Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-04-13
TTESDAY"........APRlL IL, 1885,
IIntimelv Growing


Again our Baltimore broker-friends
Mtssys. JOHN A. HAMBLET0N q 20.
are engaged in the work OF enlighten'ng
their patrons concerning the public debt
of Virginia and, as usual, their latest
CIRCULAR indicates a plentiful lack OF in
formation on the subject. We quote :
"To show the Inconsistency OF the
Auditors figures, he says In one place
that only $3.50, 900 coupons per annum
can be used in paying taxes, and IN
another part Of his address that Viz
eipia received in eight years over
$4,000, 900 in coupons in payment OF
taxes"
THERE'S no inconsistency in the Second
Auditors figures. For years after the
passage Of the funding bill Of 1871 mer-
chants, insurance agents, and taxpayers
Of every kind used coupons in paying
their taxes. But such is not the case
now. Read Senator LovEsTEIN's let
ter in the Dispatch Of Sunday and you
will see that, inasmuch as the Legisla-
ture can fix the taxes on licenses at any
figure whatever, that body having abso-
Lutte control over the matter, merchants,
corporations, and insurance agents
would lose in the end by paying taxes
in coupons, even if we fail to credit them
with patriotism. If those classes do
not pay in coupons there cannot be
received into the Treasury in any one year
even ne.half the thirty-dollar coupons
and since four hundred thousand dollars
worth of coupons would be left unre-
deemed every year, it is as certain as
that night follows day that the accumu-
la,ion Of coupons would in few years
cause the price of them to fall down to
a mere nominal figure. 1t is only the
ignorance OF the bondholders and the
public on this point that keeps the price
Of coupons where it is now. Let it once
become known to the bondholders and
spectators in coupons that to the
million or two of coupons already
matured and awaiting redemption there
will annually be added four hundred
thousand dollars of coupons which can
not possibly be redeemed, because they
can in no imaginable way be forced upon
the Treasury by usurpins court nor
otherwise, and coupons will drop down
to figure that willrender funding under
the RIpDLEBERGER bill a popular
employment or pastime. We venture
to predict that Messrs. JOHN A.
HAMBLEToN 4 Co. will not let
their readers know these facts,
though these have now been called
TO their attention twice. We will
put the figures in a different shape,
and again ask our Baltimore broker
friends to copy them in the next circu-
lar in which they mention the Rich
mond Dispatch and the public debt of
Virginia. The Second Auditor shows
that there are in all 1905 thirty-dol-
lar coupons maturing every year--that
is s7lO,s50 in face value, and more
than two thirds Of the amount Of all
the coupons maturing each year. There
are only a few thousand persons who
can use these thirty-doliar coupons at
all. Our estimate, which We worked
out in detail last week, is that
not more than $500 out Of the
23,695 thirty-dollar coupons can
be used. In other words, nearly
two thirds Of them would necessarily
be left unredeemed every year even if
the State of Virginia shall invite all
taxpayers except corporations and
payers of license-taxes to pay their
taxes in coupons. There is no mystery
about these figures. We invite to them
the careful attention Of all Virginia bond
holders and coupon-speculators.
Our Baltimore friends boast also that
the proprietor Of Ford's Hotel in this
city recently sued Virginia officer in
Federal court and got verdict for
s250 dsmages-thus taxing the Com
monwealth to the tune Of 1910 in this
one case. Batyou boast too soon. There
will be very few such cases. Public
opinion is too strong in favor Of moi
paying taxes in coupons. You may
/, say that the people are not governed
by sentiment but by self.interest in
paying taxes. Very well. Let us &C.
cept that asa financial or politico-eco-
nomical truth. What then? Why,
there are more than three hundred
thousand voters and taxpayers who
cannot by any possibility pay their
taxes in coupons; because their tax
bills are too small. Will these three
hundred thousand consent to carry on
the State government for the benefit Of
the ten thousand men rich enough to
pay their taxes in coupons? YOU
KNOW THEY WON'T.
Saturday evening in Providence, r.
l., there was a big demonstration 10
favor of q constitutional convention,
and this was one Of the notices dis
played: