Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-27
THE SINKING FUND
TREASURER ROBERTS ESTIMATE
OF APPROPRIATIONS.
Paper Submitted Today to District
Commissioners-The Fund
ed Debt.

Ellis II. Roberts. treasurer Of the United
States and ex-officio commissioner OF the
sinking fund Of the District Of Columbia,
has forwarded to the District Commission
ers an estimate of the appropriations re-
quired by his Office for account of the Dis
trict Of Columbia for the fiscal year ending
with June 80, 1904.
The estimate for interest and sinking fund
on the funded debt Of the District Is $685..
4Os, as against $1.21s. 047.97 appropriated for
the current year. The estimate. Mr.. Rob
erts says, Is upon figures furnished by the
government actuary and IS based on the
percentage Of yearly increase to the sink
Ing fund by the purchase Of 365 per cent
bonds at the prices now prevailing.
The reduction in the estimate Is made pos
sibfe by the recent refunding of the and
per cent bonds OF the District into bonds
bearing lower rate Of interest. and their
final redemption. Continuing. Mr.. Roberts
says:
You will also find inclosed a copy Of a
provision relative to the interest and sink
ing fund for the funded debt Of the District
OF Columbia. which 1t Is requested you will
have inserted in the District Of Columbia
appropriation bill in lieu of the paragraph
heretofore making these appropriations.
Ihere are several reasons why the legis-
lation proposed is desirable at this time. In
1904 the only bonds Of the District that will
remain outstanding will be the 3G5 per
cent bonds. and the treasurer finds 1t diff
cut to procure enough Of these bonds at an
advantageous price to meet the require
ments of the sinking fund.
If he shall be authorized to purchase
bonds Of the United States when the Dis
tricts bonds cannot be procured, the money
provided for the sinking fund need not re-
main idle.
IAN advance Of $500 is recommended in
the salary of the clerk having charge Of
the work of this division. This increase is
called for by the faithful and responsible
services Of the incumbent, and by the fact
that no substitute for him can be found at
lower salary than that proposed"
Item Suggested.
The provision which Treasurer Roberts
desires placed in the next District appro-
priation act Is as follows:
For interest and sinking fund on the fund
ed debt there is hereby appropriated for the
fiscal year ending June 80, 1904, and an
nually thereafter. until the Dc BIT of the Dis
trict of Columbia shall be extinguished, the
sum Of 1915 4US.
This sum Is hereby constituted a per-
manent annual appropriation. and shall be
advanced TO the treasurer of the United
States upon the warrant of the Secretary
of the Treasury. And any excess of said
sum over and above the amount required
for the payment Of the interest on the
funded debt Of the District of Columbia
shall be applied by the treasurer of the
United States to the purchase and redemp-
ton of the bonds Of the District OF Co
lumbia: Provided:
THAT should the treasurer Of the United
States at any time be unable to secure bonds
OF the District of Columbia at price which
he may deem advantageous, he is hereby
authorized to invest the amount available
for the said sinking fund in bonds of the
United States; the bonds so purchased to
be registered in the name Of the treasurer
Of the United States. trustee for the sink
Ing fund Of the District of Columbia, and it
shall be the duty of the treasurer of the
United States to collect the interest when
due on the bonds so held. and to invest the
same for account of the said sinking fund.
Provided further that the treas Of the
United States is hereby authorized. by ex-
change, or by sale and reinvestment. to
substitute bonds Of the District Of Columbia
for the bonds Of the United States so held,
when he shsH deem It to be to the interest
OF the sinking fund to do So"