Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-02-16

now ample cause for, In the failure O. the
officers OF the United States, whose duty IL was
to compel payment Of these Eight per cents
and In the action of Congress In impairing the
securities pledged for their redemution. Your
committee are therefore OF opinion that some
adequate provision should be made for the
nqniaation OF these claims; and therefore
recommend the passage of the accompanying
bill as a substitute for Senate bill 1851.
The provisions OF this bill are, briefly, as fol-
lows: The first section authorize the issuance
by the Treasurer Of the United States as sinking
TunO commissioner. OF the noFeS or the District
OF Columbia. payable any time after one year
and within five years. bearing interest at the
rate OF three and siXty-tive hundredthS per
centum per annum. payable semi annually.
This rate OF interest is the same borne by
ali the later bonds OF the District, and Is be-
Ifeved sufficient TO keep these notes at par
The second section provides for the exchanging
of these notes at par for the "eight per cents;''
and requires the proper officers TO proce ID
without unnecessary delay to collect the certI-
ncStes Tor special assessments pledged for the
redemption OF the ''eIght per cents. and to call
IN and redeem them as rapidly as ten thousand
dollars are collected. By section the same
provision Is made for payment as is provided
In the other acts OF Congress authorizing the
issue OF three siXty-tive bondS' for other in
debtednesS OF the District. la section 5 the
Treasurer as sinking fund commissioner is au-
thoriZed to sell these notes and use the pro-
ceeGs for the payment OF the ''eight per cents"
for the best Interests OF the District.
The advantages TO be derived from this sys-
VI iuhulBS dit. Isl. Iut Tdtb VI iuIPTcSL IS
largely reduced; I'd. That If places this species
OF Indebtedness in shape In which 1t can be
easily managed and paid OF without any strain
upon the resources OF the District; Sd. It re
qu1reS the prompt collections or the special
assessment certificates, and the Immediate ap-
plication of the collections to the payment OF
the notes authorized to be ISSUED. The bill
imposes no burdens upon the government or
the United States that it ought not TO assume
considering all the circumstances connected
with the "efght per cents" and the strong
probability Is that In much less time than five
years sufficient OF the special assessment Ger
u1icates VIII be collected TO pay off the entire
amount or notes which may be issued. II may
De stated, as an additional equitable reason
why this should be done, that are how stand
ing upon the books of the District OF Columbia,
after careful and thorough revision OF the
same, charges justly made for special assess
mentS-aSsesSmentS made against the property
OF the United States upon the same principles
OF law and right as made against the property
or private lndlyldual5-and which, therefore
the United States as honestly owes as no pri-
Vate individuals, amounting TO over 800 900 IL
this new appropriation tor all the outstanding
Indebtedness OF the District could be speedily
paiO.
WASHINGTON AND GEoRGErows RAILROAD RE.
PORT.
According to an act of Congress the wash
ington and Georgetown street railway COM
pany has forwarded to Congress statement OF
its receipts and expenses for the last fiscal year.
The statement shows total receipts S434 S06S7
total expenditures 1927 IA 62; balance 81 1872 2J
Among the receipts is an item OF SSSS 279 05
from passenger fares, and S. S23 43 from sales OF
tickets. During the year the company paid
taxes S, ,523 20; special taxes, S11 ,935.09 pay.
roll, s4S,52S.92; track and repairs. sl2,3S2 81;
bell-punches, 81, ,2s5. Other expenditures were
confined to fuel, rents, feed, &c.