Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-11-10
DISTRICT SINKING FUND.
Treasurer Huston Submits His Report
as Commissioner.

as Commissioner.
BONDS SOON TO MATURE RECOMMENDED TO BE
REFUNDED AND DRAFT OF BILL SUBMITTED
WATER SUPPLY FUSD-AMoUSrs REQUIRED
FOR THE NEXT FISCAL YEAR
The report of United States Treasurer Hus-
ton, ex-oficio Commissioner, of the sinking
fund of the District of Columbia for the fiscal
year $780, states that on July 1, 1878, when the
duties of the sinking fund commissioner of the
District we're transferred to the treasurer of the
United States the funded debt amounted to
S22. log. $50. Since that time there were issued
in payment of outstanding claims s945, $50 in
500 per cent bonds.
The funded debt outstanding June 80, 1890,
was 9l9.7sl. $50. showing a net reduction of
the debt of $2,325. 600 and a net reduction of
the annual interest charge of $50, S57.72.
The total amount of the 3.65 per cent bonds
issued was S146S9 200 leaving $40, 800 vet to
be issued before reaching the limit of sl5,OOO,-
600 fixed by law.
BONDS SOON MATURE.
Attention is invited to the fact that over
$4,000. 600 of the funded debt, bearing 6 and
per cent interest, is due and payable on July l,
1891. and 1920, 800 due in 1892. To provide for
the refunding of these bonds it is recon-
mendcd that Congress be asked to authorize
the issued of registered bonds bearing interest,
payable semi-Gnnually, not to exceed per cent
per annnm. bonds to be redeemable at pleasure
after two years and payable ten years from
date, to be negotiated III the market at not less
than their par value in the same manner as
United States bonds were negotiated. the pro-
ceeds to be applied to the redemption of the
bonds maturing in 1891 and 1892.
A draft of bill TO effect this object is sub
mitted, showing that should the proposed bill
become a law the bonds issued for refunding,
as well as all the other bonds of the District,
could be paid they become due from the
accumulatIons of the sinking funds.
wATER-sUPPLY FUND.
The total appropriations for increasing the
water supply Of Washington is 81. $40, 279. So of
which the District Is required to pay one-haf
in twenty-five annual Installments and interest
at the rate OF per cent per annum on the
principal sum remaining unpaid. One-half of
the sum advanced TO the close of the fiscal year
was : l,OSS.Sl4lS. Five installments have been
refunded. amounting to S2l5.476.2l, leaving a
balance due the United States of 1881. 81.
Interest has been paid upon the sums advanced
amounting to Sl35.599.47. making total paid
by the District for increasing the water supply
OF 5355, 075.6S.
AMOUNTS REQUIRED.
The estimates of the amounts required for
the service of the sinking fund Office for the
fiscal year 1892 are as follows:
For interest and sinking fund on
the funded Indebtness, exclu-
siye OF the water bonds. 81, 2l3, 947 81
For current expenses of the sink
ing fund office. -. 5000 90
For interest and sinking fund on
One-half Of the amount required
TO increase the water supply of
Washington, ID. C......-........ s4,O07 90
TRANSACTIONS DURING THE YEAR
The treasurer in his explanation of these es-
Inmates gives a statement of the transactions of
the Office during the fiscal year 1880. showing a
business of varied and diverse character. en-
failing Il large amount of clerical work and in
vOlyIES IA heavy responsibility i'll the disburse-
ment of money and the care and custody of
bonds. HE disbursements during the fiscal
year aggregate I. l.5yj. 317. 81. the bonds and
other securities III the care and custody of the
office amounting TO S6.6JZ. G35. and states that
while The duties OF the ia,e sinking fund COM
nlss!onCrs. AZ well as the duties of the treasurer
thereof. were imposed upon him by the act of
June IL. ISIS. no appropriation has been made
Tor his salary. which Is liked by law at : 900
per annum; that the business of the Office has
increased nearly two-fold since that time. and
there has been no increase in the appropria-
ton Tor the clerical force. though all of his
predecessors III Office have invited attention
thereto: that from the magnitude and respon-
klbillty o. tAe ONCE there Is a gross inequality
In the appropriation Tor the service thereof in
comparison with other Offices of the United
E't.tlto ssiIti Ol-lFlCL Ol OF like Char
acter. stating ihat the increase asked for in ns
estimate ne is assured will commend itself
ankle On the principles of justice and sound
business policy.
JUDGMENTS AND CONTRACTORS FUNDS
Judgments of the Court OF Claims to the
amount OF $40 .416.7O, including interest. have
been paRi during the year Tor the satisfaction
OF which S.S.45O of the 365 per cent bonds
issued
A detailed statement of the judgments of
the Court OF Claims Is given, showing that the
tOta! amount pa.d the close Of the fiscal year
Including interest - $3.50. S7952
detailed state ment of the 10 per cent guar
antee fund under District contracts is given
showing the investment lot each contract
A statement Oi the transactions OF the police
and h-emen srelief funds shows that the police
tund has decreased during the year 81 Ola o.
and states that Il this Iund Is to be maintained
permanently some means should be devised To
Increase the Income or the whole fund will be
dlssIpated in a short time.
IL - recommended that Congress be asked to
make the sinking fund Office a division of the
treasurers Office and place the employees upon
tie regular rolls OF tie Treasury Department ,
The appendix contains statements showing !
the receipts and disbursements during tine tis-
cal year, the operations of the various sinking
funds III detail. and statements of the various
loans OF the District with a synopsis of the laws
which authorize them.