The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-05-14

taxes. Which aggregate nearly, il not
quite. full tWo-thirdS OF all annually
levied and collected by the State, and SO to
deprive him entirely Of the benefit (?) as
to them of the use of the new remedy sub
Stituted by the State for the old proceed
ing by aadndaasuS.
This new remedy, which now applies. if
at all, only to the payment of the remain
! der of the taxes not expressly forbidden to
| be paid in coupons, as above described, has
| been fatally oYerburdened and Instructed,
since this court decided Antoni against
Greenhow, by the following acts of the
asst Legislature
l. An act requiring an appeal to be
taken and granted, as q matter of right to
the Commonwealth, in every suit brought
on coupons under this remedy Acts
1894, p. 504, approved March u, 1884,
whereas heretofore no appeal could be-
had, unless for error. and then only where
$500 or more was in controversy. Vir-
ginia Code, 1878, p. 1856. 3 3.
3 An act forbidding counsel to under
take suits upon coupons unless in addition
to their ordinary license-tax ($251 they
paid $3.50 more. Acts 1885, 4, p. 597, 3 81,
approved March 10, 1884.
3. An act forbidding stock and ex
change brokers to deal in coupons unless
in addition to their ordinary license $3.50
they paid 81 900 more, and 20 per cent.
upon the face of all coupons bought and
sold. Acts lS93-'S4, p. 500. 65, approved
March Is, 1854.
4. An act forbidding the officers of the
Government. whose duty it is to receive
and pay or fund coupons, and therefore to
determine whether they are spurious, to
he summoned by Taxpayers to court to
testify to their genuiness. Acts lSS3-'S4,
p. 21l, approved February 25, 1884.
5. An act providing that three-fourthS
of each coupon rendered for taxes and
proved under this new remedy H. c., the
act construed by the court in Aatoni u
GreenholC. 107 U. S. 40, and declared to
be, and in part for that very reason, arem-
edy for the enforcement Of the payment
Of the coap0Rl shall be charged against the
principal of the bond from which it was
cut, and credited as a payment pro tallt0
of that principal. Acts 1SS3-'S4, approved
March 10. 1884
There have also been other laws recently
passed which bear upon the questions now
under consideration, and which materially
effect the equities Of the parties. They
are
I. What is called the Riddleberger
Funding bill, passed at the same time that
the act construed in Antoni Us. Greenh0W
was passed, whose object was to require
proof and verihcation of all coupons be-
fore reception for taxes in lieu Of money,
and yet this bill directed that all coupons
then due, if offered for funding. should be
received and funded without other verifi-
cation than the examination of the trusty
officer charged with this duty land the
very officer since forbidden to be sum-
moned to court for this same purpose.
II. An act discriminating against the
public creditor in favor of the bonds held
by certain domestic institutions, and di
recting that their coupons should be paid
in full upon presentation, and without any
verihcation or proof other than the in
spection of the aforesaid officer. Acts
1884, page 533; approved March 10,
1884.
III. An act directing the funding with
out verification or proof other than the
above, of all coupons like those in con-
1S83-4-'5, at the rate Of fifty cents in the
dollar for consul coupons, and at par for
those called McCulloch coupons, both of
which classes, if presented in payment of
taxes, are required to be first verified by a
jury, and subjected to al the difficulties of
trial and delays Of appeal; but if offered
to be funded, the former at half their
face, are really accepted without any
sncIl requirements, Acts Special Session
~. An act directing the surplus reve-
nue., which is accommodating in the Treas
ury because Of the non-payment and nom
reception of these coupons, to be used to
the extent of 100000 monthly in the pur-
chase of State bonds thus discredited by
the efforts to avoid payment and reception
of the coupons. Acts 1854, p. 53S. APP
proved March Is, 1884. Under this law
nearly two millions of bonds have been
bought during the last nine months at an
average price at but little over iifty-one.
V. An act repudiating all interest on
bonds not funded Il. e., at half their
amount, half the interest, and no security
before July next. Acts Special Session
1884. p. 1853, approved November 20, 1884.
Mr.. Royal speaks in his brief as fol-
lows:
When we look to the legislation that the
State has adopted that bears upon the
Riddleberger act, the first thing that
strikes the attention is the provision of
the act of January Goth, 1882, (Acts
1SSl-'2, p. 81 and that of the act January
l4th, 1882, Oh. p. 100 which forbids the
taX-collectOr to receive coupons for taxes
until the end OF Il VeXatiouS and harasSing
law suit. Ii these acts stood alone the
the coupon-holder could make no con-
plant OF them since the decision of this
court in the case Of Antoni as. Greenhow.
But when that case was decided they stood
alone-what they do not do now-and since
they have been subsequently supplemented
by other legislation which did not exist
when AntOni as. Greenhow was decided,
it is insisted that they may now be refer
red to as constituting part of one general
plan which had not been unfolded at that
time. the full development of which COM
pletely annihlateS the coupon.
What are the subsequent and additional
acts?
1st. The first section of chapter $40,
Acts 1884, p. 72l, provides that the Sec
ond Auditor shall open an account against
each bond, and whenever a coupon from
that bond comes into the Treasury, he
shall credit the bond with what would
have been paid to it as interest if it had
been surrendered and a new one taken at
the rate of fifty-three cents on the dollar,
bearing three per cent. interest, and the
residue Of that coupon shall be charged
against the principal of the bond and de-
Quoted from that principal at the bonds
maturity. This is, of course. intended to
scare the bondholder into surrendering his
bond and taking the new bond, which is
really for but onafourth of the old one.
2. By the provisions of chapter S3, 153.
and $50. PIP. 1S9, and SCI, Acts 1884, the
pay lQ0llU VI any llCeDot-GdA III CUupOIiS il
absolutely prohibited under any conditions
whatever. 1t is enacted by those statutes
that license taxes shall be payable in gold,
silver, and current paper-mohey only.
Thus it is attempted to exempt one quar-
ter OF the State IS revenues wholly and en-
tirely from the operations of the coupons.
Sd. BY the 18th section of the act of
March 18TH 1884, (Acts 1SS3-S4, p. 602), it
is provided that no part of the taxes as
sessed for public schools shall be paid in
coupons, although the Supreme Court of
Appeals of the State had decided in Will
Hanson Us. Massey that the school-tax is
payable in coupons. This is about one
fourth of the entire revenue from direct
taxes. Thus only about three-fourths of
the tax on real and personal property is
left for the coupons to act on.
4th. BY the 65th section of chapter $50.
Acts 1SS3-S4. p. 500. all persons are for
hidden under penalties to sell the. States
coupons to her taxpayers until they have
first paid her a special icense-tax for the
privilege, of 81 600. and. in addition there.
to, the seller is required to pay her 20 per
cent. OF the face value of the coupons sold.
| This is almost prohibition to selling the
coupons, But it is absolute prohibition in
theory, since she may make the tax more
/ ElnN No