde to the
coupon. See how it rises to CON
front yOul VIII it down at your
bidding ? All, you have raised the
devil, and you do not know what
10 do about it. The coupons, the
schools and the reduced taxes are
incOmpatibles that will surely rend
each other and destroy the men
who have again brought them into
fierce collision =
Springfield (Mass.) Republican,
ind, rep: This decision Is highly
important, and there will not be
wanting Virginians to favor resis-
lance 10 the decree of the court.
We trust, however, that such re.
sistaucc will not be made. On the
other hand, she would greatly i'm.
prove her standing among the
States and her industrial develop
ment by abandoning the Riddleber-
ger legislation as foolish and
wicked device for evading just
debt, or n debt of which at least
two.thirds is Justly due from the
Commonwealth of Virginia.
MR.. ROYALS VIEWS.
The Richmond Dispatch publishes
an interview with Mr.. w. l.. Royal,
the attorney of the principal Eng
lish holders Of Virginia bonds. lie
regards the decision az sweeping
victory for the bOndhOlderS, and in
regard to the elect of the decision
he is quoted as saying; 1T extirpa.
ties all of Mr.. Mahone's scheme of
readjustment. lie told the people
of Virginia that if they would give
him full power he would force a
readiustment Of the debt. They
gave him full power. He passed
every act which he could devise or
think OF, and the impOtent conclu-
sion is that the state of Virginia
is now threatened with helpless and
/ plliabe BANKRUPTCY. He has ac-
complished absolutely nothing ex.
, cept to degrade his native State.
Being asked what course he
thought would now be pursued by
, the creditors Of the State, Mr..
Royal replied
81 shall advise them most earDes-
tly and ut once to compromise, and
: not to attempt to press their VIC
, tory too far. shall advise them
, to offer the State to fund their 6
! per cent. bonds, amounting to
| more than $l4,0O0,0O0, into 4 per
, cent. bond, and to strike of from
, the McCullOch bonds, amounting
, to more then eight millions, tue
, provision making them bear 4 and
r 3 per cent, and thus make the Nc
, Culloch bonds bear all the way
, through per cent. only, and to
, fund all of the overdue coupons in
to bonds bearing2 per cent. int
rest. LISA simple matter of arr
lhmetlc to show that the present
rate of taxatian will pay this inter
; est and leave surplus of three or
: four hundred thousand dollars per
|. annum. Naturally the creditors
: will object to giving up their bonds
that bear the taxreceivable coupon,
because this coupon has proved
! their salvation, and naturally the
/. State will object to creating new