Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-26

10 Clcar the DlStr1ct or Columbia OF its
Indebtedness in about twenty-five years.
to provide sufficient funds for meeting
the increasing current needs Of an eff
cient District government and to insure
the completion Of extraordinary projects
of improvements involving the expendi-
ture of about $50, 600, OOO-all without an
increase in the tax rate-are the objects
of comprehensive plan for financing the
District during the next twelve years, as
approved yesterday afternoon by the
Commissioners, and which Congress will
be asked to enact into law.
THE plan advocated" says its origi-
nator and hacker, Engineer Commissioner
JudsOn, will not only reduce the debt
every year and finally extinguish it, but,
always caring for current needs, will in
sure the expenditure of some $2O,OOO,OOO
in extraordinary improvements during
the twelve years ending with 1923, and
leave at the end of that period an even
greater power in the District to accom-
plish the extraordinary projects that will
then be in sight.
The plan proposes to extend the pay
ment of the entire District indebtedness
over a period of about twenty-five years,
the debt to be liqufdated by annual pay
ments of about 81 OOO.OOO for fifteen years
and of 100000 for ten years; to set apart
for extraordinary projects out of each
years revenues about $1,000 coo plus
icy is continued, the latter amount rep
resenting the proportion of increase of
revenues to be devoted to the extraor-
binary improvements, and to use Sufh
ciently. large sum each year for current
expenditures, the increase In revenues
each allowing for an increase of about
100000 each year over the previous one
in the amount available for that purpose.
"Extraordinary'' Projects.
The extraordinary projects contemplate
ed by the plan for completion during the
the Anacostia flats at cost of s2,552.32O;
from Massachusetts, avenue to the mouth
of the creek, at a cost Of $4,75O.OOO: the
improvement of the harbor front, at a
cost, during the twelve-year period, of
81 zoe. 600; the installation of a high pres
sure fire protection system, at cost of
$4,000. and the development of the park
system of the District. at a cost of
So. 100000; the extension of suburban
trunk seweds to meet the growth of the
city, at a cost of $2,oO0,OOO; the elimina-
ton of dangerous crossings outside the
city limits, at cost of 100000; the
extension to suburbs of trunk water
mains. at cost of $4,000, and con-
struction of permanent buildings for the
reformatory and the workhouse on new
sites authorised at the last session of
Congress. $1.OUO,OW.
Engineer Commissioner Judson has been
at work upon the plan for several weeks,
and has consulted, during that PERIOD
not only his colleagues and other officials
of the District government. but several
of the leading financial and business men
of the National Capital. He has incorpo-
rated new ideas suggested to him, as
they seemed to strengthen the plan
And. finally, he has had prepared the
draft of a bill to accomplish the objects
desired, to be presented at the next ses-
sion of Congress for enactment.
The proposed legislation is regarded as
the most important OF any affecting the
District of Columbia in many years.
Commissioner Judson's Statement.
Outlining the plan is statement, pre-
pared by Engineer Commissioner judi
son, which he today presented to the
board of Commissioners He asked to
have 1t sent to Congress as expressing
the boards view Of the financial policy
for the District for the next twelve years.
This Is as follows:
I'm preparing its annual estimates for
the fiscal year 1911 the board of Commits
sioners of the District Of Columbia has
found no difficulty In providing within the
estimated means available for all current
needs In accordance with reasonable
standards Of efficiency.
In addition to current needs, provision
has been made for the payment of $9T5,-
4OS on account of interest and sinking
fund pertaining to the bonded indebted
ness, and provision has further been made
for repayment to the United States of
s4SO.OOO principal and interest, on ac-
count of advances made by the United
States to the District proper.
Analysis of District Debt.
The debt of the District of Columbia.
considering the latter as made up of two
partners. the District proper and the
United States. includes a bonded debt of
approximately S1O.OO0.OOO. The District
proper owes the other partner. the United
States, approximately $4O0O,0OO inas-
much as repayments on account of this
$4.OOO.OOO principal and interest. will be
deducted from the Districts future con-
force the contributions of the other part
ner, the United States. will be diminished
accordingly. That Is to say, in the future.
as the District proper repays to the
United States this $4,OOO.OOO, with inter-
est. the total means available of the part
nership will be reduced by an amount
equivalent to $4,000 with interest at 2
per cent. The financial condition of the
District then, considered as a partnership,
is precisely as if il owed a bonded debt Of
nearly S10.OO.0OO bearing 3.65 per cent in
terest. and a floating debt of approx
mately $S.0OO.OOo. bearing 2 per cent in
terest.
1T appears to be the intention Of Con-
gress that the floating debt shall be paid
Off within five years. The bonded debt
must be paid within fifteen years. if the