Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-04-21


ana 70 settle the remainder upon their
1.-THE legislators) own terms.
IL have talked with some eminent
snginians here AZ to. what we should
90 now. They say that just at this
moment they don't see how the Lcgis-
iature or even q constitutional conven-
uen can do us any good until the foil
omcial opinion, revised and corrected.
Is at hand. Their Judgment is that all
we can do is to appeal to the patriotism
OF the people not to pay their taxes in
coupons. They think the pressure OF
public opinion wisely directed will be
SO powerful that the bondholders will
realize that Virginia is not wholly help
less yet.
What Mr.. RoyaIl Says.
The opinion Of Mr.. William L. Royal
and others IN respect of the scope Of
the decision is set forth in the following
interviews:
Dir. Royal, what do you understand
that the Supreme Court decided?
Mr. Royal: The Court decided the
Parsons case for the State. Ii decided
everything else on, and out for the
bondholders. II held that the tender
Of coupon in payment Of tax is
legal tender, and it is the same in effect
as a tender Of coin. 1t extinguishes
the States claim for the tax, save and
except her right to demand the
coupon. 1t holds that it is
trespass for the officer to levy to com
pei the payment Of the taxes in any
other medium after tender Of the cou-
pen, and that he must be enjoined from
levying after such a tender that all
the laws Of the State Of Virginia which
forbid the officer to receive coupons in
payment Of taxes are unconstitutional
and void, and all the laws that COM
mand him to levy after the tender Of
coupons are unconstitutional aud void L;
and that the State law which forbids
the taxpayer to sue the officer for his
trespass in the State courts is likewise
null and void. 1t afiirms the tax-pav-
er's right to sue for trespass or for an
injunction at his pleasure, either in the
State court or the United States court.
1t declares that all of the acts which
the Legislature Of Virginia has passed
must be taken and considered together,
and that when thus considered they
disclose purpose on the part Of
the State to destroy the coupons, and
that it is not within her power to de.
stroy them, and, therefore, that all
must fall together. Specifically it de-
clares the right Of the taxpayer to sue
the officer in detinue who seizes his
property after tender Of coupons, and
to force him to surrender the property.
1t declares it is his right to sue him for
damage for trespsss in seizing the pro-
perty, and to have an injunction to pre-
vent him Selling and selling the pro-
perty.
THE IMPORTANT CONCLUSION.
What are your views, Mr.. Royal, Of
the effect Of the decision?
II extirpates all of Mr.. Mahone's
scheme Of readjustment. He told the
people Of Virginia that if they would
give him full power he would force
readjustment Of the debt. They gave
him full power. He passed every act
which he could devise or think of, and
the impotent conclusion is that the
State Of Virginia is now threatened
with helpless and pitiable bankruptcy.
lie has accomplished absolutely nothing
except 70 degrade his native State.
WILL ADVISE A COMPROMISE.
Mr.. Royal, what course do you
think will now be pursued by the
creditors Of the State?
| shall advise them most earnestly
and at once'to compromise, and not to
attempt to press their victory too far.
shall advise them to offer the State to
fund their 6 per cent. bonds, amount
ing to more than $4,000, 900, into 4
per cent. bonds, and to strike off from
the Mcgulloch bonds, amounting to more
than eight millions, the provision max
ing them bear 4 and per cent, and
thus make the McCulloch bonds bear
all the way through A per cent. only,
and to fund all of the overdue coupons
into bonds bearing 3 per cent. interest.
1t is a simple matter Of arithmetic to
show that ;tiii6 present rate Of taxation
will pay this interest and leave a sur.
plus of three or four hundred thou
sand dollars per annum. Natural
ly, the creditors will object to
giving up their bonds that bear the
tax-receivable coupon, because this
coupon has proved their salvation, and,
naturally, the State will object to crea-
ting new set Of obligations, the old ones
remaining uncancelled. shall propose
as compromise that the coupons on
the present bonds shall be stamped; that
on the per cent. bonds. for instance,
a stamped coupon shall be demand on
the State for only 4 per cent, ifpsid
at maturity, but if not paid at maturity
shall Immediately become reestablished
as a per cent. demand and a tax
paying power.
what speaker Stuart Says.
Speaker Stuart being asked what he
thought of the decision, replied: Taken
as a whole, it is a surprise--a complete
reversal of former decision in causes
almost identical by the same court. 1t
wipes out entirely the Riddleberger bill
and all the measures passed to force
the pending funding under that bill.
II at once places the State revenue
under the control of nearly $4,000, 900 |
of past-due coupons. They must be
received by all collecting officers. or
the refusal, if followed by levy, involves
an action for damages or injunction if
the amount be sufficient. 1t makes the
coupon not merely contract, but
self-collecting instrument. What is
more, it covers every conceivable point
in the controversy and that against the
State.
THE ALTERNATIVES.
The alternatives now presented
are, first, an increase of tax