Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-03-06
The Coupon Legislation Of the Present
General Assembly.
For The Dispatch. }

For The Dispatch
TIE Legislature adjourns without
passing any financial measure to pro
tect the Treasury from the threatened
influx Of coupons. The only PROPOSE
ton Of that character was an old scheme
first suggested in the early days Of
Readiuster legislation, butnever adopted
bv that party. This was to issue tax
receivable scrip to be sold at SAY one
half its face amount, to be followed by a
corresponding increase in the rate OF
taxation to say double the present rate.
This measure having failed Of adop-
ton. the only legislation enacted either
directly or indirectly embracing cou-
pons has been merely Of an Obstruc-
tive character. Thus the barratry bill
so called, is intended to punish and
prevent the unsolicited encouragement
and instigation Of coupon suits by at
torneys. Another law requires cou-
pons rendered for liceoSe-taXes to be
verified, in accordance with the provi-
SONS Of Coupon-klller No. /. iais
law prevents the issuance Of license
until The coupon is proven genuine. aId
a mere tender OF the coupon. IL is be.
lieyed, will not, even under the recent
decisions Of the Supreme Court, Justify
the party in pursuing his ayOca'i)a IN
til the license is actually issued. Two
other laws passed this session, II sus-
tanned by the court Of final resort, will.
it is believed, 90 far towards solving
the coupon trouble. One Of these is an
act to prescribe a period Of limitation
to proceedings for the yeTil.ca:ion Of
coupons. The other is an act to amend
the Code in relation to the rules of
pleading and evidence. The law last
referred to does not in terms apply to
coupons, nor is that word used in the
act at all. 1t IS general in its terms,
and provides that where in any suit or
other proceeding it becomes material to
prove the validity or genuineress Of any
instrument, the signature of which IS
printed, or engraved, or autographed,
the signature must be proved by direct
evidence, and not merely by expert
testimony.
The genuinenesS Of a coupon may
become a material question in several
classes of sUits-for instance, in pro-
ceedings under CoupOn.killer No. !
in actions Of trespaSs, &c. against an
officer for levying after tender
Of coupons for taxes has been made to
and refused by him; in an injunction
suit to prevent levy after a tender Of
coupons, and in other kindred cases.
Under the last.mentioned act. if sus-
tanned, the coupon can, it would seem,
be proved only, first, by producing the
coupon attached to genuine bond, or,
second. by tracing the coupon by the
direct testimony Of witnesses back to
some genuine bond.
This, it is believed, would render the
proof of coupons so difficult as praCti-
cally to drive them from the market,
while it is not perceived how the obi
CATION Of the contract evidenced by the
coupon would be impaired by rule Of
evidence operating in a collateral nit
between man and man.
In addition to these measures the
General Assembly passed bill reluir.
ing that coupons, when offered for
taxes, Shall be attached to the bond to
which it belongs and the bond shall be
a bill was also passed creating a
board with power to indemnify col
lecting-Onicers for any personal loss
they may suffer in executing the laws
of Virginia.