This day in Norment-Ward-Beall history 5 Jul 1885 Samuel Norment is explaining a banker’s viewpoint on a proposed bond issue during the time Alexander R. “Boss” Shepherd (photo) is leading the District in its beautification. Though he was later persecuted by his political enemies and accused of looting the city, the investigation could prove no wrongdoing. His friends and supporters were outraged by it because the results were so noteworthy, taking it from a cow pasture to a capital city. He was criticized for being in bed with the rich, yet it was their foresight and funding that enabled this ambitious series of projects to succeed. Washington Post (DC) 5 Jul 1885 THE REFUNDING SCHEME WHAT IS SAID BY BANKERS REGARDING THE DISTRICT BOND PROJECT. The Hope Expressed That it May be Successful if it will Result in Saving Half a Million Dollars to the District. Of course, said President Norment, of the Central National Bank, if, as has been suggested by the Commissioners, half a million dollars can be saved to the District by the issuing of long bonds, running to 1924, at a low rate of interest, or by any other just and practicable means, approved by act of Congress, and receivable for circulation, it would be a good thing for the district; but I very much doubt whether the bonds at so low a rate of interest as three per cent. will be taken, notwithstanding the plethora of money in the country. This is merely an off-hand opinion, not having carefully looked into or studied the matter in question. A 3.65 bond, it seems to me, would be much more certain under the circumstances of effecting the end desired.
Posted on: Sun, 06 Jul 2014 00:28:49 +0000