The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-05-14
Very respectfully,
Your obedient servant,
FRANK G. RUFFIN,
Second Auditor.

FRANK G. RUFFIN,
Second Auditor.
The Democratic party came into power
in 1888, and as soon as the Legislature met
they began at once by hasty, il-advised
action to intermeddle with these coupon
remedies. s and we propose to show what
acts they passed, which altered, dinin-
ished, and absolutely destroyed, and re-
pealed them; and by so doing, they inten-
tionally OF unintentionally suggested to
the subtle, acute, and persevering counsel
for the bondholders the propriety of re-
sorting to the Federal courts for the as
sertion of their rights, of which they had
thus been deprived, and in doing which
they have, unfortunately for the State,
been so successful.
In the recent cases in the Supreme Court
of the United States both Mr.. Royal and
Col. r. L. Maury, attorneys for the bond
holders, have condensed in their briefs
the recent Democratic legislation which
they referred to as having loaded down
and hampered with new conditions, diff
culties, and delays the remedies that had
been given to the coupon-holder, and
which, they seem to have successfully
proved to the Court, had become by such
alterations, practically, prohibitory of any
sufficient remedy to him, and hence to ne
cesitate the interposition of the Federal
courts in his behalf. They declared that
the ''coupon-holder had been 5oycotted, !"
so far as it was within the power of the
Legislature to boycott him."
The following are some of the legisla-
tive acts of the Democrats referred to as
Gripping and destroying the validity of
the remedies afforded the bondholder by
Readjuster legislation, which latter were
declared to be constitutional and valid by
the Supreme Court of the United States,
as we have stated. We have been saved
the trouble of hunting them up through
the pages of the Acts of Assembly by
finding them grouped together, as they
here appear in Colonel Maury's and Mr.
Royals briefs:
Col. Maury says:
The following are some Of the new laws
referred to:
/ The use of coupons in payment of any
tax is absolutely forbidden, and all acts
inconsistent with that provision are re-
pealed Acts 1854, p. SOB, III II, IA, APP
pl owed March Is, 1854. Thus are repealed
all acts giving the coupon-holder a means
of paving his taxes with coupons.
H. The use of coupons III payment of
the specific liceRSe-taX, or of the capita
tion-tax, or OF one-fourth OF each tax bill,
called the school-taX, is absolutely forbid
den. and all acts inconsistent Herewith
are repealed thus repeating the substi-
tuted remedy passed upon by this court III
Antoni U.s. Greenhow, and leaving the
coupon-holdef without remedy of any kind
as to these specific taxes. Acts loS3-'o4
D. 120, approved February I, 1854 p. l09
approved February %, 1884 III ll2, rs
| ia. of general tax bill. p. 603, approved
March %, 1854.
III. Corporations, foreign and domes
tic, are forbidden to use coupons at all II
payment of their taxes. under penalty Of
fort eiture of their charter. This PROPOSE
ton is sought to be made effectual by {
general law (Acts 1884, p. 229, approved
February 25, 1884, which provides thai
thereafter no company shall be chartered
or have an amendment renewal OF exten
sion granted. except upon condition tha
it shall pay its taxes in money, and not II
coupons = and also by inserting this con
dition as special clause i'll all, OF nearl.
all of the new charters granted. Act'
1884. PIP. 22l. 292, II; 295, IS; 3l2
10; 1923, 10; 343, IS; $40, ~; 363
3S7, 6; 416, ~. More than ont
hundred and thirty charters or amend
ments were granted by the last Legisla
ture at single session. SO that it is appar
ent that if it be legal thus to deprive thu
coupon-holder of his right to have hi
coupons used in payment OF those portions
of the taxes due the State, the prohibition
will soon extend to all corporations TO
, sooner or later in the extension and Gle
velopment OF their business, they must re
quire amendments or renewals. Alread
three OF four OF the largest corporation
taxpayers have been granted amend
ments, and thus brought within this law
and the taxes of these alone exceed 500,
900 per annum.
". The use of coupons in payment o
: certain debts to the State is expressly for
bidden,-j. e., debts due for the hire O
certain eonvicts. and for the purchase o
certain public lands directed to be sold
amounting to more than 100000 Act
1894, p. 4O6, approved March Z, 1885,
and page 465, approved March 10, 1854