Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-09-13
District Indebtedness and the $3.50
Bonds.


TREASURER.
Treasurer Gll1llan last evening sent the fol
lowing to the District Commissioners:
TREASURY OF THE UNITED STATES,
WASHINGTON, Sept. IL, 1873
Gentemen:-I am in receipt, by reference
from you, with request for such action as
may deem advisable. of a letter from Messrs
II. E. Ohiey & Co, of this city, addressed TO
you under date Of the 9th instant inclosing
torney general of the state of New York reIa-
tive to the tifty-year IS funding bonds of the
District OF Columbia, and urging that you will
through the proper official chs nnels, to have
issued an explicit statement of District in
debtedness, in which the limitation of the 65
Indebtedness, its special exemption the per
manent provision for interest, and the require
ment for the creation of a sinking fund for
the principal shall be stated.
The letter and lnclosure are herewith re-
turned, with the information that the funded
indie ebtedness OF the District Of Columbia and
OF the late corporations of Washington and
GEORGETOWN at this date is S., 363 4Gl, and thai
the amount OF ffty-year 3-65 funding bonds OF
the District OF Columbia outstanding at this
date is sl3,743,250, The So bonds were issued
in pursuance of the following provision in
section I, of ian act for the government of the
District OF Columbia, and for other PURPOSES
approved June 20, 1874: (lSStatutes, l2tD 1T
shall be the duty of said sinking fund commits
Sloners to cause bonds of the District of Co
lumba to be prepared. in sums of fifty and five
hundred dollars. bearing date August l. 1874
payable fifty years after date, bearing interest
at the rate of three and sixty five hundredthS
per centuD' per annum, payable semi annually,
TO be signed by the secretary and the treasurer
OF said sinking fund commissioners and
couItersigned by the comptroller of said Dis
trict. and sealed as the board may direct ::
which bond shall be exempt from taxation by
federal, state or municipal authority, engraved
and printed at the expense of the District of
Columbia, and in form not inconsistent he re-
with: And the faith of the United States is
hereby pledged that the United States viii, by
proper proportional appropriations as con
templated in this act, and by causing to be
such taxes as Will provide the revenues neceS-
saly to pay the interest on said bonds as the
same may become due and payable and create
sinking fund for the payment of the princi-
pal thereof at maturity. Said bonds snail be
numbered cOnSecutIvely, and registered in the
ONCE OF the comptroller of said District. and
Register of the Treasury of the United States,
for which last named registration the Secre
tary OF the Treasury shall make such pro-
vision as may be necessary
JOint resolution of Congress, No. 4, approved
March II, 1876, Q9 Statutes. 2ll,) contains the
following provlsO concerning these bonds:
"Prottded,, That any further issue of three
sixty five bonds under or by virtue of
said act Of Congress approved June Goth,
1874, is hereby prohibited The $l3 7i3, go of
these bonds now outstanding were all issued
prior TO the date on which that resolution took
effect. The fourth section OF IAN act provd-
Ing a permanent form of government for the
District OF Columbia approved June II, 1873
contains the following provision: Hereafter
the Secretary Of the Treasury shall pay the
interest on the three-sixty-five bonds OF the
District of Columbia, issued in pursuance OF
the act of Congress approved June 10th, 1874
when the same shall become due and payable !:
and all amounts so paid shall be credited as a
part OF the appropriation for the year by the
United States towards the expenses of the
District of Columbia, as herenbefore pro
vided.''
The foregoing provisions of law seem to EN-.
brace the information asked for by MeSsrs
Oftey & Co. Very respectfully,
JAS. GILFILLAN, Treasurer U. s.
To the Honorable Commissioners Of the Dis
frint of ataa1Li =