National Republican. (Washington City (D.C.)) 1872-1888, 1880-05-10
FIFTY CENTS PER MONTH.
THE DISTRICT BONDS.
An Attempt to Dcrreciato Them

Au AIIcDDN w ahN's
The Democrats are showing the cloven foot now
in regard to District Of Columbia matters in way
that should be understood. on Friday Senator
Davis, OF West Virginia made the declaration with
considerable emphasis that twas an error TO enter
tain the impression that the General Governments
in any degree responsible for the S.65 bonds that
issued for the Districts Indebtedness, the in
terest of which has been guaranteed and steadily
pnid by the National Treasury Under this pledge
OF faith on the part Of the Government these bonds
have had credit TO an extent that they have been
sought bona fde investment In trust funds, etc.
and the effect OF the action proposed by Senator
Davis will be TO depreciate the bonds and bring
distress upon the holders. The following discussion
which occurred on Friday will afford the reader
some idea OF what the Democrats propose to do
and how they propose to do II. The proposition
was TO repeal the law which makes permanent ap.
preparations for the payment of the interest OF
them. Mr.. Davis stated that the repeal is recon-
meudcd by the Secretary Of the Treasury. To this
senator Conkling replied that the Senator from
West Virginia was very fortunate II lie could
rightly throw upon some one else the Odum Of
this proposition which had deprecated the value
of those bonds and brought distress on their
holders
Mr. Davis said that the i'm preston that the Gov
ernmcnt was responsible for these bonds was er-
roneous.
Mr.. .Conklng-some time ago It was considered
gravely here what form should be given to certain
Indebtedness III this District. ltwas agreed that II
should be put in bonds bearing 3.65 per cent. iu-
erest and in order to foaI these bonds-I have not
looked at the statute, and do not want for rec
ollect that evenings work perfectly-it was said
that the United States should guarantee the bonds,
make them just as firm and inviolate as they could
be made
Mr. Morrill--Plcdged rs good filth.
Mr.. Conkling-Nc', that very likely was the
form, hut whatever The form, the substance was
this The United States stood behind these bonds,
offered them and in so far MS II could. negotiated
them to bDld fde holders, who paid value in good
fuith for them. Trust funds and other funds were
Invested IN them. Some time ago there
broke upon the gaze of the Committee
ously enough from the financial officer of the
Government to the effect that the standing appro-
priation of money for the payment OF the interest
oil these bonds should be swept away, and that
whether the interest was paid or not should be
committed to the hazard and occasion of the future
from time to time. The result of II was-l have q
Senator in my eye who can state more exactly
than can, but perhaps have not his attention.
the result Of it was that IN consequence Of that
recommendation and III consequence OF this re-
port of this committee, the price of the bonds was
knocked down, not little, but very largely, and
speculating upon the apprehension anu the terror
of the people holding them unaccustomed as most
OF them were to securities OF this SORT those
market aud swept iuto their lap u great total OF
these bonds and the people who had paid their
money in good faith and relied upon the good
faith Of the United States have lost exactly as much
as these Spectators have gained. Now, / think
that is rather unwholesome; think II rather I'M
fortunate. and say again to the rst lord of the
Treasury here OH my right that If he has minister
of finance or anybody else on whose shoulders he
can put part of this responsibility, good for the
Senator from West Virginia, but not so good for the
man, whoever he may be- who is 10 be called upon
to bear the blame of this very extraordinary piece
OF legerdemain by which large sum OF money has
trust estate and other things, and put into the
hands of sharper people than they are