National Republican. (Washington City (D.C.)) 1872-1888, 1874-06-22
TIE AGONY OYER.
THE DISTRICT BILL SIGNED BY THE
PRESInENT

| PRESIDENT.
On Saturday the all-absorbing topic through
out the city was the passage Of the new District
bill and speculation as to whether it would be
signed by the President or course there were
all manner of suggestions on the subject and cay
quantity OF wise remarks, but the general i'm.
preston was that the bill would be promptly
signed. Then, like thunder clap, came the
message Of the President, and for o while the
opinion was that the Executive had made up his
mind not to sign the bill unless some change was
made in accordance with his Recommendations
The creditors were notably elated, and thought
they saw o good prospect for payment Of their
little claims In bonds worth par. The following
Is the message: t-..r.
To ire Senate and House Of Representatives:
respectfully invite the attention Of Congress
to one feature OF the bill entitled An act for the
government Of the District Of Columbia and for
other purposes" Provision Is therein made for
the payment OF the debts Of the District in bonds
TO be Issued by the sinking fund commission run
ming nifty years and bearing interest at the rate OF
three and sixty 1--we one-hundredths per cent. per
interest guaranteed BY The United States. The
government by which these debts were created Is
abolished, and no other provision seems to be
actions in other bonds, there are good grounds in
my opinion, for the apprehension that bonds
bearing this rate Of interest when issued will be
rent money Of the United States. This appears
70 me 70 De unjust to those to whom these bonds
are 70 be paid, and to the extent Of the difference
pudtatng the debts Of the District NV opinion
Is that to require creditors OF the District Of Co
lumbia to receive these bonds at par, when 1t is
apparent that to be converted into money they
must be sold At large discount, will not only
prove greatly injurious to the credit of the Dis
triet put Viii reflect qnfavorably upon the credit
and good faith Of the United States.
would recommend, therefore, that provision
be made at the present session Of Congress to In
crease the interest upon these bonds, SO that
When sold they will bring an equivalent in
money, and that the Secretary OF the Treasury
be authorized to negotiate the sale Of these bonds
q not less than par and pay the proceeds thereof
claims against the District Of Columbia.
= U. 8. GRANT.
This was at once referred to the joint special
committee, who, after carefully considering the
matter, submitted the following reply:
THE COMMITTEE REPORT.
The Joint COMMITTEE on the Affairs of the Dis
tyict Of Columbia. to whom was referred the mes
the bill entitled AN act for the government of
the District OF Columbia, and for other pur-
report that I1s the iRvestigattOn made by
the Indebtedness proposed to be funded into the
bond provided Tor was created When there was no
adequate provision for payment, and upon basis
time that they were to receive evidences of indebt
edness, the time Of payment Of which was uncer-
n Taus e tSSs
means whereby the committee could determine
the matter with absolute certainty, after giving
that bond Of the Character provided Tor would
be, as rule, fully equal in value to what The
contractors expected to receive under their con
Besides this, the funding proposed is permissive
and not compulsory. The creditors have all the
security they had when the debt was created, and
in addition the option to accept bonds provided
for No injustice, therefore, will be done any
creditor who shall take such bonds In lieu of the
securities he now holds IS
ton in the bill is a mistake. The bill does not
compel any holder Of District securities to take
bonds for them. 1t merely gives him the option
to do so, or to retain them and receive payment
thereof when the District may be able to pay.
The changes made in regard to the District gov
erpnent do not discharge or impair its contracts
ton hoE L it unjust TO any holder Of District
securities which may be funded under it. AS to
snail SEsdit0T such g laoOEers' &C., the bill con-
For the feas6ns above given, and also,because
It would be unwise in the opinion of your CON-
tee, to set an example of issuing ffty-year bonds
liked tEa rate In he Bill and their rn opinion pEi
prebensiOa ss q the pledge Of the United States,
aftS t Spf fs 'f g S g.s ~ 5 S
BlSSsSa 5Sfs sS 5Sss s Nil By proper
thjs afS ahd BY causing to be levied upon the
provide the revenues necessary to pay the IN |
terest on said bonds as the same may become due |
and payable; and create sinking fund for the |
payment Of the principal thereof at maturity"
Your commi:te ask to be discharged from fur |
Their consideration Of the message.
WILLIAM B. ALLISON. |
4. q. THURMAN. -
WILLIAM NJ. STEWART.
J. NJ. WILSON,
LYMAN K. Bass.
RogERT HAMILTON
az ,-s-,-----fE9assE + + h JEREf+ |
Many thought that this would but add to the
again they were disappointed, for after the com
nittee had been discharged, In accordance with |
heir request, he seemed satisfied, and by his sig
nature made the bill o law.
TEf soiiiTIssIoxrRs.
Ever since the bill was presented parties have, |
in accordance with custom, been making states |
for the commission, and the wise way IN which |
they have done so must be matter Of surprise |
rally conceded that the appointment for one Of
the positions will be rendered to Hon. A. R. Shep
herd and the feeling is almoit universal that It
so1Ss discussion as q whether he can command a |
sufficient strength in the Senate TO confirm his
npmtnauor, and many assert that he WOULD not
Fof the Other two places there are any quantity
Of persons named By their admirihg friends, and
the Executive Once Is filled with petitions ih
mentioned Sre Col. j. a. MaSrudsr.
Hon. ]. e. Berret, Col Beall, Th6s. I. Hume, |
VIM. H. Clagett 1.-THE friends Of the latter TO the
number Of one thousand having sent q request to |
the President on Saturday, Besides these there |
are many others not quite so we'll known to fame,
but who are willing to be in the shape Of comnSs-
sioner With salary Of IS 900 year.
IL IL probable that the names will be sent to the
Senate to-day. 1
The House Of Delegates will meet this morning |
a. 10 O'Clock, when II Is expected resolutions will
be adopted, farewell speeches made and then its |
light go out forever. What is to become of the |
bills thus far passed 10 now the question az none
Of them have been signed by the Governor in &C |
cordance with law, but that Is matter which will
be determined In the future. |