Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-06-08
Commons. ARain.

JOHN A. HAMILTON & Co. quote from our
srticle on coupons headed [" Not SO Stiff as
Is They Were" and then proceed to beg
the question In a manner that indicftes that
abclstering" coupons has become very
hard work. In one Of the paragraphs de-
voted 20 The Dispatch the circular OF our
Baltimore friends dwells particularly upon
our statement that " all we have 10 do Is to
keep on and In very little while the game
will be up" This paragraph says;
ain former days The Dispatch was an ar.
dent defender Of the rights OF the bond
holders and severely denounced The at
tempt of the ReadiUster party TO deprive
The creditors of the state OF their Just due,
under the coupon contract. We do not
know that the Dispatch has changed its
views on the subject indeed, We have been
under the impression II never has pretend
ed 10 believe that the action OF the State In
epdeayoripg 10 deprive the bondbolders Of
their just and legal claim was right, but
ooIy that the adoption OF Mahone's methods
was rather from necessity than choice, and
that its present defence OF the policy OF
forcible readiustment has been bised upon
the preience OF the inability OF the State 10
nay, and not upon the ground that II Is
commendable and right for the State TO ig-
more its promises and break its solemn
pledges. The game which the Dispatch
calls upon the taxpayers 10 keep up is one
In which the State plays with loaded dice,
and II successful would bring disgrace and
dishoner upon Virginia aud her people.
The people OF Virginia promised, through
their legally-cbosen representatives,, to ac-
cept the tax-recelvable coupons when ten
dered; IT Is for tho purpose OF violating
this promise and to assist the State in break
inc It's pledge and obligation that the tax
payers are mistakenly advised not 10 use
coupons"
What the DtSpdtcRs course was In for
ner days has nothing to do with the ques-
ton at issue. However. since Messrs.
HAMBIEToS & Co. choose to indulge In an
cient history, we would say that there Is
nothing in the DispaschS attitude to-day
that is inconsistent with its record touch
Ing the State debt. AS long as it was
thought possible TO induce the people to
pay what Virginia was obligated for Ia the
original bond we were in favor OF paying
II. But when IL was demonstrated that
the people could not or would not pay that
amount, that the debt question was being
used by the worst elements in the
State as stepping-stonc to power,
and that Il was rapidly becoming question
whether or not the bondholders would get
anything ut all, the Dispatch was compelled
TO take new departure, and so endorsed
a settlement which agreed to pay all that
the majority Of voters declared Virginia
could pay. That settlement-the RIDDLE
BERGER bill-was. under the circumstances,
the best that could be done for the State
and her creditors. To that extent we think
the Dispatch and the Democrats party
have stood and stand between the bond
holders and reputation. The people,
through their chosen representatives, in
party platforms, and in mass-meetings,
ment, and the Dispatch stands upon that
and upon the declaration Of the Democratic
party in convention assembled that the
State-debt question has ceased TO be one OF
dollars and cents and has become one OF
State sovereignty. As to the charge that
the State is playing with loaded dice, even
were that so-and II Is not so-honors
would be easy between the State and the
men who seek TO suck the life blood out OF
the Commonwealth by taking advantage Of
the miserable subterfuge by which the SUI
preme Court sought 10 circumvent the
plain letter OF the eleventh amendment to
the Constitution. The State Is not playing
with loaded dice, but Is playing stand-up
game against parties who In some cases are
sbarpers.
In the next paragraph the circular says:
"The price Of coupons has nothing TO do
with the moral obligation, which should
induce every well.wisher Of Virginia 10
use them; but the lower they can be pur-
chased the greater will be the profit in
paying taxes with coupons"
"Morai obligation is good. We thank
the Messrs. HAsBLEToS for the suggestion.
Wherein consists the morality OF urging a
few rich men to throw the burden Of sup
porting the courts, the State charitles-ln-
deed, tho whole State government upon
the poorer people Of the Slater As 10 the
declaration that the lower coupons can
be purchased the greater will be the
profit In paying taxes with them, we
would say that the Messrs.' HAMBLEroS
have made bad "slip-up." They
have I" laid themselves wide OPEN" so to
speak. The lower coupons get, the more
the bondhoiders win lose by not accepting
the RiDpLEBER0ER settlement. II the PEG
pie would stand firm In resisting the blan-
dishmenis OF the coupon spectators, there
would soon be so little demand for coupons
that they would touch point al which ,he
"game would not be worth the candle so
far as the bondholders are concerned.
When that time arrived the bondholders
would cease TO demand their pound OF
nesb, and accept the RIDDLEDERGER settle
ment In order 10 save themselves.
In conclusion the circular SAYS:
"Judging from the continual appllca-
lions we have for coupons many Of the tax
payers must he using them. Considering
that only license-taxes are now payable,
the demand for coupons Is quite satisfae-
tory. Next autumn, when the general
taxes are payable, we shall not be surprised
10 learn that nearly one bali Of the tax
payers have ayailed themselves Of the pri-
yilege OF standing upon the tender OF cou-
poDs. We freely realize that the accumu-
latiop OF coupons will prevent any marked
advance In prices until the annual demand
from taxpayers shall be In proportion 10 !
the coupons maturing. But, considering |
the fact thst the revenue OF the State from |
taxation Is over S3,000,000 and the annual |
aecruing coupons only Si,o00, 200, 1t will |
not be many years before the demand will |,
exceed the supply, Mr.. Ruffip's figures %
the contrary notwithstanding"
How does the opening statemen. Of this
coirport with the Information
10 the Messrs. HAsBLsrox's cir
cular Of week before last, that they had pur-
shssed during that week for parties wishing
% pay their taxes IN coupons the enormous
mount Of $1,000 Of the pestss For the
test Of the paragraph, II answers itself.
|icssrs. HAnpLSros q Co. ought TO know
bat according to the second Auditor about
: per cent. only Of the Taxpayers could,
they wosId, pay In coupons. When
bat fact Is considered IN connection
rffb the fryotnln0 sentiment IN the STATE