U.S. GRANT.
WASHINGTON, _June 18, 1874_.
_To the Senate and House of Representatives_:
I transmit herewith a report from the Secretary of State and its
accompanying papers.[80]
U.S. GRANT.
[Footnote 80: Report of the United States delegates to the eighth session
of the International Statistical Congress, held at St. Petersburg,
Russia, in August, 1872, and appendix.]
EXECUTIVE MANSION, _Washington, June 20, 1874_.
_To the Senate and House of Representatives_:
I respectfully invite the attention of Congress to one feature of the
bill entitled "An act for the government of the District of Columbia,
and for other purposes." Provision is therein made for the payment of
the debts of the District in bonds to be issued by the sinking-fund
commissioners, running fifty years and bearing interest at the rate of
3.65 per cent per annum, with the payment of the principal and interest
guaranteed by the United States.
The government by which these debts were created is abolished, and no
other provision seems to be made for their payment. Judging from the
transactions in other bonds, there are good grounds, in my opinion, for
the apprehension that bonds bearing this rate of interest when issued
will be worth much less than their equivalent in the current money of
the United States.
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