National Republican., 1875-11-16
DISTRICT THREE-s1xrY-FIvE BONDS.

As was stated in this paper yesterday,
Mr.. G. S. Fairchild, the Democratic Attor-
ney General elect of the State of New
York, who probably owes his election more
10 his recent stock-jobbing opinion con-
demnatory of the validity Of the 365's of
this District as Government obligations
than to any other one qualification for that
Office, has written a letter rendering his
resignation of the Office of Assistant Attor-
ney General, on account of the difference
of opinion between him and Attorney Gen
eral Pratt on this question. 1t will be re-
membered that the latter official only few
days since reversed the stock jobbing opin-
ion of his assistant. In doing so he only
conceded with the views of such legal
lights as Attorney General Pierrepont and
Mr.. Charles O'Conor, of New York. 1t
has been supposed by many that these gen.
tlemen were somewhat acquainted with
proper construction of law, and that their
opinions should be entitled to some little
weight. But Mr.. Fairchild informs US that
they go for nothing until the Forty fourth
Congress has assumed the District debt or
the courts have legally passed upon the
status of these bonds. In short while Mr..
Fairchild considers his opinion as Assistant
Attorney General of New York quite good
enough to condemn the securities upon, in
the face of the solemn pledge of the
Forty-third Congress on behalf of the Uni
ted States, that both principal and interest
of that issue should be provided for by ap-
preparations from the Treasury, the con-
trary opinions of his superiors are good for
nothing. From all the facts it is evident
that what this fair child of the New York
Democracy wants is the Endorsement Of the
bonds by Democratic House. When this
is done he will be satisfied that the bonds
will be good enough for the security of the
Savings of the poor people. They are now
registered in the United States Treasury.
The interest is regularly paid from appro-
priations Of Congress. 1t cannot be paid
otherwise. The District authorities have
no other means by which to pay it. These
bonds are forever free from all State,
county and municipal assessments. Could
or would Congress make this provision
and make it binding for any other than its
own debtsl Certainly not. 1t never did.
And we believe it never will. 1t has not
the power to do so. With this exemption
from taxation these bonds are desirable for
investments at present rates. They net
more than most of the State per cent.
bonds that are liable to tax. We do not
wish to misrepresent Mr.. Fairchild, but
we can conceive of no other motive that
could have inspired him but desire to
s'bear" the stock. Perhaps he may have
been so close a reader of the Sun and Tri-
bune ss to have caught the inspiration of
political hate for the District and her citi-
zens, Ifso, such bias is not creditable
to him as law officer Of the government
Of the great State Of New York.
The bonds went down in New York
yesterday about three per cent. under his
threat of what he would do after January,
when he shall have become the full success
sor Of Mr.. Pratt. He proposes to pursue
the matter to legal determination in the
courts, unless the FortY-four Congress
shall reiterate its assumption of the debt of
this District represented by the 3.65 bonds.
As the assumption by the last Congress was
full and clear, the worst effect that Mr..
Fairchld's threat can have will be to pre-
vent savings banks in New York from
Investing in them. It cannot prevent
depositors from Withdrawing their savings
from the banks and investingin these bonds
which st 7S are equal to i've percent