National Republican. (Washington City (D.C.)) 1872-1888, 1874-06-18
THE DISTRICT BONDS

. THE DISTRICT BONDS.
Many people win be found contending
that the legislation of the present session
Of Congr@Sis an in the direction Of disin-
tegration. The initiation of the currency in
violation Of the pledges Of both political
parties tends to the destruction of the credit
of the country. Thus far this has been
prevented by the interposition of the veto
of the Executive. The same legislation
was also calculated to divide and weaken
the dominant party. The want Of unanim-
fty shown by the party upon other ques-
lions of political faith acts IN the same direc.
Zion upon the public mind. This line Of
conduct In that great political party which
carried the country 50 hravely through all
she psrils of civil strife. and by subsequent
legislation restored public confidence, and
succeeded in placing the credit Of the Gov
eminent upon basis so sound that its
bonds newsstand q. premium in coin In
the money centres Of the world, is mos1 IN
accountable end suicidal. 1t should as far
as possible be repaired before the close Of
the session.
But the foregoing instances have been
alluded to Incidentally only for the pur-
pose of calling the attention of the Senate
to an important omission in the District bill
now before that body, which, it appears 10
us, travels in the same direction, but which
bears more directly upon the credit Of this
District. It seems to be fayorite psstme
with Congress to use the District of Colum-
bia as sort Of experimental laboratory or
school Of practice upon which to Try new
theories Of government and credit Eman-
cipstion and negro suffrage we're first exper-
fmented upon here, and 1t was supposed at
one time that the experiments had resulted
successfully. The bill providing for pro-
Visional government here would seem to
Indicate that negro suffrage hsdnot ''panned
OUT latterly quite so satisfactorily to Con-
gress as we had been led to expect By it
The franchise is temporarily suspended.
The District government is disintegrated,
and its debt is proposed to be funded into
bond bearing lower rate of interest than
has ever before been attached to any Gov
eminent State or city security. With this
bond at par it Is proposed to pay off all the
indebtedness Of the District of whatsoever
name or nature that shall pass the ordeal
and receive tie stamp of validity of the
board of audit provided for in said bill.
These debts were contracted for cash, and
the creditors are entitled to receive the
money, lawful money, for them.
p But what does this bill propose to give
them? And this is the precise point to
which we wish TO attract the attention of
Senators. A fifty or five hundred dollar
bond, bearing interest payable semi-annually
DIT the rate of three sixty-fve one hun
dredths, principal and interest payable in
what? That IS not specified. Is it in coin?
Is it in greenbacks? Is it in lawful money?
Or may the interest be paid in other scrip
or bonds at the whim or caprice of Con-
gress?
Another vital point The bill allows
the commissioners of the sinking fund no
discretion in this matter. 1t simply says
they may exchange these bonds at par for
the'certifcates of the board of audit They
may not sell them for cash and pay laborers
the money. What will be the result? The
laborer must sell his little claim to broker
at q shave. The commissioners cannot
make change for sums under fifty dollars,
Nor will the bonds be in readiness for
months to come. The claims must first be
audited, and then the bonds must be pre-
pared and signed and countersigned. Mean
L. he oorfiGaafac Of ha
District may starve.
We respectfully protest against this mode.
five are to have succor through Congress
sfonsl Intervention, let it be effective,
timely, immediate. The relief proposed
by this bill is too far removed The bonds
should be made payable, both principal and
interest, in the coin of the United States
Then the commissioners of the sinking
fund, or the Secretary of the Treasury,
should be invested with the power to
sell them. Guaranteed by the United
States, they would command nearly par in
currency. Empower the commissioners TO
sell them in the markets North or in
Europe, at not less than ninety five cents.
European capitalists will gladly take a
fifty year gold bearing bond, guaranteed by
the Government at that rate, or better
possibly at par in currency. This course
will save the paper of the District from
being hawked about the streets here among
class of brokers and bankers, who
will not touch anything for less than ten
per cent month. r..
''Fhe laborer is worthy of his hire. p
The indebtedness Of the District should be
paid in cash. Let the Senate be entreated
not to suffer it to be half way repudiated by
the funding into cheap security, whose
issue Is so hampered that it cannot reach
the great money centres of the world
whereit viii bring its real intrinsic value,
except through the hands Of small money
sharks. These latter are already fixing
their schedules of rates, and making calcu.
Iations of their nl-gotten gains. % -.
The only way to save the credit of the
District is to make the bond sound and def
mite in its character and negotiable and
then authorize the commissioners to nsgo-
tate it for cash, and pay out the money for
the certificates either at par or at the same
discount IL auy. at which the bonds are