Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-02-24
wEpNEsDAY.FEBRUARY "a, 1886.
Rameiies-Again.


Mr.. FuLRERsoN's bill docs not
forbid, and will not prevent, the re-
ceipt Of coupons for taxes; for If the
certificates of indebtedness are sold at
fifty cents on the dollar, and the bond
holder can get fifty cents on the dollar
of the face value of his coupons, he
will get 3 per cent. interest on the face
of his consols, &C.. and this he would
Of course prefer to 8 per cent. interest
ON a bond scaled down under the RID
pIEBERaER bill to SO per cent. of its
face. He would, in other words, get
three dollars interest, where, under the
RIppLEBERGER bill, he would get
only one dollar and fifty-nine cents
interest.
But Mr.. FULKERsoN's bill will ef.
feet one purpose which it is the duty
Of the Legislature to accomplish if pos
sibIe. This is the equalization of
taxes. The Constitution requires taxa
ton to be equal and uniform, but of
course it cannot be so if one man can
pay his taxes in coupons costing only
fifty cents on the dollar of their face
value, whilst other men are compelled
to pay their taxes in money. Mr.. Full
KERsoN's bill will put all taxpayers
on the same footing. 1t will be impos-
sible for the largest taxpayer
to get any advantage over the
smallest one. If all pay their taxes
one year in coupons or certificates, and
the taxes have to be made higher the
next year, all taxpayers will fare alike.
At present, the rich man may pay one
year in coupons, and'if the taxes are
doubled the next year, he will not
stand the second year Oil the same foot
ing with the poor man, for the latter
will have paid his taxes in money. In
other words, under the operation of the
new law, the buying of coupons cannot
benefit anybody for all who do not
buy coupons will buy certid-
Gates, and whatever deficiencies
may occur in the revenues of
the State will have to be made
up by all classes. One class will not,
IS now, have to pay in money in 1885
and then in 1886 pay in money again,
and . larger amount Of it, to make up
for the deficiency in the revenues
caused by the use Of coupons by other
classes. 1t ought to be easy under
such circumstances for all taxpayers
to be convinced that there is no money
to be made by buying either coupons
or certificates.
Again: Under the new law it is to
be presumed that no one will buy cou-
pons who can buy debt-paying certif-
Gates at the same price. But to insure
the success of the measure, it might
possibly be best to make the tax two
dollars on every hundred dollars worth
Of property, and sell the certificates at
90 cents on the dollar. If the scheme
is allowable, the price Of certificates
may be fixed by the Legislature at any
figures that body may deem best.
Mr.. JoNEs's bill is promising one.
Since the coupon suits are all really
suits against the State, it would GER
tainly BIO right and proper to cause this
fact to appear on the record-in the
style Of the case. And as a record Of
. court Of justice imports absolute
verify, it might puzzle Mr.. STANLEY
MATTHEWS to conjure up even a plau-
sible reason for usurping jurisdiction
in such case. In the opinion in the
Louisiana case quoted by US on the 2lst
Chief-Justice WAITE said {:
"But this Is very far from authorizing
the court when State cannot be sued. 10
set mp It's Jurisdiction over the officers in
charge OF the public moneys so rs to con
troll them az against the political power in
their administration OF the snances OF the
State"
That's sound doctrine.
Perhaps, too, it might be advisable
to pass law providing that coupons
shall he receivable for taxes for only
one year after they mature. Statutes
Of limitations are constitutional laws.
The courts, too, issue DEGREES barring
claims good except for the reason that
they are thus barred.
The hints we have thrown out will
serve to show Messrs. JOHN A. HAM,
BLEToN & Co. that Notwithstanding
their boasts, and notwithstanding that
the foreign creditors of Virginia have
resolved never to fund q bond under
the RIDDLEBERGER bill, it may be
within the power Of our Legislature to
cause them to reconsider that resolu-
ton. Virginia hasn't shown her hand
yet, but only few Of the cards. The
trumps m,y yet be out Of sight, but
they will be produced in due time.
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