New-York tribune., 1873-05-03
DISTRICT or COLUMBIA FINANCES.

| stcNIFrc,N,r IyCOMPLETENESS OF Gov CoohE
| Nuss,Gr--TuE LEGAL LIMIT or THE DISTRICT
| nRpT FxcEEDFD-HFAVY LIABILITIES OF HE
| BOARD or PUBLIC wORKs-TTs ASSETS UNAVAh-
ABLE. - ,
| rFRoM THE REGULAR CORRESPONDENT OF THE IHibo'hi
WAsUINGToN, April 20.-The taxpayers OF
the District of Columbia expected that Gov COOKE "o
I'm his annual message sent to the Legislature yeSolH'
make some statement that would reassure tue puDc "
the sovency Of the District Government ana tue boai
f Pnbc works as well as put rest the accusations OF
dishonesty and extravaganza which have been 50 reeH
made during the past months, and so generally Dc
ueved But neither the message nor the accompanying
documents give much light on this important SUI
ieet. OF the District finances the Governor says;
"The funded debt of the District cannot under t4e
restrictions OF the act Of Congress, exceed slOOgO
- now 20 oG soi ana is gradually being reduced by the
purchases of the Sinking Fund COMMISSIONERS
In this statement the Governor msstates the law
Section Of the act OF MAY 8, 1872, is as follows:
.Tbot the debt OF the District OF Columbia. including
the debts of the late corporations, SHAH dt no uno
ceed the sum Of s1OOOoOOj unless an increase oNei %
said amount shall have been previously auIhor|cu ~
act OF Congress" -,
Nothing is said here OF the Funded Debt and the
language of the act was evidently intended TO orDd Tue
entire debt of the District. funded and oatine ana III
all departments, from ever exceeding slOOO'V'o. lnc
Governor does not tell what the h0ltng deDt oI INC
District is hut there doubt that with the dehciehcy
Of
debt that is to be PAID Of the taxes now in arrears
the s253 o which the Governor says ,the District owes
the Board of Public Works, ana numerous unsettled
claims il must when added to the funded DEBT eAceeu
the legal limit.
The Governors report IN regard to the Board OF Public
Works is even less satisfactory. Here are ms figures,
supplemented by those OF the Boards engineer;
LIABILITIES. - ~,
Auditors certificates outstanding 20
REQUIRED to complete the Districts proportion , a.,
Required TS5H to complete work On contracts let 81,
psIssedse .asa Rs'SM5 %Rled On account OF vorE 2o7
Total .s-'2''Ji' Il
Duc m assessments .sI,o275io Il
Due on 100000 appropriation 252oDO %
Total .l2,l795i9 II
Balance against tine Board. n5769 Ol
The Governor also says that the District owes the
Board on account Of fund.- market houses pumps
&c. sOjj 3 and that the Board has on hand S23soo SO
worth OF material be used III contracts begun, and
that this ought to be deducted the liabilities.
In the assets Of the Board the amount to be realized
from assessments placed at par while every one IN
Washington knows that many Of them will DO resisted
and some Of them cut down. II the Board collects 80
per cent the whole amount viii be very fortunate
The other item OF s252OOO cannot be considered avail
able at all The Legislature appropriated soooOoo' and
TO pay the appropriation, directed the Governor to issue
bonds not exceeding 100000 This done and they
netted only S3TlsOOO The Legislature has never pro
yided any way TO pay the remaining s2j20oO' and a
there has been 10 fund derived from taxes from which
il could be paid there has been any way for tho
Board to obtain the money. Whether the District car
provide for the annual interest its funded debt OF
nearly $lOODOOO and the running expenses OF the gov
ernmen make up the deficiency OF t3 900 in this years
appropriations make up than 100000 deficiency ia
the public school fund, appropriate enough money tC
pay its share Of the cost OF Improvements TO be made
during the next fiscal year for which Congress appro
priated s93OOO and without making the taxes exceed
the legal limit OF two per cent Of the valuation OF prop
erty, pay these claims OF the Board Of Public Work
amounting TO $4,000. IS a question FOR the Board
fnancicrs to settle The taxes OF the District canno
well exceed S2.OOO,OO)
The fact IS none Of tho assets OF the Board are now
available, and the contractors who hold the Boards
certificates so far as be discovered from Gov Cookies
message and from the reports OF the Engineer and
Auditor Of the Board will have 70 wait for Mr. Shepherd
TO have his fight with the property holders who dis
pute the legality Of his assessments before they eat
realize anything the certificates they hold As far az
can be Judged the Board propose 20 do little work th
Summer, though many Of the streets included in the
original estimate are sti unimproyed aud are likely t'
remain