Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-08-06
Frsn t5< Gaz<tl< IF he UMf<5 Sfa'<s.
MANAGEMENT OF THE SINK
ING FUND.

NO. ~
THE debates in the House Of Repre-
senta.ives, on Mr.. Griswold's motion Tor
inquiring into the proceedings Of the Com.
nssioners Of the Sinking Fund, have been
published in this Gazette. The reasons
for making the inquiry were decisive; and
the resolution, moved by Mr.. Griswold,
was adopted. This produced the eSp'a-.
natory letter, of the Sd Of March, SoS,
from Secretary Gallatin, a document deem
ed of such Importance that ? 400 COPIES
were. ordered to be printed Tor the use
of Congress.
IT is well known, that the Conimissl-
oners Of the Sinking Fund are, " the
President Of the Senate, the Chief JUS.
tice, the Secretary Of State, the Secretary
of the Treasury, and the Attorney Gene
raj for the time being" But any three
of them may form board. This was
the case wien it was determined to sell
the Bank Shares belonging to the United
States. in June 1902. The only CON-
missioners then present were Secretary
Madison, Secretary Gallasln, and Attor-
ney General Lincoln.
The Secretary of the Treasury is the
Efficient CommSsioner. The reports made
to Congress by rhe Board of Commissions
ers are founded on the reports maze to
the Board. It's on him that the respon-
sibility is drvolved for the due adlninlstra-
ton of the Finances. He gives dlreetl-
OILS for making disbursements florn the
Treasury. He decides on the forms of
keeping and stating the public accounts.
He is the acting manager Of the Sinking
Fund. From him, therefore, may justly
be demanded satisfactory account OF the
monies applied to the public debt.
His last report made to the Board OF
Commissioners, and by them reported TO
Congress on the 9Th Of February, 1905,
was not satisfactory. Otherwise II was
superauous to cali on him for explana-
tipns.
Is satisfactory account to be found in
his explanatory letter? This has been
printed since the rising Of Congress. Il
is an interesting document, as it contains
formal statement of opinions now enter
tanned by Secretary Gailatin, with respect
to the management Of the Sinking Fund,
under the act Of the 2osa of April, 1902,
entitled {. An Aa making provision for
the redemption of the whole OF the pub.
lie debt of the United States
The act is famous, Especially for its
title, which was determined by yeas and
nays. Oae effect Of the ad is NOT diiput-
ed by Secretary GAIiatin. Il incresfed
the Sinking Fund to 1900, 900 dollars
annually. In the management OF fuch a
fund, the variations between accounts
which have been rendered, the iuaccuracy
Of efimates, the want of precile itatemcnts
Of balances to be accounted for, are regard
ed, by the Secretary Galiatin, as uuiuts-
refine and immateriai details. We are
told Of the inpoliibility offcstling or even
rendering the accounts on the hrf week
Of February although the 9Th ieefion Of
the fame act, which increaleG the Sinking
Fund, expressly requires the particular
annual account to be /" laid before Con-
grefs on the hrtt week Of February in
each year" and repeals $50 much of any
former act as directed fuch account to be
laid before Congrefs within fourteen days
after their meeting"
We are alto told, of its being pre-
fumabe that iomc mllconception has taken
place in relation to the mode Of conduct
ing the buinets Of the Sinking Fund. p"
According TO The explanatory letter, "ihe
difburlements our Of the Trealury (iiow,
tl,cmlslyes, in what manner the money
has been applied by the Commifioncrs of
the Sinking Fund. There is nor, and
cannot be-, in that rcfpea, any unaccoont-
ed balspce." In this mode If e0naal7iug
tks bxfasi, it feems, the receipts and
n