Evening star. [volume] (Washington, D.C.) 1854-1972, 1875-10-22

proved july .-p6r-cent.
currency interest. :.............. 10000 90
Water stock coupon bonds, issued
under An act of Assembly APP
proved June 20, 1873; 7per-cent.
currency interest. .;.......;.. $4,000 90
County school coupon bonds, is
sued under an act of Assembly
approved June %, 1873; 7-per-
cent. currency interest.......... 5000 90
Making ACKNOWLEDGEMENTS 400 90
tS3,i OF the county school coupon bonds
have been retired since July I, 1881
or the Lac Corporation, Of Washington.
Funding loan bonds, issued under
an act of Congress approved May
8, 1872; per cent. gold interest. 81 $50 900 90
Funding loan bonds. issued under
the act of Assembly approved
June 20, 1872; per cent. gold in
terest.. l2O0 900 90
Ten-year (Bowen) coupon bonds,
issued under an act of Congress
approved July q 1865; per cent.
currency Observation-Disclosures. %, 200 90
Three-year Emery coupon bonds,
issued under an act of Congress
approved July /, $780, Z s. 10 per
cent currency interest.......... 1850 90
Five-year Emery coupon bonds,
issued under an act OF Congress
approved July 7, 1870; $40
per cent. currency interest,". 1870 900 90
Registered stock, act August 10,
1898, per cent. currency interest 5i,sO7 90
Registered stock, act October %,
1913; per cent currency interest 6355iI %
Registered canal stock, act April
u, 1917; per cent. currency in
terest.. ...........-............ $500 90
Registered water stock, act June2,
lt59; per cent currency interest COO 90
Making Observation-Disclosures ,552 ga %
(S6i 80 oil above bonds have been retired
since July !, 1881
OF the Lac Corporation Of Georgetora.
Registered general stock; per
cent. currency interest.......... S1s9, SS5 20
Registered general stock; per
cent. currency interest. ........ 2o,o00 90
Registered bounty stock; per
cent. currency interest. $50. 10000 co
Registered market stock; per
cent. currency interest.......... 3o,8oi n
Steam Force pump coupon bonds,
Issued under an act of Assembly
approved June 26, 1913; $40 per
cent. currency interest.......... $500 90
Observation-Disclosures. $500, 1883 81
RECAP1TULATION OF FUNDED DEBT.
OF the District of Columbia. 49,. s. ,3l4 200 90
OF the late corporation of Wash
ington. ................-....... 1852 ,g74 p
or the late corporation of George
town Observation-Disclosures. 200 lac p
Total Observation-Disclosures go, I37 1868 IS
Less funding loan bonds act June
20, 1872, not disposed of by the
Commissioners of the Sinking
Fund. ,....,...,...... ......... So ,10) OG
Actual amount outstanding So Cos, LOS 10
EXPLANATORY.
The Commissioners OF the Sinking FGud
hold the following assets, which IL disposed
of would still further reduce this amount, as
Chesapeake and Ohio canal bonds,
(now selling at sl:i6,) par value $4,000 90
Washington and Alexandria rail-
read bonds, (nOw in litigatiOn,)
THE SIS BONDS.
Amount Of fifty year 3-65 bonds,
issued under an act of Congress
approved June 20, 1874. 10. 594 so 90
In reference to the United States guaran-
tee of the 3.e5 bonds, known as District of
nj Inn n a do NJ l. nj
ly, in q letter to Edward Brandon, esq,
chairman of committee on securities, New
York Stock Exchange, dated September 9,
"These bonds are, in reality, the bonds of
the United States, and there is no good
reason why they should not be classed and
been entirely overlooked, and an impression
created that the bonds were merely bonds is
sued by a corporation, styled the District of
dorsement by the United States. Cautious
investors, therefore, have been nervously ex-
ercised TO discover whether or not the faith
iy clear terms to protect the bonds as against
such qualified Endorsement"
Mr.. Kelly proceeds to show by the laws
THAT these bonds are issued by the officers of
the United States, in payment of liabilities
created by her own agents, and the conclu-
sion is Inevitable that they are the bonds of The
lutely worthless as 4 legal obligation; for it
is not even pretended that they are issued by
any other power having lawful existence.
I'm conclusion il remains to add only few
words as TO the pledge of the faith of the
United States for the payment of the bonds
IL is pledge for payment of both inter
est and principal, coupled with provision
consecrattng certain revenues TO be raised
as q sacred fund to meet both. 4 In
the case of the bonds in question, Congress
not only pledged the public faith to secure
them in the manner stated, but proceeded at
the same time to levy the taxes and make
the appropriation needed to redeem that
pledge. BY act of March 8, 1875, 1t levied q
tax upon the property within the District of
Columbia, provided for its prompt collection,
directed the amount collected to be deposited
in the Treasury of the United States, and
prohibited its being drawn out again except
or on the warrant of its own duly-a ppointed
agents. Surely this ought to satisfy the
Congress on this subject, emphasizing, as it
does, The opinions given by the Comptrollers
of the Treasury and the Attorney General of
the United States. II the views herein ex-
pressed are correct, the question arises,
why should not these bonds be classed with
and treated by the governing committee of
the stock hoard as other securities Of the
United States?''
This paper bears the following endorse
ment:
"Having considered the above commune
cation of Mr.. Kelly, treasurer OF our board,
We concur in the views therein expressed.
II. NJ. SwEENY,
w. w. CORCORAN,
LEWIS j. DAVIS,