National Republican., 1882-01-21
THE DISTRICT SINKING FUND.
GIInlInU's Annual Report
Recommendation.

hcconiucndnttous.
Treasurer Gilhllau, rs commissioner Of the Dis.
triot sinking fund, has submitted his annual re-
port to the Secretary Of the Treasury. The appro-
pration for the interest and sinking fund upon the
District debt for the fiscal year 1882 was 81
After dcducting the amount required for the pay
ment Of the annual interest upon the outstanding
sIs de5t there % remained to be expended for the
funded debt S2l2,223.26. This amount was in.
vested as early In the fiscal year as practicable,
resulting in the reduction Of the principal Of the
bonded debt S2l5400 and the annual interest sil,-
6A.p5 Acting under the authority granted by
Congress, none Of the sinking fund for the 36t
loan was expended In purchase in the market OF
the bonds Of that loan but was invested in those
bonds of the District which could be obtained at
the per cont. loan Of the late corporation of
Georgetown, which matured July ], 1881, the last
of the funded debt of that corporation has been
Cancelled.
THE EsrrNATE
for the service Of the fiscal year ending June 30,
1893 is the same that for the current fiscal year,
interest on the old funded debt and on the 3.65
bonds provided for in the act Of June l6, 1880,
and leaves an amount which, II invested so ms TO
yield 865 per cent per annum, will be sufficient TO
retire tho entire bonded debt of the District Of CO.
lumbia at the time Of tho maturity Of the 3.65
bonds August ], 1924
THE WATER FUND.
The S5922O, being two years interest upon the
water-stock bonds advanced from the appropria-
ton for the interest and sinking fund upon the
District debt, was reimbursed out of the water
amount required TO pay interest has been furnished
as 1t became due, The law now requires that the
propriated for MS other expenditures of the Dis.
triCt, and the amount for Interest and sinking
mnd on water stock bonds included in the book
of estimates and appropriations for the fiscal year
1883 is Hi6l0.
CERTIFICATES OF THE LATE BOARD OF AUDIT.
The work of converting the certificates of the
late board Of audit Of the District Of Columbia
into 865 bonds, as required by section of the act
of Congress improved June 49, 1880, has nearly
been completed The amount Of these certificates
to be provided for at the passage of that act was
uary ], 1881, was S65G,600. Since that date there
making total amount redeemed Of S67s,f00, and
leaving s3i 1924 to be provided for.
JUDGMENTS OF THE COURT OF CLAIMS.
or the issue Of 1855 bonds for judgments of the
Court of Claims against the District Treasurer
qilfllan says: The total amount payable during
the last fiscal year was So 6s a. and thus far dur.
ing the current fiscal year S3i,215.32. The iudg.
ments thus far rendered have been mainly upon
debts of the District due aud payable in 1874, and
consequently required the payment of interest a
360 per cent, from that year. To accomplish this
bonds Of the 1855 loan are issued, with coupons at
tached, covering interest from the proper date in
less than $50"
OF SPECIAL ASSESSMENTS
and per cent. certificates he says: The assess
ment certificates now deposit In this Office af.
ter deducting 20 per cent-the estimated reduc-
tion OF those subject to reyision-and the amounts
Ieporleu phlu IoDectmOet u lbSlt VIII amount 10
about $4,000. AZ the interest Accommodations on
that amount of these certificates outstanding will
exceed the amount of interest accrued on SiSS 100
Of per cent certificates Of Indebtedness outstand
ing, there would seem TO he ample security for the
payment Of the last named certificates, and 70 pro-
vide for the balance of the drawback certificates
still outstanding, whichfs understood 10 be about
$50 900 provided the laws In relation to the collec
ton OF special assessments are enforced"
RECOMMENDATIONS.
The commissioner makes the following recon-
mendGtions: First" That If the bonded debt has
reached its maximum under existing laws, and no
further increase thereof be contemplated, per-
panent annual appropriation OF N,HS,gi7,97
should be made for It's extinguishment. Second
That "a $40 be made permanent annual appro-
priaton for the interest and sinking fund OF the
water bonds