Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-06-08

aside therefrom a sufficient sum to meet
all estimated and fixed charges required
BY law to be paid wholly from said rev.
cries. including interest at per cent on
the annual balance due the United States
on account of advances made TO the Dis
trct Of Columbia: and the annual estl-
mates of appropriations for the expenses
of the government of the District of CO.
lumbia. exclusive of the charges aforc-
said. shall not exceed q. sum equal 10
twice the amount of the said estimates of
revenue then remaining
Bonded Debt Reduction.
Provided, that the Commissioners shall
allow for the eNtinguishment Of the bond
ed debt of the District of Columbia out OF
the combined revenue fund by annually
including in their estimates OF appropria-
tions a sum equal to the sum heretofore
annually appropriated for the interest and
sinking fund. namely, S915,4Os, until the
said debt, as evidenced by outstanding
bonds. shall be eXtinguished: and there
upon and thereafter the said Commission
ers shall annually include in their esti-
mates of appropriations an amount equal
to one-half of said sum, namely. $4s7, 7o4.
payable wholly from the revenues Of the
District of Columbia, to be applied to any
Indebtedness then remaining and due the
United States on account OF advances
made to the District of Columbia under
authority of law. until such Indebtedness
shall be eXtinguished.
provided further. that hereafter the
Commissioners of the District of Column
bia shall provide in their estimates for
appropriations for extraordinary works
of improvement a sum equal to $1,13o,oo),
beginning with the fiscal year ending
June -. 1912. and annually thereafter
an amount equal to the same sum in
creased by the sum of 100000 for each
succeeding fiscal year until and includ-
ing the fiscal year to end June 80, 1923,
and said estimates for extraordinary
improvements shall include the recla.
nation OF the Anacostia flats and
parks park the connecting Of Potomac
Park with Rock Greek Park by means
of parkways along and embracing the
valley of Rock Creek: the gradual ex-
tension of the park system of the Dis
trict the construction of new penal and
charitable institutions and hospitals on
lands now authorized to be acquired for
such purpose outside of the District of
Columbia: the extensions of trunk water
and sewer mains into the suburban por
tons of the District the elimination of
dangerous grade crossings. and such other
public works as may be recommended
by the Commissioners and authorized by
Congress from time to time; and here
after all estimates of appropriations in
any way affecting the revenues of the
District shall be submitted to the Com
missioners for their consideration, as are
other estimates of said District, and shall
be included in the estimates of the Com
mssioners In such amounts as shall be
approved by them
Prominent Citizens Present.
There was some misunderstanding
al -,gf !,
An impression had gone abroad
that public hearing was scheduled, and
in addition to Commits
sioner Judson and former Commissioner
George Z. Truesdell, who spoke in advo-
cacy of the bill on behalf of the Wash
ington Board of Trade, many other
prominent citizens, including Gen. George
II. Harries and John Joy Edison, were in
attendance. But only Messrs. JudsOn
and Truesdell were heard
Commissioner Judson explained to the
committee this morning that the debt of
the District of Columbia. considering the
latter as made up of two partners, the
District proper and the United States-in-
cludes bonded dept of approximately
$40 0GU,G0D
THE District proper said the Commits
sioner, loves the other partner, the
United States. approximately 100000.
1nasrnuch as repayments on account OF
this S4,OO0.00 principal and interest, will
be deducted from the Districts future
to the partnership fund. per-
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 $4.0OO.OO0 with interest,
the total available means Of the partner
ship will be reduced by an amount
equivalent to $4,000 Geo with interest at 2
per cent
1.-THE financial condition Of the District,
then, considered as partnership, is pre-
cisely as if it owed a bonded debt of
nearly $1O.OOO.OOO bearing 1896 per cent
Interest and floating debt of approx
mately 100000 bearing per cent in
tereSt.
The Intention Of Congress.
"ft appears to be the intention of Con-
yress that the floating debt shall be paid
off within five years. The bonded debt
must be paid within fifteen years If the
bonds are to be met at maturity. Thus
he District. considered as partnership.
appears obligated to pay off its debt of
virtually S1s,oo,Oo wholly within fifteen
years, and in very large part within five
years.
Due to payments on account OF debt, |
he combined resources of the partnership |
AVAILABLE for general purposes are III eff |
feet reduced in the estimates submitted |
or the fiscal year 1911 by 1915. 4oS, plus |
500, OO0, or q total Of 81 1885. 40S.
eff OF the District proper's contribu-
ion there be each year applied to pay
nent of debt, principal and interest,
;567,7O4, it is certain that the process
will, in some such period as twenty
i've years, eXtinguish principal and in
crest of the District proper's half OF
he bonded and floating debt. such half
mounting to approximately 100000.
each year the financial condition OF the
District will be improved, for each year
is debt will be less, until within twen-
y-five years 1t will be extinguished,
provided nothing more be borrowed in
he meantime.
1.-The revenues Of the District proper in
rease at the rate of practically $2oO.OO0
,er annun. Thus the revenues of the
may be said to increase at
he rate OF SIcD000 per annum. This rate
II increase, past and prospective. makes
he proposed plan practicable. The board
Il Commissioners is confident that four
fths of this increment will be ample
Increase i'm the aggregate OF all those
tens of the estimates devoted to current
leeds.
Extension of Time.