The times. [volume] (Richmond, Va.) 1890-1903, 1890-01-12
WICKHAM AMENDMENT.
SECOND AUDITOR RUFFIN'S Ex'
HAUSTlVE STATEMENT

.',.l io speaker Cardwcll the following
.,nunicaiion In response % resolution
M. loueo of DELEGATES asking for inior-
" . ln REGARD Oh the effect OF the Wick
. amendment and the application Of the
'..,,tr of I imitation ON the value Of tax
....I,ahio coupons. and also the value Of
...f coupons rated as an annuity for years
sir On the "a Of January, 100, ] re-
...,.l from Che Clerk OF the House Of Dele
'..f.- Doc following resolutions;
r..al,oi. That fhc second Auditor be-
f.r.hV is requested 90 report for the In
l..,,af.on oi This body
1brf .1cci ihc act Of Assembly conf
-. ir.u.n 81. Che ''Nickham amendment
.I.I nn ihc marketable value Of the tan
....,.IiD coupons attached 90 The cOnsol
.rf hu.fry bonds
H.. what extent has the value of The
..'.. above named been affected by the
t.ttlliue coupons us tenders for public
..4fusine before July !. 1880 90 be
t .r rIDadod boo any court Of this Com
..,.afh aUr july !, 1880, and Of all
.....n. maturing amer July i.iSNS, that
.. .,.r nur year past maturity
What VIII ho Che value of the six per
...f coupons payable semi-annually at
..I.I fn fse siN per cent. bonds, amount
. .IINI. lNl. maturing ln 1903. said
...n. Chat the business Of issuing
'....t. Nr fle payment Of the somi-an-
'..'I ..t.r..i 0n ihe public debt. occurring
.... particular time. has caused some
.. t, rn.ngatiDn. / respectfully beg
f.... .n.0.. nc following:
U.i part of the Wickham amend
..IIL applies Co taX-rccciyahlo cou-
.. maturing luiy. 1870. and subsequent
I... .Iat aii bonds offered Tor funding
.r.n. f0 amy GLASS; shall have attached
f..r.t. 900 coupons or other interest matur-
.n.r january ]. lSs3, OF coupons Of
Dds. character. date aud amount. which
.I.I IL. surrendered with such bonds. and
r. allowance shall Doe made 90 The holder of
I- .eeeniing thc provisions Of this act
ans coupons or for any interest matur-
n. nn bonds of amy class between the first
nI Of january. i~>l, and the date Of ca
.Ir.0 lul surrender Di such h0nds.'
II.. lHW destroyed The iuudahie value of
inhibited coupons. All Che value they
..W have is speculative. aud that is 40
resent I'D cents in iho dollar OBJ less
Since january B.. l,>l. there have been
Inlf1 i0 date Sl..6LaO0 ton-iOriy bonds
n consequence Uf chat there has been some
lemanl for ihs sort of coupons. 90 take the
iiacc 0f amy oi lke character date and
mount That may have been detached from
hlnds and they have sold at -, and
...n ihoy are ln serial maturtio.. as re-
rI In funding the bonds under the
l.tham amendment. they have command
.|.Ufa cd.
49,. Iae effect of this act. limiting the
..n- fD tlc year Of maturity in fact,
.n.rin- the statute of limitations 90
..n lH- been OBJ make those excluded hy
.. nw worth. even when attached tO the
..nI-. ntre more than detached coupons.
r .I cents boo the dollar. Coupons of both
'..-.-. which can Dee proven according 20 |
.... .r0 worth about sd. These prices may |
Affected hY Che decision of certain cases. |
..f which involves the c0nstitutiOnallty /
t..- act. now soon to Doe tried 300 the Fed |
.f courts. to which Governor Lee called /
.... .t..l iu Dab. mcSsagcOf December (. 1870 !
.I suppose This question refers 90 the /
-..n.f.l value of fhe coupons II presume |
...f .r. called % per cent. consol cOuponsl /
r.... fla bonds OBJ which they are attached /
I..I Dose their value. II the coupons /
.m-.If.- bad an independent fixed cash /
.I..fI.au-war would De very easy. Taking /
I-.ufIlnuaf. l~0l-thc date at which /
..... rr.n0-. fo repeal the present funding /
mi. .0n f.Inly. 1868. tho date of maturity /
Job. a.r-0i bonds. say l4ls years. as the
.I iH.f would un. then the interest ON
I-0-..- .0 would Doe for one year Sils222
fI. ...r- >li.-iI4lI calculating this /
I f0. annuity tables. % would DE worth
.II -l.fhn theory being that the sum
.rr..I'r received i- at once rcinNestcd IN q
I.r ..ni. security.
r..tI. evident thai the coupons in ques-
....... have nothing like such value as
.I.t. t....t i- difficult tO say what that
..M. r..'r should he. and for several rea-
II. bonds mature in. say. fourteen and
..If I..r-- and nu steps have been. or are
..0Il tl D.. akDn towards their protection
Except iN... prescribed Dy ihc act oi fenIu-
.rl II I~-l aud the amended act oi NoNem-
D. .I 1851. which authorizes their fund
r- infla Der cents FOO % fNel scale %. reduc-
.Yn. ani anY other settlement is prohibited
t Obi. fifteenth section 0f said act of febru-
N IL I---. Assuming that the holders
.l .. nothing for their bonds, Them as no
N .Iu compel ihe payment OF the coupons
I.I-H. and they only claim 90 DE received
mr. MN0-. fHe utmost value they can nave
.li H what they may Doe worth ID lhe
.....ir Chat purpose.
I. amount oi these coupons anhuaiH
...Iin- i- s-1-.l11. as above stated. The
..nfU Them now in arrears under the
.n ef Che Nickham amendment
.l.. ,..I,.. tIo /
..i''i' i" -tt "l lH-n '"'1
.Ni inNutls iii'i uiins "','.' M,
d. t'I -NNNiN "i7, ne ''i'5'
mount I7 f-'ft'-i' Ml.iD.i' 1u"1" ,' 90. LII
NNNil make fi'i',''iu l., . "'.li,,.
l. amount OBJ ien-i'ili', no" ou,9'.'i'" ',
friN.--i Ihthih-' WIN ,n' O".'so' .oa o
OILS. f.fal Uf flN-rlcDlNaule coupons ma
iiin- ..lec january D. i'''' ""'7'"'"'"5
thNiit i l-I' l.i"''i'' ,...,...,
ih. i'r Nni,H 'l,' loH D''. ~, uos,o,,e"
'H 'i' hN7 Do ''.. ~ i'. -. II
20 'i ''.'i '".' " i,.,, -. "a
..'N'N PEN IAe ''i"' .D" ,ir7' Pr 4D','e"
about .i I'I 0eh..' lle ulHriencc pS'n-
Nr I' I.' l~'i lA'i MH'h "'t"D"V" ~
NNIi.i'- cam nt proven ps 'iic l'o1",.
A 'l lNt ''"u' ah" ODD. va" ~. 80. ~,
' 'lm'Ni Ni iiAt-. i. "i'i',,,l' ~
SO Oi lat iAA-pdl -e i'I n"9 NV ', g."
.f ahnu" ''i sl-l, o.,i-, 1' '.. :, ~
N-.N D" iH' l"'ii ~ 1 80,
''N 'l 'l' GOV .i7 o' ,, ~. H'' -e Ms
.nt Nl july }. 1900. io 81 1910, lniS
...IiaIHn NiN deprive lht vou9ui o'u-
HI tAinc except ioI pay iu- .aN.s'
NI 5000 reduce in'm io q very i"N n1ul'
I.t Ol course This VIII increase 'll.
agitation i0 use them ln ihat way Ou'
station VIII prevent ilHl' ~,
i'N't DO should ut u'ine III l'.''" NO ~,
'I IiN-pi'eIs can VS. vow i'o 'i,., p,l'
i-, WIN iH. . a.. V,ilo,
and Ohio. which leases the hlltl !