Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-11-04
MATURING DISTRICT BONDS.
Treasurer Huston Proposes Passage of a
Bill by Congress Cor Refunding Them.

Treasurer Huston Proposes Passage of a
Bill by Congress Cor Refunding Them.
Treasurer Huston, in his annual report to
the Secretary of the Treasury as custodian OF
the sinking fund of the District Of Columbia,
recommends the passage of the following bill
by Congress to provide for the payment OF
bonds of the District of Columbia falling due
July /, 1891, and July and rs, 1892:
THE BILL
Be il enacted, DC, that the treasurer of the
United States ex-officio commissioner of the
sinking fund of the District OF Columbia, is
hereby directed to cause bonds to be prepared
in sums of 500, $500 and 81 900, to be desig-
mated as ten-year funding bonds of the District
OF Columbia, bearing interest at the rate of
per cent per annum, payable half yearly on the
first days OF July and January IN each year.
Such bonds shall be redeemable at pleasure
after two years and payable ten years after the
date of their issue. The principal and interest
thereon shall be exempt from taxation by fed
eral. state or municipal authority and the faith
OF the United States is hereby pledged that the
United States will, by proportional appropria-
tons and by causing to be levied upon the
property within said District such taxes as will
do so, provide the revenues necessary to pay
the interest on said bonds as the same may be-
come due and payable and create a sinking
fund for the payment of the same at maturity,
and the bonds shall have set forth and ex-
pressed on their face the above specified con-
ditions and the principal and interest thereon
shall be made payable at the treasury OF the
United States
Said bonds shall be engraved and printed at
the expense OF the District OF Columbia, shall
be signed by the treasurer OF the United States,
ex-officio commissioner of the sinking fund.
countersigned by the auditor of the District OF
Columbia, and bear the seal of said District.
They shall be numbered consecutively and reg
istered in the office OF the registrar of the
United States Treasury. for which registration
the Secretary of the Treasury shall make such
provision az may be necessary.
The treasurer Of the United States is hereby
authorized to sell and dispose OF any of the
bonds issued under this act, at not less than
their par value, to the most favorable bidder
or bidders, after having duly advertised the
same for ten consecutive insertions in two daily
papers in Washington and two in New York,
the bids to be opened under such regulations
as may be prescribed by the Secretary of the
Treasury, and the award to be subject to his
approval. The proceeds thereof shall be ap-
piled to the redemption of any of the bonds OF
the District of Columbia falling due on the LIST
day of July, 1891, and Oh the LIST and Goth days
of July, 1892, but the bonds hereby authorized
shall be used for no other purpose whatsoever
Any of the bonds hereby authorized may be
called III for payment after the expiration of
two years from the date of issue by said treas
urer of the United States, at his discretion, the
bonds SO to be called In to be distinguished and
described by their dates and numbers, begin
ming for each successive payment with the
bonds of each class last dated and numbered.
Public notice shall be given by advertisement
by ten successive insertions IN two daily papers
published in the city of Washington of the
time on which payment will be made and the
interest OH the particular bonds SO selected at
any time to be paid shall cease at the expira-
ton OF thirty days from the date of such
notice.
The Commissioners Of the District of Column
bia are hereby authorize and directed to pro-
vide for the payment of all expenses connected
with the engraving, issue and redemption of
the above bonds, upon vouchers to be approved
by the treasurer OF the United States.
WHAT THE TREASURER SAYS OF THE MEASURE.
The treasurer says: "Shoud the proposed
bill become law the sinking funds for each
year from 1891 could be applied to the redemp-
ton OF bonds at par, and a careful estimate
demonstrates that all of the bonds issued Tor
refunding could be retired at or before their
and enough accumulated in the sink
ing fund to retire the per cent bonds matur-
ing in 1899. The sinkil,, fund for the water
stock bonds will retire those bonds at matur-
ity, in 1S0l and 1903, by applying to their re-
demption at that time the amount of the fund
invested IN other bonds of the District. The
thlrty-year funding bonds maturing in 1902
could also be retired without refunding, leav-
ing the 1865 per cent bonds only outstanding"
The report shows that the debt of the Dis
trict June 80 last was $40, I42 $50, a net de-
crease of s1.964.600 in principal and a net de-
crease of interest charge Of sl37,l5S since
July /, 1878.
OTHER RECOMMENDATIONS.
The treasurer recommends that an appro-
priation be made for the salary of the treasurer
{ the United States, acting as treasurer of the
sinking fund of the District Of Columbia IN
accordance with the provisions of the act of
March 3, 1875; that the clerks of the sinking
fund Office should receive compensation COM
mensurate with their duties, and that Congress
be asked to make the sinking fund office a di-
vision of the treasurer's office and place the
employees upon the regular rolls OF the Treas
ury department
The COITRTS