Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-01-21
THE DISTRICT BONDS.
Representative CIRCUITS Bill Providing for
Their Refunding introduced To-day.

Representative CIRCUITS Bill Providing for
Their Refunding introduced Today.
The question Of plan to meet the maturity
of over S3,0OO,0O0 worth of District
bonds which fall due during 1891
and 1892 was brought to the attention of the
District in yesterdays STAR. Today Mr.
Circuit has introduced bill providing
for the refunding of the bonds The bill is the
one submitted by the treasurer OF the United
States excepting that the rate of interest is
changed from to 3.65 per centum. Mr.. Grout
introduced this bill after consultation with
number of officials best posted in the finances
of the District, and he is of opinion that under
all the circumstances il is the best method of
meeting the question. Mr.. Grout is confident
that the new bond issue will be ioated at once.
the old bondholders taking up the major
portion.
PROVISIONS OF THE BILL.
The bill provides that the treasurer of the
United States, ex-oficio commissioner of the
sinking fund Of the District of Columbia, is
directed to cause bonds to be prepared in sums
of one hundred, five hundred and one thou-
sand dollars, to be designated as ten-year fund
ing bonds Of the District of Columbia, bearing in
terest at the rate OF 3.65 per centum 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 tine date of their
issue The principal and interest thereon shall
be exempt from taxation by federal. state or
municipal authority, and the faith of the United
States is pledged that the United States
will, by proportional appropriations 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 become due and
payable and create q sinking fund for the pay
ment of the same at maturity; and the bonds
shall have set forth and expressed on their face
the above specified conditions, and the princi-
pal 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, countersigned by the auditor Of the Dis
trict of Columbia and bear the seal Of the Dis
trict. They shall be numbered consecutively
and registered in the Office Of the register Of
the United States treasury. for which reeistra-
ton the Secretary Of the Treasury shall make
such provision as may be necessary.
The treasurer of the United States Is au-
thorized 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 for ten consecu-
tive insertions in two daily papers in Washing
ton and two In New York, the Bids to be opened
under such regulations as may be pre-
scribed by the Secretary of the Treasury,
and the award to be subject TO his approval
The proceeds shall be applied TO the redemp-
ton of any of the bonds Of the District Of
Columbia falling due on the LIST day of July,
1891. and on the LIST and 26th days of July, 1892
but the bonds hereby authorized shall be used
for no other purpose whatsoever.
Any of the bonds authorized may be called
in for payment after the expiration of two
years from the date Of issue, by said treasurer
Of the United States, at his discretion, the
bonds 30 to be called 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 advertise
ment by ten successive insertions IN two daily
papers publ,shed in the city Of Warrington Of
the time,on which payment win be made and
the interest on the particular bonds % selected
ct any time 70 be paid shall cease 81 the ex-
piration Of thirty days from the date Of such
notice.
The Commissioners Of the District Of Co
lumbia ere authorized and directed 10 provide
for the payment Of al expenses connected with
the engTaving, issue and redemption a the
above bonds, upon vouchers 70 be approved
BY the Treasurer Of the United States.