National Republican., 1875-07-31
rHRrr.s1xrY.r1yK BONDS.
IGe Runners In Regard to Thsm-slight
Rise in ths Market


Rise in the Market.
For several days past Q rumor has pervaded
the city, in places where such stories are most
likely to circulate. to the effect that three sixty
i've bonds to the amount Of nearly ten millions
had already been issued by the sinking fund
commissioners, and registered BY the Register Of
the Treasury and thar inasmuch - Congress
had by its appropriations Of last winter only
provided for the payment Of the interest on ten
millions, as soon a. that sum was resched the
Secretary Of the Treasury had notified the Regis
ter TO discontinue the work Of registering them.
As all the improvements now In progress, and
which are but combinations or revival Of the
Board of Public Works contracts, are to be paid
for In bonds, the story had q very depressing
effect upon the contractors and they held many
long and earnest curbstone.consultations as TO
the probabilities Of the future. The story was,
however, laughed down until day before yester-
day, when 1t was again started, and several of
the reliable correspondents telegraphed It to
their journals, and one Washington paper made
an extended publication yesterday morning. Its
effect was at once apparent, for the bonds, which
had sold both In New York and in this city the
day previous at 7l7s, yesterday brought ~,
and but few could be had ct that.
Conversations with the Treasury and District
officials and the members Of the Board Of Audit
demonstrated conclusiveiy that there was not Q
word Of truth In the statement.
The law governing the issue and registry Of the
bonds Is mandatory, and leaves no option to either
Treasury or District officials. 1t provides that the
bonds shall be issued without limit by the
Sinking Fund Commissioners, and shall be BY
them exchanged for all duly audited evidences Of
Indebtedness against the District, and that they
shall be registered In the office Of the Register Of
the Treasury of the United States for which last
named registration the Secretary Of the Treasury
shall make such provision as may be necessary.
This is the extent Of the duty Of the Secretary Of
the Treasury prescribed by law, and 1t Is hardly
probable that he would undertake to give an opin-
ion such as is charged. when the law In Q nands-
tory manner simply requires him TO make neces-
sary provision for their registration.
The Board Of Audit, as 10 their duty, will con-
tiDue to issue certificates OF indebtedness, the
Sinking Fund Commissioners will continue to
issue and exchange 365 bonds for the certificates,
and the Register Of the Treasury will continue to
register them In bis once.
Section Of the act Of June 20 1874, which 10
the only one bearing on the subject is as follows
Sec. !. That the sinking fund commissioners Of
said District are hereby continued; and &c shall
be the duty OF said sinking fund commissioners TO
cause bonds Of the District Of Columbia to be
lars, bearing date August !, 1874, payable ATTY
years after date, bearing interest OF the rate Of
three and sixty.hye hundredths per centum per
annum, payable semi.annually, 70 be signed by
the secretary and treasurer Of said sinking fund
commissioners, and countersigned BY the comp
mSy dfsc Which bOds ,Sai % Be- sxemp, 0TSa rom
taxation BY Federal, state or municipal author.
ity, engraved and printed at the expense OF the
befsW.S Hpd tSs atS or sSe % unsed MI sts.ss h
hereby pledged that the United States will by
proper proportionate appropriations, as contem:
the properly Htsn sSd Dpst sS such ssa ssIsa
as Will provide the revenues 70 pay the interest
on said bonds as the Iame may become due and
Ssnt thereof 81 maturity. said bonds shall Se
numbered consecutively and registered In the
once Of the comptroller Of said District, and
ter ofhe TTeasgrV Of ne Uniied States, yor vkieh
last named regfIiratiOH hs Secretary of hs Treas.
ss2y And % he .sd d" .Psns nd ss
are hereby authorized 70 exchange said bonds at
par for Ike sums Of any class OF Indebtedness IN
ing sewer taxes or assessments paid, evidenced
BY this act.
The story Of the slO,oOoooO limit probably
originated among some Of the wise ones, from the
fact that when the February interest became due
Q bill was passed by Congress sppropriating
Sls2, 500 for the payment Of interest on exactly
$1,000, 900, but when the appropriation for the
August interest was made the sum named was
$1,000, or s., 500 more than was necessary. The
figures, 100000, as used BY Congress as the
basis Of their appropriation, were obtained from
the report Of the Board Of Audit, who, from gen.
eral view Of the indebtedness then claimed, es.
timsted the sum In round numbers at sl0, 900 900;
but the fact that In the face Of that estimate Con
gress imposed no Limitation in the issue proves
clearly that they not did intend or anticipate there
should be one.
The work will 20 on as II has been begun, and
the bonds will issue for the payment Of 1t as has
been done in the past.