The times. [volume] (Richmond, Va.) 1890-1903, 1893-01-08
TIE PUBITC DEBT.
Several State Ofiicers Were in Consuitation
on the Subject.

Colonel Marye, Auditor OF Public Ac-
counts, State Treasurer Hartman, Second
Auditor Ryland, Attorncy-Gencral Scott,
Superintendent Of Public Instruction
Massey. and Ny. III. Il. Pollard. special
counsel for the State in the coupon liti-
CATION. met the Governor at the execu-
tive chamber yesterday TO discuss the
financial affairs of the State.
Among other matters which came up was
the suit now pending in the Court OF
Appeals, involving The question Of the
constitutionality Of the acts under which
bonds, with nOn-receiyable coupons, were
issued.
These gentlemen I'll think that the
court will probably decide these acts, 50
far as they relate 10 the issue Of said
coupons. unconstitutional. Such decision
would at once put n stop 20 the rendering
Of coupons, with which some persons are
sim ANNOYING the state, Involving, as
IL does. expensive litigation. 1t would
also insure the funding under the re-
cent act. OF ali the old securities stih
outstanding. thus fully and finally set
Ting the State debt.
An bonds bearing non-reCeiyable cou-
pons have been delivered to the State,
with the exception Of about $l,2jJ,00)
worth. Since the Oico.t committee turn
Cd in their bonds the State has received
from private indivi luals bonds amount
ing to $3.50 900 in all. over $1,000, 800 worth
Of bonds. out Of the SIS 100000 originally
issued. have been surrendered by the
creditors Of the State. while the Law linz
tied the amount to be delivered TO S23,-
O000 900.
II IS expected that az least enc mil
lion dollars worth OF bonds will never
be rresonted. There are still about two
and a half million dollars worth Of
securities Of all kinds I'm the hands Of
the creditors Of the State. with the eX-
ception OF those held by the United states
Government. ana against which the state
claims an Offset.
The Federal Government holds the sum
Of $5l0,s00 in such bonds, which with the
accrued interests. amounts &c nearly a
million AND a half. The state Of Virginia
claims an offset for this amount. for the
reason that it has advanced money TO
the Federal Government for the erection
Of public BUILDINGS in Washington and
other purposes. This investment was
made at the time from the Indian trust
| fund by the Secretary OF L)e Interior, who
was the trustee for certSin Indian tribes.
The question which VIII come before
| the Court Of Appeals next week, involy-
ing the constitutionaliiy Of coupons has
been once before decided in the United
States Courts TO the effect that the cou-
pons ere not recei Jable Tor school taxes
The counsel for the State claims that
| il the coupons are not receivable for one
class Of taxes. they are TO be treated
in the same manner I'm all other classes
| Of taxes
The Court Of Appeals Of this -. had
the question before them once before,
and the four judges present were evenly
divided In their opinion on the subject.
II is hoped now that with al five judges
present. at least three win decide in
| favor Of the constitutionality Of the acts
| in question.
The state win be represented In these
cases by the AttOrney-General, Mr. H. K.
Pollard and Mr. Ellis. Of Norfolk.