The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-04-02
The Coupon Gases,

The trial of the Virginia Coupon cases
was concluded in the Supreme Court at
Washington on Friday last. The eases
were ably and deliberately argued by dis
tinguished counsel, including Messrs.
Evarts, Swayne. Sheffey, Chamberlain and
Royal, for the bondholders, and Messrs
Blair, Merrick, Garland and Staples for
the State.
The first four cases involved the ques-
tion whether tender of coupons to col
Letting office so far discharged the taxes
and dues of the Government that the Of
ficer, ii he sold the property of the taX-
payer, would be liable for an action of tres
pass at the suit of the owner of the prop
erty. The fifth case raised the question
whether license tax could be discharged
by tender of coupons as in other cases.
In the sixth case, that of the b. & O. r. r.
VS.. S. Brown Allen, auditor, the collecting
officer had levied upon the property of the
Baltimore and Ohio Railroad Co., for the
nonpayment Of taxes, that company having
made tender of coupons which was re-
fused by the officer, and thereupon the
Company obtained an injunction from the
Circuit Court Of the United States upon
the ground that the levy was illegal. All
OF the eases raised substantially the ques-
ton that tender of genuine coupons sat
isfied the dues of the State and after such
| tender and refusal the officer had no au-
thority to levy and collect. 1t will per-
haps be month before the decision is an
nounced, but when it does come, it is ex-
pected to finally settle the status of Vir-
ginia's debt.
In the course Of his remarks, Judge
Staples read the following abstract of fig
nres, which goes little beyond the Rid
dleberger bill
Old registered and coupon debt as
ofJanuary l, 1861 .... $3.50. ... S3l BOG 5S2 90
Old James river stock and James
| River and Kanawha bonds........ 294.laO 90
Total State debt on January |, 1861 s3l 7l2 90
Interest from January l. 1861 Din
Guiding arrears at that date, TO
July |, ls7l............. ...:..... 2l5Oi.S42 90
Debt and interest to July l. 1871 $50 055 80
Che third of for West Virginia go. 17,7G8,35l SO
N1rgnia's two-thirds 703 81
interest paid from January /, 1861
to january l. 1867 47I1.243 90
$780, .4j9 IS
Interest paid under Acts 1867 ....... 25l5,47Y e.
s2s.99, 1880 q
States interest in public works sold
for old bonds between January l.
1866, and July l, 1871 .26s7 ,l79 50
S25.592,slO 80
States interest i'll public works
sold for bonds of 1866 and 81 be-
tween January l, 1866, and July |,
ACKNOWLEDGEMENTS. 1,O23,0G9 So
s24569,73o 81
Deduct four years war interest on
two-thirds of the original debt at
per cent........................ j0SS III 0G
sl9,4Sl $3.50 iS
Add interest at per cent. from
July st 1871, TO July lst, ISL. ll.GSS9SI 50
S3l,l70,6lS &c
interest paid in cash since July LIST
1921 3lI IS
SOS, ,306 IS
Interest paid in coupons since LIST
July. 7,sOl,9I 90
s2l OH, $50 IS
Redeemed by sinking fund since lst
July, ISL. .,.................... 1894 40 IS
Virginia s just debit. 80. ..Slj.552, 500 20
Add four years war interest de-
Quoted above. ...,,... sos, ia 06
S2O,44O.7ss %
Note l-Deduct years
war interest as In text S5,0SS III 0G
Deduct 3 years and
IN on I is fec0nStruc
lion interest not eSti-
mated in statement. ITO log O.
9,S5S,22O Us