National Republican. (Washington City (D.C.)) 1872-1888, 1874-04-29
DISTRICT INVESTIGATION
IOMtinued from FErst Paqs.

Q. Provision for the January INTEREST," A
Yes, sir.
q. Be good enough to tell in what way yog
provided for that interest A. It was provloec
Tor in part by loans upon the District ocnus -
collateral security, and partly from 'AAes' cur
q. what sort of bonds were hypothecated
A Thirtv-vear bonds, issued under the act Of
the Legislative Assembly Of June, ls1S-sink'
By Nj. Harrington: Q. Six per cent? A
Bv M. Merrick: Q. Was there any other Sc
eurity hypothecated except those oondsf A
No, sir; not that / am aware Of.
O. Were there any sewer certificates or i'm
,proYement certificates hypothecateda A. Not
.fhat am aware Of; we had none Of those; the
sinking fund had none Of those at all.
mo, sir; We nave not.
( O. Or improvement certifcatesi A. No,
SIR.
O, Hayepone been issued and turned over to
you under the provisions of the act OF the
Legislative Assembly, A. The law docs not
require them TO be turned over 70 the commis-
eioners Of the sinking fund.
3, How as to the certificates Of assessment
A, The certificates Of assessment, as under
istand-in consequence Of the books being in
'use constantly the assessments have not been
made; they have been suspended.
{ O, You say as far as you are advised there
Nave been no assessments made under either
of these sctsi A. Not recently. think not,
!! o. Either the act Of May or Junei A.
think not recently, sir; none that am aware
of. Those assessments are not made by the
commissioners Of the sinking fund.
Q. know they are not made by the COM
Emissioners Of the sinking-fund; but the act Of
the Legislative Assembly requires those certin-
Gates Of assessment under both acts TO be
transferred to tie commissioners Of the sink
tng-fund whenever issuedi a. They have not
been reported. e..
Q. None have been reported to you under
either acti A. No, sir.
Q. Have there ever been any payments Of as
sesements collected under either act made over
and returned to youl A. There have been.
O. Can you tell us how many-what amount
A. Ny impression is that nearly one fourth of
the per cent. certificates, both sewerage and
general assessment certificates, have been
taken up and cancelled.
Q. Have been taken up and cancelled A.
Yes, sir; received for special assessments, street
improvements and sewer taxes.
9. They were turned over to you after they
were cancelled A. They were turned over to
Us after being cancelled.
Q. Yes, but the question asked you was,
have any payments on account OF sewerage
assessments or special Improvement assess
ments been made and accounted to the CON-
missioners of the sinking fund since Mayf A.
There have been. These Cancelled certificates
are payments. They are received In payment
of these taxes, and Cancelled and turned over
to rs.
money to youa A. The payments OF money
have been small; but there have been pay
ments of money.
Q. On account of bothi A. Yes, sir; on &C
count Of both.
90. What have you done with those payments
of money that have been made toyoul A. They
have been applied to pay the interest on the
coupons.
@. The coupons on the certiacatesi A. Yes,
sir; the outstanding certificates; those which
have not been taken Hp and Cancelled.
Q. Exclusively dedicated to that purpose?
A. Yes, sir.
By Mr.. Christy: Q. When you arranged with
the contractors to make these advances upon
certificates, ] will ask you If you did not have
an express agreement with Mr.. Magruder that
these several discounts were TO be refunded to
you as soon as the Board of Public Works OBJ
tanned any money; from the first moneys OBJ
taincd3 A. No, sir; We took our chances with
other people. We had no special agreements.
Q. You had no arrangement at all with Mr.
Magruder in regard to It! A. No, sir.
Q. None whatever A. None.
Q. Ana these discounts were made In the
ordinary course of busiDess-no preference
being giyenl A. The advances were made TO
our own customers-those wko were doing
business with our bank. That was the only |
preference.
By Mr.. Merrick: Q. Can you make a memo |
randa ofthe amount Of these certificates which |
have been Cancelled by the sinking fund COM |
missionersi A. can do so.
Mr.. Stanton. Mr.. Chairman, we have here |
bid made by Messrs. sperry, Richie s. Co., re-
ferred to by the prior witness. The date is
February ls, 1872.
The Witness. That is the bid, sir. It was
received on the same day It was made.
By Mr.. Christy: Q. We're you in the city OF
when this was submitted A. Yes,
sir.
Q. Were there any competing biddersl A
Yes, sir; there were other parties here the same
day.
Mr.. Christy. If It meets the wishes of the
committee would like to have this 20 in evil
denee.
The bill reads as follows:
1 @ Ms Ho1OTG6ts Board Of Public Works, Wash |
We win furnish the following sizes and kinds |
D. yltrtned stone seWerppe, delivered at the city
d washington, Of the annexed prices.
The city to pay freight and deduct the same 1
from amount Of bill.
SPERRT, RITcEIE & Co.,
Refer 70 W. II. Upson. NJ C.