Home > General > Attitude Of The Readjusters Of Virginia Concerning The State Debt, Free Schools, A Free Ballot, And A Fair Count, Volume 563, Issue 26
Attitude Of The Readjusters Of Virginia Concerning The State Debt, Free Schools, A Free Ballot, And A Fair Count, Volume 563, Issue 26

Attitude Of The Readjusters Of Virginia Concerning The State Debt, Free Schools, A Free Ballot, And A Fair Count, Volume 563, Issue 26

          
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About the Book

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1881 edition. Excerpt: ...funded the same and sold the new bonds at market rates for $59.40, thereby realizing a profit of $35.40 on an investment of $24. It is easy to see that by a like process with the whole ten million of the peeler debt the syndicates could have netted $3,500, COO on that alone, without reckoning their commissions and profits from other sources in this funding job, of which they had the complete monopoly, without restriction as to per cent. They were in no sense the agents of the State; in effect, the assignees. The bill was not only forcible in the hands of the syndicates as against the peeler creditors, but also as against the consol creditors and the State herself. The force here was principally provided in THE TAX CERTIFICATES2 heretofore alluded to, whose issue was compulsory in default of money in the treasury to meet any payment of accrued interest under the bill; and asinterest was payable every six months, with default assured in advance at every such period, these certificates, to be sold at seventy-five cents in the dollar, were issuable semi-annually and redeemable every six months,3 thus subjecting the State, as long as the process was possible, to an exaction of 5 per cent, per month, or 6Cf per cent, per annum, to raise means to pay 3 per cent, interest upon the bonds issued under the bill. How much better and more direct, how much more compatible with honesty and fair-dealing with the tax-payers, who at last would bear the burden of the extortion, it were to raise the rate of taxation, the necessity for which this ruinous provision confesses? And just here we might inquire how long it would take by this process to destroy the vitals of a State, long since in the throes of bankruptcy, and unable to make buckle and tongue...


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Product Details
  • ISBN-13: 9781296550226
  • Publisher: Theclassics.Us
  • Binding: Paperback
  • Language: English
  • Spine Width: 25 mm
  • Width: 614 mm
  • ISBN-10: 1296550222
  • Publisher Date: 01 Aug 2015
  • Height: 921 mm
  • No of Pages: 30
  • Weight: 249 gr

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Attitude Of The Readjusters Of Virginia Concerning The State Debt, Free Schools, A Free Ballot, And A Fair Count, Volume 563, Issue 26
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