New-York tribune., 1876-01-24
THE FEB UARY 3.G5 INTEREST.


TIE RING INDIGNANT AT HAVING TO PAY HIS Oui
OF TIE DISTRICT PUNDs-wHY THEY ARE AbLL
TO AND WILL PAY.
IrRoM TIE REGULAR CORRESPONDENT THE TRIBUNE.l
WASHINGTON, Jan. 23.--The Commissioners
OF the District Of Columbia, the old Shepherd kig anu
~ newspaper organs loud In their denunciaons of
the House Committee Appropriations Tor leIu'is 10
make provision for the payment oi the February interest
ON the 365 bonds There be but one Interpretation
Of this acion they say, "and that is contained in one
word. rcpndiatioIi' . A failure to protect the
interest coupons these bonds is either bankruptcy or
reputation. II s not pretended hat The United
States f. an nsolvcnt corporation. II has not suffered
any Of its Obligations to To profess eic
Nobody proposes tat the interest on these bords shall
go to protest, The guarantee by tie General Govern
ment - IN tne follow ing words:
And the faith Of the United states Is hereby pledged
that the United states Will, 10y proper appropriations 1
upon the property within thc said District, such hcs ~
will provide The revenue "a pay the inerst on Ad oVu
sinking fund FOR the payment OF the principal Thereon a
maturity"
Since the first Issue OF these bombs tho interest upon
them has been paid by the United states each time II
became due; but il will be noticed that the guarantee
docs not obligatory upon the United states To
appropriate the money out Of the public treasury bn
simply To see that the provided for us pay
ment whenever becomes due In the present case the
District Commissioners have their credit in the Treas
Congress year for the general expenses OF the dis
trcl more than sufficient TO meet the interest due on lhe
fret Of next month.
The Commissioners have published statement OF tho
amount of G. low hand, tho estimated revenues
available for the aymcnt OF district Government cIpcn
dures during the current year. and AN estimate o TIE
amount required carry tho Government up to the
3Oth of June 1876. From this statement 1t appears That
should Congress fail TO provide for te February interest
of the 3-65 bonds, there will be deficit OF about
100000 But in tho estmltos Of receipts no mention
made OF the expected receipts from levied In the
former years. During the past Summer the district
authorities bought In 1T tax rales property on wch Tie
taxes stil unpaid amount TO about 81 100000 During
the past seven months the sum Of $4,000 has
been received from this source, and during
the remainder Of tho year II falr To
presume further large collections, sufficient
to cover the estimated deficit will be made. In the est
mates for current oXpsnscs also there II included an
item for special ountng t. s3J333 49,
which proposed 10 expcnd on sewers and IN resuf
facing concrete payenents Striking out ibis item, for
:he Committee the District Will report hyoraby MT
Randals bill suspend ths work, the revenues of the
District will be sufficient To cover the expenditures With
ont Ga, income from taxes. When Is remembered
thar the enormous sum Of 7IJ 675 80 has been spent
npo the streets and Of the District during the
past year and that since 1871 not less than ~JOOooou
or sum equivalent to than - per cent Of the cash
value the District Of Columbia mas been expended IN
and when ~ u con lufici 'ft ~
the terms Of the contracts under which these improve
mcnts were made tine contractors Themselves are re
qurcd Keep work In repair for three years after
IL completion II ia dlcult 10 how 1t VIII be abso
ntrly necessary" eNpcnl S2J30O0 more during the
next Ave months In street improvements.
Bet the refusal Of the Committee Appropriations to
provide for the February interest the 800 bonds viii
not cause any delay In its payment The Commissioners
rrpolted the amount Of cash which they had on hand
Dee l. 1873 ~ S9lO, ,703 O9 ana II Congress does not
appropriate the S223OO0 asked for the Commissioners
Will nay the interest Of tho funds In their possession
and should Commissioners lack the necessary funls
for the current expenses Of the District Government
Congress which Is likely nearly all or
aute to the close Of the fiscal year. and no doubt
WILL make tho necessary appropriation To supply the den
cheney In the suggestion that 1t may mol lie
l. full 10 pay this interest from the funds Appropriated
for general purposes the Committee on Tho District say
that they will tat IL In made lawful Judge Bnckr
the Chairman will call at tho Treasury Department early
next week aud ascertain whether the proper accounting
officers will honor the COMMISSIONER warrant for that
purpose II they say no. then will introduce bill a
thorzng them 10 From these facts il will be seen
that the action OF the Committee on Appropriations
ought 10 have depressing effect on the credit OF the
District or 10 decrease IN the least the market value o
the 365 bonds Tho interest upon them will be promptly
paid when il becomes due and the Committee simply say
that IL shall be provided Of the funds already on
hand instead OF making Dew appropriation.