National Republican. (Washington City (D.C.)) 1872-1888, 1875-01-28
DISTRICT OF COLUMBIA.
The Creditors Clamoring at the Doors Of
Congress.

The Creditors Clamoring at the Doors Of
Congress.
The following document will be read with
avidity BY all who are interested in District
affairs:
The memorial Of certain creditors Of the District
OF Columbia, praying Congress for equity and
justice, the necessity for which has arisen out
of the legislation Of Congress. Introduced
December Is, 1874 by Hon. Lyman X. Bass, and
referred to the Committee on the District Of
Columbia.
To fhs Honorable the Senate and House of Repre-
seEtdtipes in Congress assembled:
Your memorialists respectfully represent that
they are creditors Of the District Of Columbia;
that for work done and materials furnished in
connection with the public improvements in said
District they received certain evidences o.
work was done and said materials furnished,
were to be paid in cash; that Congress, In its dis.
the result thereof, enacted law requiring such
evidences Of Indebtedness to be subjected to re-
examination and audit by Q board daily consti-
tuted for that purpose, and provided further that
all evidences Of indebtedness approved by said
board Of audit might, at the option Of the holder
be converted into bond bearing interest at the
rate Of 3.65 per cent. per annum; that in obedl-
enee to said requirement Of Congress your memo
rialists have submitted their evidences Of indebt
edDess for denomination, and the said board Of
audit have established the integrity Of the same
and issued their certificates, In due FORM attest
ing the amounts found due respectively.
are now confronted with, and seriously embar-
raised by, the same hardships that beset them at
the outset Of the Legislative inquiry; that while
not actually compelled by the terms Of the statute
to accept said bonds in payment Of their claims,
they still have no other recourse except by the
tedious process Of suit against the said District Of
Columbia to recover the amounts certified by said
Board Of Audit to be found due; that owing to the
low rate Of interest aHd other causes, the said
the market OF only about sixty-eight and a half
cents on the dollar; that our necessities compel
rs to seek an early realization upon the assets OF
this character now held by us, and that at pre-
Vaiing prices or at any price likely to prevail for
some time to come, your memoriRlists Will be sub
jected to ruinous sacrifices, which neither equity
nor justice require that they should bear, and
which, as they believe, Congress never intended
that they should bear.
Your memorlalists further represent that the
guarantee Of said bond is imperfect and that as o
consequence investors from the centres Of capital
decline to invest IN or to make loans upon the
same, and they trust your hon9rs6le Ooaies viii
cause for the still further depreciation Of said
bonds.
Your memorialists further represent that they
are advised by competent legal authority that
the certificates Of the board Of audit now held by
them valid claim against the District OF
Columbia for the face thereof, with interest
thereon, and that there is no sufficient defence
on the part of the Distrcts against the same; but
your memorialists are averse to this remedy so
long as they believe simple justice can be OBJ
tanned at the hands Of your honorable bodies.
Your memorlalists further represent that they
advised Dy competent legal authority that,
in addition to other disastrous results Of the nom
fulfllment by the District of Columbia OF its OBJ
legations with respect to the full payment OF said
evidences Of ndebtedness, which failure is d.
rectIy the result of the recent legislation in re-
gard thereto by Congress, that all obligations OF
contracts guaranteeing the care and preserva-
tiOn of public improvements for q term OF years
are void and of no effect, and that the said Dis
trict will be subjected to heavy losses in conse-
guence thereof, which would be avoided II said
District was placed in q competent position to en-
force the said obligation.
Your memOrialists therefore earnestly request
that your honorable bodies will consider this their
petition without delay, and they pray that the
rate Of interest on said bonds be raised to four
per cent in coin, that the same be made payable
at the Treasury Of the United States, and that
the defect in the guarantee of the same be RENE
died by making the pledge Of faith assured and
complete.
And your memorIaIists pledge for themselves
that II this be done, or other sufficient relief
granted, they will promptly convert their evil
dences Of Indebtedness into said bonds, and &C.
cept the same as in full payment thereof.
And your memOriaIists will ever pray, sc.
WASHINGTON, d. c., Dec. 10, 1874.
TAYLOR & FILBERT.
BRENNAN HUTTON.
PAGE, KIDDER & FLETCHER,
Palisade Chemical Works, 10 Warren street,
New York.
JoHN g. MOORE & Co.
Creosoting Works, 90 Wall street, New York.
MARTIN F. RECESS.
FINNEGAN & MES DALI.
p. CROWLEY & 90.
O. O'HARR.
H. L. CRAWFORD.
ALBERT GLEASON.
W. O. MURDOCH.
GALLAHER, LOANE & Co.
JOHN s. BALDWIN.
J. V. W. NANDRNBURG.
BALLARD PAVEMENT Co.,
III Broadway, New York.
WASHINGTON NOTWITHSTANDING WORKS,
E. q. Gallup, Agent.
Q. E. KAY & Go.
JAS. F. RUSSELL.