Evening star. [volume] (Washington, D.C.) 1854-1972, 1863-09-01
Al. WASHINGTON ID. e., TUESDAY. SEPTEMBER l. 1863

1863. Ne. 3,279
| utded, dlWoys, that the said mpany shall Mrs
| execute an assignment to this corporation O
all ats rights, immunities and property, as {
| security for the punctuai payment Of the in
| terest and principal OF said certificates; and
further, that the said company shall give ucf
| other security for the payment of said interes
inafter appointed; which said assignment and
| security shall inure to the benefit Of the hold
| ers OF said certificates.
Section two authorizes the Mayor and a JOIN
| eommttee. consisting Of one member from each
Board, to see to the iss Of these certificates
| the committee being required to satisfy them.
| selves that the certificates guaranteed would
| road.
| Mr.. John H. Houston, of the Board Of Alder.
| men, and Mr.. John T. Clements, Of the Beard
committee in pursuance Of the above second
st ction. .'',. E...I,tT
At a meeting OF the committee held April 70,
1855, 1t was ordered that the Mayor and Register
be requested to guarantee bonds to the amount
OF 600; and that the said bonds, or the pro.
CT eds thereof be deposited to the credit of the
Railroad ana tnas no poroS % 81 .se sns
guaranteed bonds, or the proceeds thereof,
| should be applied or paid except by the written
At q meeting sS the committee on the 18th of
April, it was ordered that 80, 900 Of the certf.
Gates of the company be Endorsed, instead of
the &fs ,00O voted on the 18th instant
On May 3lst the committee ordered $4,000
guaranteed bonds to be issued, to be deposited
with Riggs i Co, as the fermer bonds were.
On June 3uth, 81 900 ofthe bonds were ordered
to be issued and deposited with Riggs l. Co;
July 13, 1900 were ordered to be issued; July
23d, ss,0at and on September 9Th S5, 600 more;
making up the balance Of the 100000
The bonds are all endorsed by John T. Tow
fheD) M
VIM ]. Mccormick, Register.
VI me S6O,0o0 bonds guaranteed by the Cor
poration s47,eeo were deposited with Riggs Il
Go. for sale. Some were sold; and Riggs & Co
advanced on the joint check Of the Mayor Of
Washington and the treasurer Of the railroad
company some $4,000 less than the face of the
Upon the failure of the railroad COMPANY to
redeem their obligations, appropriations of
money We're made from time to time to pay the
interest Sta and nat part OF the principal as i be-
Il Co.; and such Of the bonds as became due at
and prior to January, 1862, have been paid,
leaving three instalments OF interest nd one, OF
5000 principal now due.
There are now Outstanding e3l,OOO Of the
bonds; but as Riggs Dc 20. never bought the
bonds, but only advanced on them, their &c.
holding Sl7,U 200 OF bonds.
The following comm unication, in answer to
interrogatorfes BY the committee, afford an OK
hibit OF the present disposition of the bonds and
the manner OF their negotiation
OrRlcK OF RIeas & Co.,
WAsaIhGToH, d. c., II August, 1853.
mittee on the Washington d Alexandria Railrood
Dear Sir In answer to your note beg leave
to state to you as briefly as I can the PARTON
the W ashington and Alexandria Railroad Com.
pany as came into the hands Of Riggs L %.
In April 1855, was informed that bonds of
Washington, would be for sale, and 1 Nv was ~
asked il my house would undertake the neso.
tiation and make advances on the bonds BE-
.hy lore they were sold. Before agreeing to do
anything, called on one Of the members Of
the joint committee, composed, think, of one
member from each Board,) who, with the
mayor ty, OF washington, " hac, l was informed.
l asked il the guarantee was correct, legal
and binding on the Corporation. I was an
swsrsd r snai W. every ssspsc. 1t va: e safe and
fR6s tSrPofstion t6sn o oufstsndins. ding or -'''" of
tegrity OF the corporate authorities of the city
Of Washington. I agreed in behalf of Riggs &
Co TO undertake the negotiation or some Of the
OF Washington. The money advanced, with
interest thereon at the rate Of six per centum
per annum, was TO be repaid out OF the pro-
ceeds OF the bonds when Sold
The first advance by me was made 10th
Apri!, 1855, by payment of a check on as dated
1s'h "a April. isss, signed Il J. 7: Towers, Mayor
(Treasurer) Of the Road. Subsequent ad dvances
were made, for all OF which we hold checks,
also signed by the then Mayor Of WASHINGTON
When the first ad vance was made bonds for
s25,UOO were placed in our hands for sale. Sub.
sequently, bonds or $4,000 more were placed
with US, on which we also advanced. We
then declined advancing more, and never re.
celved or had nything TO do with any more Of
the bonds.
The amount Of bonds placed in our hands
e or these we sold soun .s''ooo
And received payment for. LOCO 1880
o, ssn hssy'as ss.,s ,. in our hanss ss ss .
Jan'y, 1855, &5,0U
BY reference to the amount as it stands on
that the proceeds of bonds sold, the amount Of
bonds paid, ano the interest collected were
credited, and that interest Is charged ON the
Gums ,na n advanced. The interest We collected on
by MS, the debt to US has been diminished by
the difference. The account shows a balance
against which we hold bonds for s17,Oo
We have never directly or indirectly had any
interest in the stock Of the WASHINGTON and
Alexandria Railroad Company, nor have we
at any time had TO do with its management or
its affairs in any way excepting the above.
The advances made by us on the bonds were
to the Mayor Of Washington, as is shown by
the checks in our possession, which you have
seen, and were made upon his assurance aud
that of q member OF the joint committee repre-
senting the Boards Of Aldermen and Common
SO0ACu VI W oeulukSOus ulot Tue Lo4tQ Oh tue
city was pledged for the prompt payment Of
the bonds. enclose q copy Of the endorse.
meat Of one of the bonds.
As lar as we are concerned or had to do
with the negotiation Of these bonds, I have an.
swered your questions It remains for the
Corporation Of Washington to redeem its faith
or to repudiate its obligations, to return to us
the money we advanced thereon to its sxecu-
tive officer.
Very respectfully, dear sir, your obt servant,
[Signed) Gro. W. RIG0s.
M
with the balance sheet Of Riggs & Co.; also q
communication from Mr.. S. E. Douglass, City
Register, In relation to the number of out
standing guaranteed bonds OF the Washington
and Alexandria Railroad, with the names OF
the holders, showing Sl7,0OO in the name OF
Riggs e Co.; $4,000 in the name Of ]. q.
Meg uire; 5000 in the name Of the Ohio Trust
Fund company; and 81 600 in the name Of p.
b. Lanahan.
The committee say that they have prosecuted
the inquiry with which they were charged as
thoroughly as has been in their power and