National Republican. (Washington City (D.C.)) 1872-1888, 1874-12-08
TIE SINKING ELND.

REPORT OF THE CORRESPONDENTS THREE
sIXTY-FIVE BoNDs-sUGGEsTIONs IN REGARD
TO FUNDING THE INDEBTEDNESS OF THE DIs
TRICT-AMOCNT OF AUDITORS CERTIFICAT Es
CONVERTED.
OFFICE OF CONIM'Rs OF THE SINKING Fund,
WASHINGTON CITY, u. e., Dec. /, 1874.
| GENTLEMEN In reply to your request we re-
Spectfuily submit the following report: By act
OF Assembly, approved 10th August, 1871, Great
ing the Sinking Fund Commission, it was made
the duty of the Commissioners to take entire
| charge and control of the management Of the
funded and bonded debt" of the cities of Wash
/ ington and Georgetown, the county Of Washing
ton and the District of Columbia, then existing
OF which should thereafter be created, and they
were directed to receive weekly from the Treas
urer of the District "all moneys collected for
account of the interest on for the extinguish-
ment of the debt, bonds stock Of said corpora
tiOns. The Commission was not fully organized,
however, until 10Th December following, and the
| first payments made by it on account of interest
were for that falling due January l, 1872, since
which date all demands on that account have
| been regularly satisfied. By act Of Congress
/ approved Sth May, 1872, it was made the duty of
| the Commission to fund the liabilities of the
city of Washington, consisting of the floating
debts and trust funds found to be due on the first
of June, eighteen hundred and seVenty-One,
and not exceeding one million one hundred and
! fifty thousand dollars, by the Auditing Commits
! sion, appointed to ascertain the amount of said
liabilities and reported to the Legislative Assem-
bly,, under date of November eighth, eighteen
hundred and seVenty-one, and January third,
eighteen hundred and seventy-twO, and 10 issue
L
reported were very numerous, and the adjust
ment of them was attended with much labor and
responsibility. But in addition to this, by act of
Assembly approved June 20, 1872, the Commits
| sion wa further called upon in conjunction with
the Auditor and Comptroller Of the District Of
Columbia to reserve, examine and audit such
other claims as should be presented within nine
months from that date, and authorized to issue
bonds for the payment Of such of them as should
be approved, full and detailed statement of
payments made under these acts to June 4
| 1873, was on that day presented to the Legisla-
tive Assembly,, q copy of which will be found
herewith an abstract of payments made since
that time to the date of this report is also sub
mitted.
BY act of Assembly, approved June D, 1873,
| they were authorized and empowered on or about
| the first day Of July, eighteen hundred aud sew
entythree, to issue registered coupon certificates
designated water fund certificates" not exceed
| ing in amount one hundred and siXty-siX thou
/ sand six hundred and seventy eight dollars and
thirty cents ($166, 67S.37), that being the
amount of assessments for laying water mains,
/ Of the Water Registrar, and similar issue was
authorized to be made each year thereafter for a
| like purpose. Certificates were accordingly
issued in 1873 for $3.50 $780, of which Sl66 $50 were
applied as contemplated by the act, leaving yet
on hand $500 available for future use. No certif-
Gates have since been Issued, no call having
been made therefor. BY act OF Assembly,
| approved jane %, 1873, creating drain
age and sewerage, sections. etc, the
| Board OF Public Works was authorized to
! issue certificates of Indebtedness for work done
under said act, to be ''countersiEned by the Com
/ lnlsslOners OF tue not exceeding
| in amount two million one hundred and twenty
thousand dollars, and directed to deposit with
the Commissioners certain special certificates Of
assessment for the payment of. interest and prin-
clpal thereof. OF the amount thus issued there
| has been received and cancelled, in payment of
| sewer taxes, five hundred and twelve thousand
| six hundred and fifty dollars, leaving sixteen
hundred and seven thousand three hundred and
fifty dollars to be funded under the provisions of
the act of 10th June last. By act Of Assembly
| approved June %, 1878, Extending the time OF
payment OF special assessments the Board OF
| Public Works was authorized to issue 'certih-
! Gates Of indebtedness for work done under the
direction Of the board and chargeable to the pri-
vate property benefited thereby" the same to
| be 'countersigned for the Commissioners of the
Sinking Fund and registered by the Comptroller
OF the District to an amonnt not exceeding in all
two millions Of dollars" To secure the payment
of the principal and interest of these certificates
sioners OF the Sinking Fund of the District oil
Columbia all certificates thereafter issued by said
board on account Of assessments for special i'm.
provements against the property adjoining and
benefited thereby, in accordance with the act OF
the Legislative Assembly of August TO- 1871;
and such assessment certificates and all payments
thereon were directed ITO be received, held and
applied under the direction Of said Commission.
ers for the payment of the principal and interest
of the certificates of indebtedness authorized by
that act, and for no other use or purpose what
ever"
The amount Of certificates of Indebtedness
was issued under this act $40 900; redeemed
and cancelled TO LIST November, 1874, Jasper letter
Of Deputy Comptroller herewith ass 400; leaving
To meet these in part special assessment GER
tihcates have already been placed IN our hands
to the amount Of $595, 1854. And we are officially
informed that we shall not only receive enough
more to pay of the remainder, but beyond tina;
an excess Of about eighteen hundred thousand
dollars, for which, when collected, we shall have
no use after payment Of interest on the Outstand
ing percent. certificates OF Indebtedness and
which may be applied, IL q law be passed to Gu