The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1888-01-12
The nconnon crnshar.n

From paragraph in the indicator of
asst week we see that Mr., Long was de-
feated before the Democratic legislative t
caucus for the city judgeship of Lynch
burg. because lie had, in an address before |
the Young Mems Christian Association. |
speaking from a moral standpoint. con-
demDed the coupon crusher'' law. This
was regarded as opposition TO the demo
C attic PLATFORM and because of this, the
democratic Caucus determined to pro- J
scribehim for his opinion,
Did it ever occur to our democratic
friendsthat there is such a thing as reac-
ton, in not only public but party senti-
ment? In the fash Of victory and the
pride or insolence Of q little brief authori-
ty. men sometimes loose their heads. and
this case of Mr.. Long pointedly illustrates
it. Ii cannot be said that the coupon con-
test is over The bondholders have many
effective remedies yet, and we see from the
following paragraph taken from the week
" report of the banking house OF Ham ble-
ton s. Co., Baltimore. that they are con-
templat.ng movement which we have
been expecting ever since the decision OF
the United States Supreme Court in the
contempt case of Ayres &c. Hamhleton
& Co. say
I'VE hear that it is not improbable that
an arrangement may he made with one OF
our trust companies in Baltimore to act as
the depository for Virginia consols and ~
40s. with the view Of complying with the
requirement of the coupon cruSher" that
the bond must accompany the coupon. IL
the bond is presented with the coupon at
tached. The proof of the genuineneSS OF
tile coupon is at once established. and the
State must receive it from any taxpayer
at It's foil face value. If several million
bonds are sent over here to be presented
each six months for the purpose OF proving
and utilizing the coupons. the State may
find itself hoist with its own petard. In
this way the bondholder can leallze at
least two-thirds the value of his coupon,
and the payer can save large percent
age OF his tax bill and receive receipt In
full with no legal difficulties.
Agencies of deposit for the bonds could
be established all over the State. and the
evidence of the genuineness OF the cou-
p9ns. in the bonds to which they are at
tscbed. held convenient for the use of tax
payers who might be disposed to use them.
The spirit manifested in the case of Mi.
| Long would soon arouse resentment, and
thousands of persons WHO have never used
coupons would resort to them to rebuke
such action as that in the case OF Mr..
| Loug. The State l. gislature enacted a
! law making coupons receivable for all
! taxes and dues owed to the State. The
! Governor of Virginia at the time, signed
! it. the courts passed upon it. 1t stands
AS an irregocabla Contract. anu because a
| Christian gentleman says there Is moral
Obligation on the part Of the State to OBJ
serve her own acts, he is to be prosecuted
by + party caucus and declared unfit for a
judicial position at the hands of the party.
which conceived and enacted the law
Each one of the coupons has engraved on
it the pledge of the State to receive it for
! taxes the citizen is invited by the State
| 10 So lise IT, but when he does so The ingi-
uery 8f party is brought into reGuisition
| 10 prosecute him for doing that which tie
State aud the courts virtually command
that he may do.
It is certainly an anomalous condition of
things. especially if viewed from the stand
| point that Mr. Long viewed it, and for
which caucus of his party has condemn
ed him.
In self defence. If this spirit is kept up,
the bondhodeTs will be driven to the ex
| irene of the possible remedies at their
| command. to protect their property and
vindieate their rights; and one of these
remedies is suggested in the statement OF
HamhIeton & Co. which is susceptible of
Indefinite application and reaching to
every town in the Commonwealth. The
effect of the adoption of the policy sug-
gestcd would be to arrest the great bulk
OF lie taxes in their flow towards the treas.
ury. and cause condition of affairs in
tie state that it would require more than
the mandate of a democratic caucus to
remedy.