The New York herald., 1875-10-26
THE 3.65 BONDS.

TEXT OF THE OPINION or THE ATTORNEY GEN.
ERAL ON THE LIABILITY OF THE UNITED
STATES.
WASHINGTON, Oct. % 1875.
The following is the opinion full, of the Attorney
General upon The question regarding the pledge OF the
General Government the payment of the interest
and principal Of the 65lO0 Distrct bonds =
DEPARTMENT or JUSTICE,
TO TuE PRESIDENT or rm5 UsrsD S ss pr.so =
ePe Of the p Uni1ed states pledged provide pay
bonds That the faith Of Tie United sates 50 pledged
sye dg & aS % ee ha
respectable lawyers have resulted from hasy and super
the District OF Columbia bears tile governments
Tnder artice J. section S clause II of the constitution
Congress has power 70 exercise legislation IN all
miles square) may by cesson Of particular States and
ment Of the United States like authority
al places purchased By The consent Of the LEGISLATURE
erection Of iots magazines srsenas doekyads and other
United provides that AN that Of tho terri
tory Of the United states include w WITHIN mn the present limits
the government of the United States
District of Columbia power which has never been dee
~usive and abonte ieeislsye authority over the Dis,
rct; Congress axes the of taxation, declares what
IN the District and proscbes the mode assessments
see the act Of Congress approved March s. ISIS entitled
IAN act for the support OF the OF the District
The treasury Of the United is by law
pository Of the and Of the District Tho
debt for which Congress authorized the issue Of bonds was
appointed whom the Senate had confirmed md tho
aee was aSS se 'e M ' Which s lie
exclusive property Of the United States ga9 Ness vs.
no specific pledge on tho part Of the governments
olsw good ith and honesty TO pay The nteres
and principal q these bonds The debt incurred by its
officers The money borrowed was expended for the in.
provemen Of It's own property under Us own direction
pyde in the seventh section for The issue Of the Dstrcs
Three sixty i've bonds and 20 leave doubt about the liar
passed entitled An act 70 amend an act entitled for
purposes approved june % is74p - N'1s'
snc THAT the Sinking Fund Cemmssioncrs Of said Dis
Sinking Fund Commissioners to bonds Of the District
date August is74 payable afy wears after dse ber
interest at the rate Of 36Oo per cent per annum paya
Treasurer Of said Sinking Fund Commissioners and
board may direct Which bonds shall be exempt from taxa
ton by federal state municipal authority engraved aud
form not inconsistent herewith and the faith oi the United
proper proportioa Of appropriations as conempased ia hs
act and by causing o be levied upon the property within
necessary to pay the interest said bonds the same may
payment Of principal thereof al maturity. Said bonds
shah be numbered conseeutively and registered in
shah also be registered IN the office Of the Register OF tho
the Secretary the Treasury shall make such
vision rs may be necessay and said shall
authorized or fraudulent issue Of any bonds and tho
said sinking Fund Commissioners hereby authorized
exchange bonds par like Of any class Of in
debtedness in the preceding section o. ts AZ named IN
tcates Of the Auditory Board provided for in this act"
said bonds shall bo PAYABLE A. the II TrsSsury ss q tho
Hnted States srebg psd a. the United States I
provide the revenues necessary 70 pay the interest
sinking fund for the payment Of tho principal
The fact thar the act points out which the
United states has the absolute power 70 provide the eye
OF faith which the government gives Il vas never yet m-
ssned s the @ SSfsn s cs securely SS Psass
when 9btsnca @ loan, as,,.S. n !, is42 and sub;
to secure the payment q those loans.
Tbe faith cfthc United States i clearly pledged 10 the pay
ment interest these 6oloO District bonds the
bouds when the mature.
way Of shameless violation Of the clear
% can escape irem .he full Of these bonds
for witch the Tho bonds were given.
which these bonds we're given 70 improve their own
Tkrhe United States themselves authorized the
I9artnThe United States ~ specific of Congress.
bonds and thus induced innocent holders 70 take the
aThe United States give additional credit 10 these
bonds pointed out the very ways and means by which they
and principal the government having absolute control
the ways and means suggested
S-Ths United states sti further added 20 is pledged
aud strengthened confidence in is pghted ath BY proyd
"a the same aei Of fehrgary ~ 1872 that ihe interest," o.
Statesn
II the faith OF the United is pledged to the
ment Of both principal ahd Of these bonds as tue
then the United States have never pledged
their faith for any debt IL s entirely coar that u any nd
vduAl stood lin tho relation toward the 6cndhcders
which the United hold, he could be forced in
any Of pay the honest holders OF these eonds
whether you sreat tho
United States guaranee that revenues shall be raised 10
particular wayto the bonds or As directly responsible
hode II United states arc considered
the IL comes 20 the same thing They
agree that their absolute CONTROL sha
be employed 20 and thus pledge
that do shall raised the force Of the obligation
Is thereby increased Ihave Tho honor 70 remain your verp
00'aisN' EDWARD PIERREPoNr Attorney General.