Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-04-15
THE RICHMOND DISPATCH-SUNDAY. APRIL ID. 1888

people in the State2 Is not the whole
the sum OF oil its parts, or is apart
greater than the whole? III o bond
signed by all the people OF the State is
not good. whose bond in that State is
Good? Can the State create corpora
ton who is better than itself-can n
corrupt tree bring forth good fruit? IL
the State swindles its creditors has not
every one else the same right? How can
you expect integrity in your officers
Justice and impartiality in your courts ?
Can the Government be any better than
the people who make il? Oh, for the
lamp of Diogenes
Ii is not matter OF much consequence
what those invest 10 who make their
money by hook and by crook; but sup
pose citizen by patient toll and econo-
my should find himself in possession OF
a surplus at the end OF the year, what
would he do with it? Is it not the duty
of the State to furnish its citizens some
secure investment for their surplus earn
ings What inducement is there to Ia
Dor and economic? Is it possible to
prosper as community or as individuals
under this condition OF things? Down,
down, down to the Devil We must go,
dishonored, Inundated, pointed at by tho
finger of scorn, impoverished and yet
ridden and spurred along in this down
ward course by spectators, peculstors.
and thieves. Look at this picture, Vir-
ginians, and speak out on this question.
Don't wait for the politicians take your
affairs in your own hands.
Let us re-establish the credit OF the
State and convince the bondholders,
making it impossible to repudiate, by
adopting the provisions above indicated
in our organic law. Offering an inviola-
ole contract, they will at once accept it,
because, as / can show, it will be to their
interest TO do it. Yes and greatly to
the interest of Virginia also, looking Mt
it merely from a selfish point OF view.
If / understand the present status OF
the debt question. the bondholders are
in stronger position than they have
been since the RiddIeberger readjust-
ment The Supreme Court of the
United States in the first case decided
that the Riddleberger bill gave the
bondholders an adequate remedy. The
coupon-crusher act defines how this
remedy may be made available. This
is according to my recollection, having
neither the decisions of the court nor
the acts of the Legislature before me.
So that the bondholders or taxpayers
have simply to present the coupons
attached to the bonds and it is the duty
of our officers to receive them for all
debts and dues to the State. We are
informed that arrangements have
already been made by which all persons
wishing TO use coupons in payment OF
taxes will be enabled to do so without
let or hindrance. Now, when we con-
slider that last year, according to
Auditor Marye's report, coupons
were rendered amounting to 1925, SjL4L
in the face of every obstruction which
could be devised to prevent it, what
may we expect under the new order OF
things? The press of the State is
already appealing to the patriotism of
the people, and urging them to stand by
the State in this hour of peril. Who
will do it? We have read long argu-
ments from some of our wealthiest citi
zens going TO show that this is all wrong,
and the facts show thst many OF our
rich men and corporations in the cities
who are prosperous pay their taxes IN
coupons at fifty cents on the dollar,
while the poor country people, whose
property is constantly depreciating in
value, pay the tull amount in money.
During the past seven years the assessed
value Of real and personal property in
the counties has shTunk 22l, S29, 1886
while at the same time city property las
appreciated $40, 72l, 7S3.4S; yet the
cities and towns pay into the Treasury
of the State only Sl42, 1913. 80 ; the coun-
ties 81. 239, 601.5l for the support of the
government.
Moreover the amount of land sales
delinquent for taxes last year (Uidc
Auditors Report, 1880 was $4,000
How long can this condition of things
last? Shall those who are least able
bear all the burdens of government. while
those who enjoy superior privileges and
immunities contribute nothing This
question must be answered.
Besides, If the price at which cou-
pons sell at present only yields the bond
holders about per cent upon their in
vestmen-. which | see is stated by
Messrs. Hambleto & Co.. of Baltimore,
to be the case. would it not be to their
interest to accept at once a 3 per cent.
bond provided they were given absolute
security for both the principal and in
terest payable in London? If the pro-
visions above indicated in regard to the
debt were Incorporated in our organic
law the Riddleberger 3s now selling at
S65 would go up at once to $50, and in
time would go to par not only on account
of the demand created for them, but
because they would be fully equal, as an
investment, to and per cent. bonds,
which are now selling above par. This
must settle the debt question, when a
new era will dawn upon the State, which
will rehabilitate every interest.
Faithfully and sincerely yours,
RICHARD Y. GAINES.
I