New-York tribune., 1875-11-02
NEV SCHEMES or PLJNDER.

The story which comes from Washington 0f
4 scheme to induce the New-l 0rk Stock tx
change fe 1uote the 800 bonds OF the Dis
trie. of Columbia as United States securities is
not unlikely TO I've true. The question of the
character of thcae bonds has been raised he
fore: and it i, pretty certain to be raised
again. although there is no doubt i'll any re'i-
sonahle man, mind that they are not United
States bonds AT all, but simply what their face
declares them to he. obligations OF the Gov
clurcut Of the District of Columbia. Being
such the kind of money in which the principal
and interest are TO I've paid depends upon
the intention OF Congress i'll authorizing thtir
issue, aud that certainly was that they should
he PAYABLE irf the current money OF the United
STATES, whatever the current money might be
al the tiule. But il they are recognized rs
United States bonds, then under the Act OF
1869. pledging the faith of the nation to the
payment in coin or its equivalent of all obliga-
ton, of the United States not expressly made
payohle in some other currency, the holders
can demand interest and principal in gold.
The District bonds have been i'll the hands
of iobbels from the very day of their is,iIe
The old certificates of indebtedness of the
Board of Public Works for which they were
exchanged were issued in defiance of law, and
taken by contractors at reduced valuation.
When the Shepherd government was abolished
and Congress provided for funding the ceIilil-
Gates in these bonds ii was found that the
Ring held most of the paper, and because
neither they, nor the contractors, nor any
other human being had given an equivalent
for the face value OF the bonds, Congress fixed
TN interest at the low rate of 3.6j. Then
the Ring induced the President to send n
special message to Congress recommending that
the interest should be increased, because, as he
observed, "bonds bearing this rate of interest
when issued will be worth much less than
"thcir equivalent in the curreat money OF the
" United States y and Congress refused this
scandalous request on the express ground, as
stated in the Report of the Joint Committee
on District Affairs, that the original holders
of the certificates took them at a discount.
The next assault of the Ring was made upon
Secretary Bristow. As the time for issuing the
bonds drew near great pressure was put
upon him to cause them TO be printed at the
Treasury, stamped with the Treasury seal,
and inscribed payable at the Treas
urv of the United States The object
of this mancuvcr is now perfectly plain ;
but the Secretary stood firm and it failed.
The District Bond Ring, however, embracing,
it is reported, nearly oil tho principal MEM
bers of the old Public Works Ring, will not
drop their nefarious project until it has been
officially stigmatzed in the terms it deserves.
They have large pecuniary interests at stake,
they have money at command, and they have
great influence ut Washington.
Is there another Ring operating upon our
relations with Spainf For some time the
semi official press at tho capital has been
thrusting the most solemn and mysterious
double-leaded proclamations of trouble under