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

triCt and of the sinking fund, amounted
to s., 9S3, 94O43. There have been issued
under the act of Congress of June 90, 1874,
3-65 bonds amounting to $2,0SS, 1898,
and the outstanding certificates of the
board of audit, not yet converted, but con-
vertible into such bonds, amount to a.
no, 55S As; while unadjusted claims pend
ing before that Board, and upon which
certificates thus convertible may hereafter
be issued, are estimated at So, 147, 7S7.4S.
When from the aggregate debt thus
stated there shall have been deducted the
excess of uncollected special improvement
assessments above the purposes to which
such assessments are in the first instance ap-
plicable, which excess amounts to 1854
O54. 81, and there shall also have been de-
Quoted the sum of $75, 900 represented by
Che sapeake and Ohio canal bonds in the
hands of the commissioners of the sinking
fund, and $59, 900 represented by Wash
ington and Alexandria railroad bonds,
which are in litigation, there will remain
as the actual debt of the District, less said
assets, the sum of $13, 1894, 613.24. But
inasmuch as the act of Congress Of
June 20, 1874, contemplates an apportion-
ment between the United States Gov
eminent and the District of Columbia
in respect of the payment of the three
sixty five bonds, the Commissioners well
say that the aggregate sum above stated
includes something more than the funded
"debt chargeable exclusively to the Dis
"trict of Columbia The aggregate sum
stated is to be reduced to the extent of the
amount TO be appOrtioned TO the United
States Government. The Commissioners
remark that, "with such an adjustment,
"and the revaluatiOn of taxable prop
"erty of the District so as to equalize the
assessments, aided by an economical ad
"ministration of whatever form of govern
"ment Congress may establish, the prop
"erty-holders of the District will be largely
"relieved Of their present unequal and
generous taxes. Under such conditions
"the debt of the District will practically
cease being a burden to the people of the
District. With a reasonable sinking fund
8" for the payment of the principal the debt
g will be rapidly eXtinguished.
The financial statements and conclusions
above given are furnished by able men,
who possess not only unimpeachable in
tegrity, but also experience and skill in
business and in public affairs. The exhibit
therefore is one from which this cOmmu-
nifty may justly derive great encourage
ment.
The report of the Commissioners next
furnishes a synopsis of the reports of every
one of the fourteen municipal officers which
accompany the communication of the Com
missioners to the President. More fully
than is usual in official reports, the Com
missioners have incorporated into their own
a concise statement of the information fur
nished in detail by their subordinates.
Thus. the report of the Commissioners
gives q separate summary of the transac-
lions and condition of each separate Office
and department. Of these accompanying
reports, those upon financial matters will
probably attract most attention. They de-
serve it, for they are made by men trained
to their work and with an established and
honorable standing before the community.
The report of the comptroller is made by
Fitzhugh COyle, who for many years has
been president of the National Bank of the
Republic. The auditors report is made by
John T. Vinson, trained for his Office by
many years experience in q responsible
position in the Treasury Department.
The report of the sinking fund
commissioners is made by William W.
Corcoran, Henry NJ. Sweeney, president of
the Farmers and Mechanics bank; Lewis
]. Davis, banker of experience and sa-
gacity, and Moses Kelley, for many years
cashier of the National Metropolitan Bank.
The reports of the Commissioners of the
District, of the commissioners of the sink
ing fund, of the comptroller, and, indeed,
of all the municipal officers, will be found
to be thorough and harmonious with each
other. They show that under the admin
istration of the Commissioners the govern
ment of the District has had competent
executive head exercising general direc-
ton, and that the several departments of
the government have, with confidence in
that head and with confidence in each
other, co-operated with each other.
The District has been well governed by
the Commissioners. Our people owe a debt
of gratitude to the three gentlemen, citi-
zens of distant States, who have admins
tered the affairs of this municipality with
so much economy, so much efficiency and
such hearty interest in the welfare of the
community. Had their own homes been
here they could not have labored with more
fidelity or greater interest in their work.
And in view of the experience they now
have had in the management of our munic-
ipal affairs at a trying time; in view of
their acquaintance with our people, that is
an honorable tribute rendered to the District
of Columbia by the Commissioners in say
ing, in the closing words of their report,
that it is "by its beauty and adornment
worthy of remaining the capital of the
nation, and is justly regarded with pride
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