National Republican. (Washington City (D.C.)) 1872-1888, 1874-08-25
THE Value OFTHB NEW BOND!


SFUTtuae favors those who help them.
selves" is a tTite old saying. and 1t is as
true now as ever it was In the past. 1t is
as true Of this District as 1t Is Of indivI-
duals. It Is great mistake, therefore, for
the people Of the District to allow them-
selves to be cast down and discouraged by
the crOakings of mischief.makers who are
doing all they can to depreciate our credit.
for the purpose of temporary selfish i'd
vantage II Is the nature Of the Spectator
and the lobbyist to depreclate everything
in which he has no personal interest The
moment he has obtained the desired inter
est his views change in regard to the value
Of the article to be negotiated. There are
many persons now engaged in decrying the
value of the forthcoming District bonds and
the certificates of the board Of audit, which
are redeemable in those bonds, for the sole
purpose Of making a speculation out of the
holders of such securities. Some Of them
are the very persons who have all along
been exerting their entire influence to OBJ
struct the Improvements In course Of prose
cution by the Board Of Public Works, be-
cause they had no interest In the contracts.
Their next efforts were to stop the
improvements by misrepresentation re-
gardinG their cost and character. Having
partially succeeded In this, through the in
vesugating committee and the discredit Of
the certificates Of Indebtedness issued by
the late government they are now engaged
in the attempt TO stop further Improvements
under the new government by the repre-
sensations that the new bonds and the GER
tiicates of the board of audit are only worth
from sixty to eighty per cent of their face
in currency,
Fooled in their attempts and desires t.
rob the people through the contracts upon
the public works directly as contractors,
they are now determined to compel those
who have performed the work OF the
District in good faith, and taken District
certificates for pay, to submit to heavy
sacrifice in changing these into money.
'It is a dirty bird that fouls its own
nest" The croakers and GROWERS and
maligners of Washington and its officials
are most worthy illustrations of the truth
oCthis adsge. But these last efforts of the
obstructionists will be without avail The
people and government Of this District
have never defaulted upon the interest o.
their Indebtedness Their credit has always
stood with the best of the cities of thi:
country. And now that this glorious
record of the past is strengthened by the
pledge Of the faith Of the Government and
people of the whole United States it is Ger
tainIy no time for Encouragement and
faintheartedncss.
As we stated yesterday there can be nc
question with regard to the intent and
meaning Of Congress to fully indorse the
payment Of the principal and interest o.
these long-low rate bonds In the report
of the joint investigating committee, Il
which was referred the message of the
President relating to the rare of interest, the
following language is used That there
''may be no apprehension as to the pledge
''of the United States, we here repeat it in
'Ihe exact words of the bill. And the
''faith of the United States is hereby pledged
'fthat the UHited States tOiH by proper pro.
''portional appropriations as contemplated
Gin this act and by causing to be levied
''upon the property within said District
'fsuch taxes as will do so, provide the rev.
''enues necessary to pay the interest on
'fsaid bonds as the same may become due
''and payable, and create a sinking fund
''fOr the payment Of the principal thereof
rat maturity" ~
How the omission of the words edo So
occurred has never yet been explained,
probably in the hurry in which the bill
was engrOssed; but the report of the com
mittee, unanimously adopted BY both
Houses, corrects the phraseology of the
bill and settles the question Of the pledge
by Congress to provide the revenues
necessary to pay the interest on said
"bonds, as the same may become due and
payable, and create 8 sinking fund .1o'
" the payment Of the principal thereof at
maturity" As bearing upon this sub.
ject, the language Of the President In hi
message refeFfed to above is quoted below
Provision is therein made for the pay
"ment Of the debts of the District in bouds
TO be issued By the sinking fund comms
"sioners, rtnningfty years and bearing IN
'"terest at the rate Of S.65 per cent per an
mum, with the payment Of the principa
and interest guaranteed by the UnieC
States"
Inyiew ofaIl these facts, we again reiterat
the statement that the new District bond
are S.65 per cent per annum better thai
greenbacks for all purposes of investment
and should, and will, command par IN cur
rency upon the market If not forced int