National Republican. (Washington City (D.C.)) 1872-1888, 1875-01-13
IETEREsT ON THREE sIxTY-FIVEs.
Ietters of the Commissioners and Board 81
Audit

Letters Of the Commissioners and Board 81
Audit.
The following is the communication sen to the
House of Representatives by the Dist DICT Com.
nissioners:
OFFICE OF THE CGMmssI9Y.. lRs OF THEl
To the Speaker Of the House Of ReSrcseItafiocs:
SIR: The Commissioners Il the District respect
fully request that the at ention Of Congress may
be called to the necess Of xislatve proyi sions
for the payne nt OF Le interest on the bonds au-
thOrEed to be tssr. ed by the act of Congress, ap
proved June ~ 1874 entitled IAN act for the
government Of the District OF Columbia and for
other puIPcsesn These bonds are generally
of CODgTSss above cited pledges the faith OF the
United. States 10 the payment 10y proper proper
tional appropriation and BY taxation on Prop
bonds as we'll as to the creation Of sinking fund
for payment Of the principal thereof at maturity.
1nrens 2ei nf he SToSer propor
ton OF the expense Of the government of the Dis
trct Of COlumb Ia including interest on It's funded
debt which should be borne by the District aud
tic United States respectively. The proportion
has not yet been determined by the requisite
legislation Upon the funded debt Of the Distsiet
bonds the interest, including that due January
1875, has been paid or Is in process OF payment
out Of the revenues from taxes on property In the
At its last session Congress authorized an ad-
vance from the United states Treasury Tor the
payment of interest on the fuaded debt Of said
District due July l. 1874, 1.-THE S65 bonds not then
having been ssued;) but IL was req uired that the
| sum thus advanced shOald be reimbursed TO the
| Treasury OF the United States from the treasury
OF the District, and this reimbursement has been
made in iulL The S-6S bonds result IN principal
| part from the funding Of floating Indebtedness OF
the late Board OF Public Works, which was Gre
ated by an act Of Congress, and whose operations
| were subject to Congressional control and, to
| some extent, were Independent Of Fnterposition
| on the part Of the municipal government OF the
District
trct of the current expense OF the municipal GOV
ernment and of the interest on the funded debt Of
! private property will not afford sufficient revenue
TO pay any part Of the interest on the 800 bonds,
which falls due February !, lSIs. ,-,
1t results, therefore, that either Congressional
| appropriation for this interest must be made, or
that there must be default in the payment Of in
terest, to which the faith Of the United States is
pledge ed. 1.-THE requisite sEm be appropriated
| by Congress, 1t is advisable that the interest
should De paid in the Treasury OF the United
| States, and the coupons canseled there. Accord
ing to law these bonds registered in the oft1Os
| OF the Register Of the United States Treasury.
| 1t might also be provided that such sum as may
be appropriated Tor this purpose shall be consld-
cred and adjusted hereafter as part Of the proper
propOTtionaLe sum TO be paid by the United states
| towards the expenses OF the government OF the
District Of Columbia and Of the interest on its
| bonded debt.
The Commissioners are advised by the board of
audit that in the opinion Of that board, provision
should be made for the February interest on ten
million dollars Of the 365 bonds. The facts On
which this opinion is based are stated in COM
municatiOn from the board Of audit, hereto an
nexed.
| For the semi-annual interest on $4,000, 900 Of
| these bonds there would be required Sls2, 500.
| The Commissioners of the District therefore
| recommend the appropriation by Congress OF
| SIS2 500, or so much thereof as may be necessary
| for the payment Of interest on such bonds due
| February /, 1875, the interest to be paid on sur
| rCLder of the coupons to the Treasurer OF the
| United States, and the sum thus paid to be con-
| siderCd and ad usted as part of the proper pro-
| pOTtional sum to be paid by the United States
| toward the expense of the government OF the
| District of Columbia and toward the payment OF
| the interest on the funded debt OF the District.
We venture TO call the attention of Congress to
the suggestion in report of the 5th ultimo for
| gold, and to the report of the commissioners Of
| the sinking fund which accompanied our report
| on the same subject.
| Respectfully, &C.,
| WIN. DEHNIsoN,
]. H. kETCHAM,
| Commissioners District OF Columbia.
| OFFICE BOARD OF AUDIT. I
| WASHINGTON, January IS 1875.
GENTLEMEN: In answer to your letter of this
date we have to say that in our opinion, provision
should be made'fo the February Interest :on ten
| December showed the issue Of auditors certih-
Gates to the amount Of S6,S5S.727.lS, and claims
| pending, So, l47,7S7.iS; total, $4,000, 5l4G6.
! Other claims have been presented and allowed,
/ and although the amount of $4,000, 900 has not
| yet been certified, the owners Of those based on
| old claims will be entitled to interest.
| Very respectfully, your obedient servants,
r. W. TAYLOR, First Comptroller,
J. n. BRoDBEAD, Second Comptroller,
! Board of Audit.
To The Honorable Commissioners Of ths District Of
| Columbia.