National Republican., 1875-12-03
SINKING FUND COMMISSIONERS.
Indsbtedu.ss Of the District.

In their annual report submitted to the District
Commissioners, the commissioners Of the sinking
fund give the net aggregate funded Indebtedness
of the District including that Of the late corpora
tions Of Washington and Georgetown and the
Levy Court, exclusive Of the hftyyear a.e5 bonds,
at ss,ss3 4o.4s, which has been reduced by re-
demption as follows: Permanent improvement
1910 currency bonds, 500, 100; Chicago relief,
100000 water bonds, $50 900; county school, t1a,
100; ter-y ear Bowen SIX per cent, e5o3Oo; three
year Emery 1910, e 700; hve-year do, elI9 $50;
steam force pump, $1,000; registered over due
six per cent. water stock, sS6,777; making total
Of s577 s27, which has been increased by the sale
Of funding loan bonds sl35 900, leaving the total
reduction at $4i2 SGT, and making the amount
now outstanding $s.441, ,1ls.l3. This Will be
uaeI reouceG oy me 1Inds sor 1Sicn nnr
pose are now in hand. These bonds redeemed,
with those reported on hand December last have
Treasury to be destroyed, with the exception Of
S135, 900 OF funded loan bonds issued under act
Of the legislative assembly Of June e. lsd2,
1874, belonging 10 the sinking tund, which were
employed In the purchase Of portion OF those re-
Of other bonds were afforded an opportunity 70
dispose Of them to the sinking fund to the amount
ofS60o,ooo, II willing to receive In payment three
fourths therefor at par. The ofier, as per adyer-
tisement, not having been accepted, and the iuHds
having been provided to pay off sll overdue and
suudry loan bohds In onr possession have been de.
stroyed, amounting TO s53I 100, thus reducing the
apparent amount Of this lean from o., $50 900. as
reported the 1st OF December last, to e562 800,
which is now the actual amount Of the same. In
addition to the bonds referred to as destroyed,
ase s1s o. The
ration for burning was work Of great magnitude,
and which has been nearly completed, and when
once finished the labor OF this branch viii be ma
terislly reduced.
To give some idea Of the amount Of labor I'm
posed BY the act requiring the destruction py
following statement will be appended: The three
and fve-year Emery certificates consisted Of
Of the latter, making 10000 in all, of $50 each.
OF the former eli, ,992 have been redeemed, leav.
ing but eight yet outstanding. To each Of these
sand coupons each for o. 100, all Of which had
to be classified to number and datelof maturity,
IN ,ns . 70 aaa to
the Treasury Department. Attached 20 each Of
the four thousand certificates we're nine coupons
pops, which require 10 be treated In q similar
manner. This tedious process Is pursued as to all
eeStedness % redeemed OFT or paid % By the commission.
In the last report the outstanding amount OF
eight per cent. certificates Of indebtedness" Is
sued on account OF street improvements and pay
able from collections on account Of special assess
ments upon private property benefited thereby
was stated then to be d. $4,000. This has since
present time, sl,l42osO. No call having been
made for the balance of water fund certificates,
amounting 10 toUO, Lney- nave DeeQ Cancelcu anu
sent to the Treasury Department. The entire
amount of these certificates outstanding Is $3.50 $50;
and their payment provided for from special as
sessments on private property.
There have been Issued BY the commission to
the present date hfty-y ear 3o5 bonds In exchange
for certificates of tho board Of audit, as required
by act or Congress OF June 20, 1874 to the amount
OF sl2 500, and this will yet be increased but
to what extent there ls no means Of Determining.
Appropriations were made for the payment OF the
intereEt upon these bonds by the Treasurer Of the
United States as It fell due on the drst days OF
February and August last. All these bonds have
est on certificates of the board Of audit dated sub
sequent 70 that time, has been collected to the
amount Of ssI, $50 oS and the smount deposited IN
terest on proportionate amount OF bonds. Pro-
vision should now be made BY Congress for the
rusry. ISIS and pefmsnent provision Tor that
whiohiwill therfafter fall due, as slsQ ferfhktE
tsblishhent Of sinking fund, as proteeu tof n
said set, which u - recommended ehould % ~
least one per cent. per annum on the amount OF
the bonds Issued. The preparation and Issuing OF
,n,ss DSnSs has Is f1s the time 1spg Sded 1aE
must now be nearly completed, and great relief
will be expsrieneed when It Is done, for then the
GERS Of the Treasury Department, unless It be
when holders Of the coupon bonds wish TO have
them registered, In which case, as the law now
stands, the aid Of the commissioners Of the sink
Under these circumstances It will be recon.
Of the functions Of the comnission ts cficers Of
the Treasury Department, TO be designated for
that purpose, which would be In strict harmony
with the spirit Of recent legislation under which
Congress has assumed the direct control Of the
affairs Of this District, going 30 far even as 20
levy and collect It's taxes, as well as to control
the fund when collected, and furnish much
needed relief to the commissioners Of the sinking
fund, who have for more than four years devoted
their time and energies to faithful administra,
tion OF the financial affairs Of this District, and
to the performance Of the duties imposed by act
was not contemplated when they accepted an
ofhce supposed to be more Of honor than OF labor
and personal emolument. The amount Of ass
nfty.yesr bonds iisued to date Is tl2, ,o55, 800.