The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-02-05
The Jobbery in 3.65 bonds.


The extraordinary efforts and argu-
ments Of various Republican Senators in
favor Of legalizing fifteen millions of 3C5
bonds, rs recommended by the Commits
fioners OF the District OF Columbia, cannot
fail to make n bad impression on the pub
lie mind. In fact, they almost force the
conviction that the example of Mr.. GAR
YIELD, and other patriots OF that stamp,
has been infectious, and that the Washing
ton Ring is still represented by attorneys
In Congress.
There never was n clearer case than this
Tor wise aud just legislation. After an in
vestigation Of many months. which barely
broke the crust of the frauds and jobbery,
Congress. by the act OF June 20, 1874, swept
out Of existence Boss SHEPHERDS Terri
torial Government, and created n tempo
rary Commission OF three persons to sub
uitute IL. The radical idea OF that legisla-
tion was to wind up the old concern and
% start afresh.
To do this properly, the Commissioners
were restricted within certain limits do
lined In the following explicit words:
.shail make no contract nor incur any obligation
ether thsn such contracts and obligations as may be
Avs enseted BY The oovernment Of .sid District to he
ssse1iloo OF eIi,.ng legal OBJ cations and CONTRACTS.
nents."
In other words, they were TO complete
The necessary work already begun, and to
protect and preserve the existing improve
ments. That was the limitation of their
power; and to fix it more positively in
figures, elaborate estimates were furnish
I'D nv Gu nd
that the outside sum necessary to COM
plete all the contracts would not exoe ed
q, 10000
A board OF audit was also created to
adjust the unfunded or floating debt of
the District OF Columbia and of the Board
OF Public Works, as specified under par
tcular heads. Upon their finding, certIi-
Gates OF Indebtedness were to be Issued,
and these certificates were convertible
into 3.65 bonds. The act did not fix a limit
for the issue of these bonds, because il was
mpractcable to assume any certain figure
before the claims were audited.
But the Commissioners had q moral
guide before them as to the amount in
round numbers which was q restraint
upon their action. Besides that, they were
forbidden to make new contracts or TO ex-
tend old ones, so as to defeat the clear in
tention of Congress. They were admins
tering upon an estate, and could not prop
srly incur new debts.
How has this trust been fulflledf At
the end of eighteen months il is found that
these Commissioners have expended more
than Ave millions Of dollars, aud it is
proved beyond ali cavil that most of this
large increase Of debt has grown out of
Illegal contracts and palpable violations Of
the law in other respects. This much
is not denied. Yet in the face of such an
admission, it is coolly proposed to issue
bonds to cover these unlawful acts and
thus to sanction iniquties equally odous
with those directly perpetrated by SHEP-
HERD, for which these Commissioners
ought to be held personally aud officially
responsible.
Now, the people of the United States
and Of the District OF Columbia are to pay
these bonds in equal proportions. They
are entitled TO know, therefore, whether
the Commissioners have exceeded their
authority, and if so, to what extent, in
order that the real and true indebtedness
may be exactly ascertained. That can
ouly De uOne Dy lnNestlgatlOu. 10 as
sumo the interest on fifteen millions OF dol
bars now, as the Ring desires aud urges
through its retained agents i'll Congress, is
virtually to legalize the debt 10 that ex-
tent, and to furnish the money which
these jobbers need for personal and politi-
cal uses.
Congress forbade any increase OF the
District debt beyond ten millions in 1872.
That obligation stands, and good faith
requires its recognition. But every dollar
beyond 1t, and the liquidation made by the
act OF June 1874. ought TO be scrutnized
severely, and excluded until n searching
Inquiry shall establish the basis of a full
and final settlement.
Spectators at Washington, and their
ponfederates in Wall street aud elsewhere,
have bulled and beared these bonds to suit
their own interests. They have sought 70
Impose them on our savings banks. aud TO
create the belief that they were as sound
security as the regular debt Of the United
Btates Opinions, good, bad, and ndiiIer-
snt, official, semi-oflicial, and professional
have been procured to aid speculation. II
u time TO stop this traffic, and the first
step in that direction is TO investigate the
Issues above the limit, and not to follow
the oounsels of EFFIGY SARGENT and his