Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-03-18

state authorities have iabored 10 propagate, that
former decisions ia favor OF the bondhOlderA
have been reversed by H. Far from this being
iao case, u MAY be sately asserted that "a re-
CARDS the point upon which tho entlrs question
iurns-viz. the irfcvocsble nature OF the con-
tract between Tho state nnd hor creditors. ani
tho obligation Of the state 10 tulh #, the decision
N question y ~ favorable az, and more conclu-
s,vo thnn, previous ssntcnces by the Same court
Concurreniiy with the litigation. aud with
view 20 give practical eject 20 The decisions OF
the Supreme Court. q central agency has been
c1inbiialed NJ kcnmond, with sub-aVencics
throughout the state. for tho purpose Of fR,tli-
Eating and stimulating tho use OF coupons Ia
payment % taxes By This inosns the state bus
boon already compelled, Notwithstanding her
Obstructive tactics and Unconstitutional lcgi-la-
ton, 10 receive coupons at tnor pnr value for
not inconsid craOie amount Aud u f. conf
deutly cxnocicd that the agencies. when more
sys.enatlcaily organized. a. Ia contemplated.
VIII Largely develop the nee 0f coupons by lax
pgycrs, and thcrcoy Insure the succcas Of this
long and costly struggle. u should be Observed
that tho benefits conferred by thcec agencies are
ex ended only 10 tie hc.dcis Of Virginia hOnds
who have pad tho assessments levied by the
committee.
Tho committee think e right T. wan tho boad-
hO'ecia 81 tle c0uGerui surrcndcring heir pres
cal tax. receivable coupons and trusting solely
90 The good faiih 81 The state, under tho Riddle
j,nir.er act. Tho committee have always re-
Ca~flei fho RiIlieborgcr act a. the Grst stop
towards reputation. u is obvious that by eN-
ira ncant Appropriations and manipulation Of
tho public accounts, showing The expenditure 10
be increasing and the revenue decreasing ca'h
ycar 90 ca1 bc shown that Il Is impossible 10 pay
;lo Rddlebcrcer in crest, ana that therefore the
state must again MAKE default
The committee desire 10 say that they are conf
don't thTt if the bondbnl1eis would send M their
bonds with any pasi-due coupons attached, FOR
transmission 10 Virginia. they could insure
large amount OF coupons being used uuder the
"yoriaraton' and "coupOn-crusher" acts,
which would give the holders OF the bonds go ID
H.rafs. Il. FNassan .afs4fFaH
There appears to be no alternative between
The acceptance Of the Wddlcber0er settlement
with the possibility that IL obligations may bc
rcpudaiod when The state has got her GRO iltors
villain hcr power and the continuance OF the
contest on the present lines by aiding taxpayers
in the use Of coupons, with the expectation that
the latter course will ultimately force tho state
into lair aud reasonable settlement
Niessrs. HAMBbETOE & Co. comment as
follows:
II will be Observed that The Council Of Foreign
BoulhOldcrs advise the holders OF virginia tax
receivable coupon bonds not to accept the I'D
dleberger settlement, but 10 serd their bonds
with coupons attached 20 this country. Tor tho
purpose OF presenting the bonds aud thus
proving the coupons under tho provision OF the
coupon crusnor amendment to the RiddleberEcr
act. The only proof Of the coupon lies in the
presentation Of tie bond. When the bond Is
presented and the coupons cut on ana rendered,
tao coupoD-crushcr act provides mat such ten
Ntf ~ l"Rui bIAol VI iht commences VI tiit ''l
pom, and the state win receive them. The bond e
holder. by pursuing This plan. can realize GO por
cont o. tho face value 81 his coupons. ana II Is
expected that large clocks Of Virginia bonds will
be sent over from London 10 be 40 ayailed Of.
In coupon case brought under the coupon
crusher o.. against Taxpayer who had rendered
coupons the Circuit CUsrt Of Petersburg. Va,
decided in favor Of the defendant This case was
one OF several hundred Of the same description.
aud is the first decision given in favor Of Ghc fax
payer in Cascs brought und0r the provision Of
The coupOn-crusher Il Is evident hat the cou-
pom ~ igHion Is TO continue, and that the whole
debt question will again DO brought " 10 the
supreme court
We learn thar the English bondhoiders aud the
Mercantile Trust Company OF our city arc in cor
resp0ndeuce regarding the forwarding and de-
posiuug Of bonds for the purpose Of proving the
coupons. and tha' b. Ia probable a large amount
OF bonds VIII be sent over from london.