Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-08-11
Fsm TIE .Cas<ttr y he Uait<a Start.
MANAGEMENT OF TAE SINK
ING FUND. No. IL,

= n
9 To effect the payment annually OF
fcven millions three hundred thonfand doi-i
lars, towards the final dilcharge Of The
whole debt, was The avowed object OF
rhe ast Of the 2o.ho Of April 1902. Z
incrcafed the linking fund 70 this amount,
and made it !" the duty ofthc lecretary
Of the T1esfnry, annually and IN each
year, TO caule TO be paid to the commit
lieners Of the Gnking fund the faid fun
of feven miIlioEs, three hundred thouland
dollars at the fame time, it gave to the
board of commilfioners the luperiniendance
of all payments on account of the inter
sf, as well as the principal OF the pre-.
fenr debts Of the United States.
Under this att, the powers OF the
board of commiAioners are extended, and
correspondent duties are impofed on them.
A fuccina view Of the public debt, and
OF tie meafuIes formerly adopted tor
dfcharging it, will illufrate the iubjeet.
The linking fund was originally appll-
cable to the capital fun or principal OF
the public debt and, from Its frlt eitab-
lifhment, has been under the direction Of
commiilionrrs. Proyifion, however was
made for heregular payment Of the in
tcrea, before fund was eitablilhed for
linking the principal. There were TIVE
general Descriptions Of public dsbt-the
loreign and domettic. The former had
beer contracted in foreign' countries, and
was payable in France, Spain, or the Dutch
Ne .herlands. The demefic debt, as the
expreiIion imports, was payable 10 the u.
States. With refpett to the foreign
debt the principal of which was payable
by inifalmsnts it was we'll underfood,
that the inRaIments were TO be paid at
certain periods fipulated by contract.
The acts Of government, by which the
faith of the United States was pledged 70
this efest, were morally and conhituti
onally obligatory. In this refPeef, The
foreign debt of the United States was ef
fentia!ly diftinguifhed from the domefic
| funded debt. No part Of the latter was
demandable at any Stipulated period. The
att Of the 4th Of Augua 1870 commonly
called the funding act relerved TO the go
vernment the option ofpaying 40 extin.
guiihing annuity, not exceeding the rase
CT eight per cent. on the fix per cent. and
deferred ifocks but it contained no It'll
pulation for the annual payment of the
fun. The principal might be gradually re-
imburfsd by raYing the extinglifhing annui
,y, if fuch ihould be the pleaiure of the
United States but there was no obi
CATION contracted with the cfeditors, to
pay, at any given period, more than the
ftipulated intereit. For reimburfng the
principal, therefore, it was neceaary to
pals particular law, regulating the
amount Of the acknowledgements, and pre-
f.ribing the times OF payment. This took
place in coniequence of an official report,
Containing a plan for the turtle, Japport
sf ruBL1c CREDIT, lubmitted to the
houle of representatives, by the head of
the trealury department, in January 1895.
The principles Of that report formed the
BATS Of the aa OF the sd Of March 1875,
entitled can aet making further proyif
on for the iapport Of public credit" Thar
aa made proyihon tor paying the whole
of the extinguilhed annuity on the funded
fix per cent. and deferred ftocks, and di
reeed the Reimbursement of the Fix PEI
cent. flock to commence on the fr& day
Of January 1895, and that Of the defer
red flock on the frR day of January 1902.
For this purpoie an adequate fund was
eRabliihed. Ii was evident however that
the propelled Reimbursement, being origi.
nally optional with the government,
could not be claimed by the REFLECTIVE
creditors. in the fame manner as they
might claim their fipulated interelfs, or
as the foreign creditors, in the fame man.
ner as they might claim their Ripulated
interef and initalments I: principle point
..;th thofa ,xhn tben condpf}rd The Attire