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

bonds are to be met at maturity. Thus
the District considered as partnership,
appears obligated to pay off it's debt of
virtually eighteen million dollars wholly
within fifteen years. and in very large
part within five years.
Due to payments on account of debt,
| the combined resources of the partnership
available for general purposes are. in eff
I feet, reduced, in the estimates submitted
| for the fiscal year 1911. by S975.4OS. plus
$96O.O0O. or total of 81 .935, 4Os
Provision for Great Works.
While, as above stated, current needs
have been amply provided for in the 1911
estimates. yet it must be admitted that
| no sufficient provision has been made for
the many great public works OF I'M
| portance to the future which should soon
| be undertaken and carried forward with
reasonable rapidity. In the past TINS pro-
vision has been made by general advances
| from the federal Treasury. 1t Is ap-
parent, however. that il this arrangement
| is continued, in order that these great
projects which already demand initiation
shall be undertaken. not to mentlOn the
enterprises which experience shows Will
undoubtedly present themselves in the
| future, the amount of debt now Incurred
will be greatly increased, and its burden
Will eventually rest heavily upon the Dis
| trct. If, therefore any plan can be pre-
scented whereby these advances shall
provements be carried forward without
| sacrificing efficiency i'm current municipal
work. the Commissioners believe that
| such such plan would commend itself
to Congress and to the community whose
affairs are. in part. intrusted to their
| administration. The solution of the prob
| lem, in their judgment, lies In extending
the period of time in which the debt of
the District shall be paid.
Proposed Annual Payment.
eff of the District proper's contribu-
ton there be each year applied to pay
ment Of debt. principal and interest
$567, 7O4, it Is certain that the process
| will in some such period as twenty-five
years extinguish principal and interest of
| the District proper's half of the bonded
and floating debt, such half amounting
| to approximately 100000. Each year
| the financial condition of the District
will be less, until within twenty-five
years it will be extinguished. provided
nothing more be borrowed in the mean
! time. This arrangement would De equiv
| alent to an extension of time granted
by the United States to it's partner. the
District proper. for the repayment OF the
81 100000 which the latter owes the for
mer. The annual provision of S567 :1a
from District revenues includes $4S7, 7O4,
which is the Districts half of annual
bonded debt, and the further sum of $50.
600, the interest due annually on the
81, 100000 advanced by the United States
to the District proper. After the exttnc-
7O4 would be applied annually toward the
extinction of the debt owed by the Dis
trict proper to the United States.
"If this arrangement had been author
lied by Congress when the estimates Tor
the fiscal year 1911 were being prepared
there would have been available for ex-
traordinary improvements approximately
81, 100000.
1.-The revenues Of the District proper
increase at the rate of practically 100000
per annum. Thus, the revenue Of the
partnership may be said to increase at
the rate of 100000 per annum. The
board Of Commissioners Is confident that
four-fifths Of this increment will be an
ample annual Increase In the aggregate
of all these items of the estimates de-
voted to current needs.
Obligations on Commissioners.
cit is proposed, therefore, as a quid
pro quo. If Congress shall extend the
time during which the debt shall be
paid to some such period as twenty -f1ve
years, that it shall be obligatory upon
the Commissioners. in submitting their
estimates, to provide annually for such
reduction of the debt as will make it
each year less and finally extinguish
it, principal and interest, in about twen-
ty-five years; to borrow no more money
from the United States Treasury or else
where. and to provide annually for ex-
traordinary improvements on the scale
on which they might have been under
taken in 1911 without sacrifice of current
needs), If the payment of the debt had
already been made more gradual, as
the fund for extraordinary Improvements
a sum estimated to be one-fifth of the
increase in combined revenues. Thus. for
any fiscal year there would be added
for extraordinary improvements to 81 .O30,-
600 one-fifth the increment of means
available. counting from 1911. so that, for
example. if. in 1911. 81 10000 were avail
able, that amount would be increased by
100000 the subsequent year, 500. 900
more would be added the next year. and
SO on.
ITO the end that this policy may be in
augurated and the continuance of the pol
icy safeguarded, the board of Commits
sioners presents herewith q draft Of
operation and to insure its continuance.
A term of twelve years has been provided
in the bill as the period during which
this arrangement shall continue.
Available for Permanent Works.
IF the arrangement be adopted during
the twelve years beginning with 1912 the
amounts available for extraordinary i'm
provements will aggregate $50, 10000. 1t
is believed that in twelve years not more
than this sum can be expended on the
objects proposed with economy and in
accordance with plans deliberately ma
tured.
by the end of the twelve years doubt
less other great projects will demand
recognition, but by that time, under the
same system. much larger sums will be
annually available.
ITO recapitulate. the plan advocated
will not only reduce the debt every year
and finally extinguish it, but, always car
ing for current needs. will insure the
expenditure of some $40. OOO.O0O in extra
ordinary Improvements during the twelve
years ending with 1929. and leave, at the
end of that period, an even greater power
in the District to accomplish the extra
ordinary projects that will then be In
sight.
Commissioners Point Out
Advantages of the Plan.
The advantages of the new plan for
financing the current and extraordinary
needs of the District government were
pointed out by the Commissioners this