National Republican. (Washington City (D.C.)) 1872-1888, 1874-08-24
THREE SIXTY-FIVE BONDS.
GOOD REASONS FOR THEIR ISSUE
AND T1LLDITT.

AND T1LIDITT.
REPLY TO THE ATTEMPT TO DEPRECIATE
TUEIR YALUE-THEY WILL BE ISSUED
AND UTILIzED-oPINIoNs OF TIE THREE
BOARDS ON THE SUBJECT = GENERAL
WORK OF THE COMMISSION.
In the Saturday afternoon issue Of TIE Crlfie
there appeared in the editorial columns lengthy,
Iabo-ed, but futile effort to InjurS the credit Of
the District securities BY throwing suspicion
upon the validity Of the ae5 bonds, now being
prepared by the sinking fund commission, In 60
eordanee with the provisions Of section Of the act
Of June Q, ls7l,"a bill for the government Of the
District OF Columbia, and for other purposeI."
The article in question states that the plates
for the new bonds have already been prepared,
with the exception Of "the part relating to the
guarantee Of the United States, which is the point
In respect to which tho difleulty exl5ts"
The section referred 10 Is 90 follows; "And the
faith OF the United States 10 hereby pledged that
tho United States WILL BY proper proportional ap-
preparations aS contemplated In this act, and By
causing to DO lovied upon the property within said
District such taxes as viii provide the revenues
necessary to pay the interest on said bonds 90 the
same may become due and payable, and create .
sinking fund for the payment Of the principal
| thereof at maturity"
/
II alleges that the section is crude and unfinished,
and that It contains no affirmation whatever that
the Government has pledged It's faith TO the pay
ment OF the interest and principal Of said bonds;
] that the United States promises nothing at oil,
and that the explanation Of the blunder 10 to be
found sin the haste with which the measure was
drawn up, in order to secure action upon It before
| the adjournment Of Congress-"
That the facts In the case are directly opposite
to the conclusions OF Tbs Critic may be seen from
the following:
| l. That the sinking fund commissioners are hav-
ing the work on the new bonds pushed as speedily
as possible, and expect to have them ready for
| issue In three weeks.
2. That the bill was carefully considered in COM
mlttee but It was impossible to ascertain the pro
portionate amount due BY the United States until
the report Of the joint select committee charged
with that duty.
8. In the fact that the language quoted from
section Is part Of the same sot, and is pfedl-
Gated upon the terms Of section S, which provides
for the appointment Of the joint select committee
to prepare q suitable form OF government for the
District Of Columbia, and "also prepare and sub
NIT to Congress q statement Of theproper proper
ton Of the expenses Of said government, or any
branch thereof, including interest on its funded
debt, which should be borne by said District and
the United States respectively, together with the
| reasons upon which their conclusions may be
based" The reading Of these two sections makes
IL perfectly clear to the casual reader without the
suggested Intervention Of tour shsrpest lawyers"
that in the passage Of the act Congress expressly
provided that its faith should be pledged for the
payment Of the interest and the creation Of o
sinking fund for the payment and redemption OF
the principal at maturity from two specified
sourccs-frst, by its guaranty to pay such proper
| tionate share az 0 committee Of its members,
charged with that duty, should find equitable and
Just; second by imposing such tax on the property
within said District Il matter Of which It has ex-
elusive control) as will provide tbs necessary
revenue for the remainder.
ltmay also be stated that in preparing the GER
tiicatss to be given by the board Of audit that
| body has had the exact words OF section I, as
| quoted above, engraved upon tho REVERSE and
that the sinking fund commissioners will have
the a.o5 bond backed in the same manner.
1t is announced by authority that before pro-
ceedinZ with their duties the Commissioners care
fully examined the law under which they are
acting including the section referred to, and are
satisfied that in express terms It pledges the faith
| Of the Government to the payments named; that
having this view Of the subject thsy have ordered
thu. continuance Of certain necessary contracts,
| which shall 60 on, and upon their satisfactory
completion the oonds named will be issued. 1t is
further announced that in this view Of the matter
the Secretary Of the Treasury, the Board Of Com.
missloners, the sinking fund commissioners and
the board Of audit hold exactly the same opinion,
and are working harmoniously together for the
accomplishment Of the purpose TOR which they
wore created-ths good Of the District.
/ The object Of The Critic was evidently q blow
at the credit of the District but that its blow will
fall harmless no right-thinking person Will for q
moment question. Try some other tack.
SATURDAYS WORK.
1rh. gq of thu work done az
the building on Saturday,
The order suspending the work under the con
tract OF Mr.. ). T.. Wr0e, for the improvement o
public reservation OF the intersection OF Norti
yoked and the contractor directed 70 bfoes Ga Wit
the work as soon as the grade is giTeh.
: The back building OF house No. l40S PeDngyl
Vania avenue northwest, having been condemned
was notified to have It vacated and take measures
to secure or tear down the building.
The contractor for improving the alley In SQUARE
, No AZ was ordered to repair the same, and re
move all surplus earth and rubbish.
SCHOOL BUILDINGS IN SOUTH WARRINGTON.
> Mr.. Samuel S. Hunt, being the lowest responsi
BILE bidder, was awarded the contract for thu
repairs Of the school buildings in the Fourth dis
trict. 1t Is expected the work viii be completed
by the time the schools open In September. Lieu
tenant HoXle, in the presence OF the commission
era, opened the following proposals for the con
: structiOn Of gravel pit and inlet for the Eas
, BoundRry-street sewer:
nedY, $3.50; Patrick Oorcorsn, "a, sle; Tompldn
, & Runkel, $4,l4o; Henry Giants, t4ooOi Jame
T Fitzpatrick IS $50; William H. Adams (informa)
S7,0i012; J. V. W. Vandsnburgh, S25, 5S6. 80
Messrs William II. Grost & Co., beingths loves
: bidders, were awarded the contract.