Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1885-04-25
Suffered ut the Postoilice at Accomac
c. H.. Va. as second-class matter.

cina coupon cases. was rendered
In It Monday in favor of the bond
holders and against the State. The
.Riddlehergerconponkiller"anda all
o-hcr acts of the Virginia LeslSla,
turc. which fnrbidS the payment OF
taxes in coupons were adjudged by
the court unconstitutional, in that,
nv them tie validity of the States
contracts with the holders OF the
bonds was impaired. Snch the de-
cision. briefly, and the effect OF 1t
must be, that hereafter, when col'-
mons are offered in payment OF tax
es, they must lie accepted. The
fax collector who hereafter at
tempts to enforce the payment OF
taxes in money after said tender
has been made. by levying upon
the taxi ayers property does so at
his own personal peril. Such ajax
collector, in other words would, be-
come an individual trcspasser whom
the taxpayer and coupon holder
has the right to treat as wrong
doer" and that being the case, OF
course. lie will accept the coupons.
Sucl, is the dilemma in which the
decision of the Supreme Court has
placed us. That it will operate as
a great hardship to Virginia we
believe. But the evil great as 1t
may be, and. whatever the finan-
cial straits to which It may reduce
us has to be met, bnt how is tile
question? It cannot be by a repn-
diation in whole or in part OF the
debt. The Supreme Court being
the court of last resort; its declS-
ion must operate as an efiectnal
bar to any such proceedings. 1t
seems now, we must pay the debt
either wholly, or in part by Il COM
promise with our creditors, if that
can be effected. Mr.. Royal the
counsel for the bondhollerS thinks
that tile creditors would agree to Il
compromise. Ilthey will not. then
the present rate of interest must be
paid on the debt and can he out OF
our revenue arising from present
rate of taxation, if the editorial
writer of the Baltimore Snn is cor
rect, without any serious detriment
TO the State. An extract from the
editorial to which reference is
made is as follows:
If the amount of bor in.tupon
falling due annually were greater
than or equal to the entire revenue
of the State, the effect of the cou-
Don contract-which the court pro
nouuces equally with the constltu-
ton Of the United States, 'ilre-
lealable 10y any act on its part"-
might be disastrous TO the public
schools and the judicial and adj
ministrative machinery OF the
State, but happily these interests
do not consume. it is stated. more
than about 81, 100000 out of the
revenue approaching S3.OO0.OOO III
amount, leaving nearly 81, 6OO,0OO
to meet the 81 ,4OO,OGU of interest
accruing annually on the entire
debt"
The above extract colors too
highly, we believe, our prospects
for the solution of our debt trOu-
bles and if correct, would not be
acceptable to the people. They do
not believe, and in that oplnloh we
concur that debt created Sin
sin and iniquity" as much of our
debt has been, should be paid to
the last farthing. The remedy
Which will relieve us to IA greater
extent of the burden, which the
debt imposes upon us, other than
that which our creditors choose to
give us, we hope will be found
We fear it will not be.
The decision with all its evils,
happily removes the debt question
forever from politics in Virginia.
Mahone and bis henclmen may en-
deavor to use it as a hobby to ride
into office, but no one will be de
ceived. They have had control of
the whole machinery of govern
ment and such laws have been ell
acted as they willed but all to no
purpose. They have not only
failed to accomplish what they
promised, but have also prevented
lis from accepting the provisions OF
the McCulloh Bill, which would
have given us some relief and was
acceptable to our creditors. Now
demagoguery on the debt question
must cease, and we can only hope
by ignoring it as q party question.
to select our best men as leglSla
tors, and trust them by wise lesis
lation TO relieve us as much as pos