f taking possession of them in such emergency should be guarded.

I offer these suggestions, believing them worthy of consideration, in
all seriousness, affecting all sections and all interests alike. If
anything better can be done to direct the country into a course of
general prosperity, no one will be more ready than I to second the plan.

Forwarded herewith will be found the report of the commissioners
appointed under an act of Congress approved June 20, 1874, to wind up
the affairs of the District government. It will be seen from the report
that the net debt of the District of Columbia, less securities on hand
and available, is:

Bonded debt issued prior to July 1, 1874 $8,883,940.43
3.65 bonds, act of Congress June 20, 1874 2,088,168.73
Certificates of the board of audit 4,770,558.45
_____________
15,742,667.61

Less special-improvement assessments
(chargeable to private property) in
excess of any demand against such
assessments $1,614,054.37
Less Chesapeake and Ohio Canal bonds 75,000.00
And Washington and Alexandria Railroad
bonds 59,000.00
_____________
In the hands of the commissioners
of the sinking fund 1,748,054.37
_____________
Leaving actual debt, less said assets 13,994,613.24

In addition to this there are claims preferred against the government of
the District amounting, in the estimated aggregate reported by the board
of audit, to $3,147,787.48, of which the greater part will probably be
rejected. This sum can with no more propriety be included in the debt
account of the District government than can the thousands of claims
against the General Government be included as a portion of the national
debt. But the aggregate sum thus stated includes something more than the
funded debt chargeable exclusively to the District of Columbia. The act
of Congress of June 20, 1874, contemplates an apportionment between the
United States Government and the District of Columbia in respect of the
payment of the principal and interest of the 3.65 bonds. Therefore in
computing with precision the