New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-21
CITY sinking Fund-Ma, or, Message.

r Pc Eur " 10. To5aHs:
The recommendation contained n the Mayors
late Message 20 he H,-i % Adl-nea, tha ihe Conms
ssrers OF he sinking Fuad be 4lihorzli 90 cancel such
evd.nc Of lhe C.,y .e5. -s may iloa time % tine
purchase and ,hst The annual interest thereon may there
after cease u.s. az believe, an eTcr be- fosnee lei ne
rec3'urercs De ai F.ei, aat il cry DEBT vi" never
be lcssened fsrhg white lime last.; destroys a. once
is entire e lcy .rd rob. &; of me only feature which
distinguishes Safag Fund from sn otAer funds to VII
l,s annually Increasing power.
The yearly means alr sa1e % Tie symer 90 tAa ly
debts stated a. some S3g0oc0-a1 amount that would
certainly srcy a,pisfl pay Oh the whole Deb; "th'a
half century. provided hat ~ ne mean fns 20 ner ao
ras created Bu. new debt. Will be created, and it was 10
meet such contingency hat the potency Of Sinking Fund
was originally devised.
Iisargei chat JOB man wosi pay hinfeJ interest upon
hison bond and ofge ai,e be had paid and Cancelled
the prndpsl Let Us look little At this and see he
does not Oh VIA is precisely equivalent suppose he owe
several bonds and mortgages amounting 10 the aggregate
70 $4,000 and tha. be income q sufeent 20 enable bin
o., meet the annual Interest Of 81 200 and Jay BY $500 to-
ward the Frscpl: 81 the $500 be compounded at PER
interest he would be aoe AZ the end Of eight years 70
-ae Que OF tha bonds and mortgages i0r $1,000, by
which he would rsduc hs payments 90 inere-t rom = =
20 81 oZ0 PER auuum thus making himself fclef Dy ctsv
4
rent expenses % AS 20 Tive 10 or, Or o paying W hD~
n Us p-evi5us snrual sivings Tins enabling him tQ
lay no $3.50 per anla ftest 90 $780, % e1lnslsn IS
sqccoyas possible remaining. Indebtedness o. 81 oyo
livery prudent msn derous % honestly paying hs deois
you'd aFor tie latter course and TINS In Tact pay interest
70 himself 0u ts canoe e. bond II or Ciiy Hoyer1en
expect 70 pay the city debt through me means o. sna
ing Fund thev must 81 likewise 70 u not ouerWte ecl
picalv Sinhag Fsni and should no; be 20 denoninaei
ada Tie following calculations 20 Illustrate me opera
ton o. shaking Fsais ,,.-..
II the total City debt, less ne eill roy J. t-. A
Of the Commissioners 0f that fund be SILL 80 arc
the fund Tor s reIe ln with It's annually AIDED caP'
ts OF S3'G O0 be r untouched, 90 now csiaos e. "
+ law. the whole debt vi ID be paid 10 hri,s4 gs1's.
II the zunlai appropriation @. S'1otl re VIZ. ~
from the sinking fund. and usei 10 payment % elTeN
or ersiss eavin ll ite hands Of he Commissioner
the sum now there ll,j6755 % De- compounded oy lh'
purchase of City stocks, aearns per cent interest," -'
/ 5e6. would De paid 10 hreIf. Jour gtfrt
tie amount now ll fhl binds o. tls Commissioner
te canceed and the means O. payment restricted 20 '
$500 600 per .le same de1t would be PAid ID 'f
n The Commissioner had made their investments in s'r
per cent stocks % tlc United states, CT 90 tie s--e
New OK, a. b. law hey may Co. no one "olll h-t
thought O. stopping the Interest on them % relieve .A
Cty from taxation tg whole debt, beside j me Az
or proposition 10 csrce the debt held BY the C0mns
souers the purpose q relieving The TAX payers o. A.
annual charge o. Sl5 600 b. carried our no real rsi,
is an1ried-we owe JUST t1lt amount stu and mus. som
/ day pay 10 O. Is ONLY f'lri1g ~ a dt5i.
There are very marT rclsaas why the whole should %
PAID N in TIE shurel- tine sllGn IN TIE preceding cacl
sucns g. e. 10 years Cd SOS ealing i9r Immense *
rsndl.1res Will soon zee themselves upon INC A,tenro
Of ihe City Gorerlu..n-. alu1e particularly 90 ~
Wharvei AID Should b, prepared 81 40 early day -
what cur anllay r-res ns commerce demands, 90 SUB
sall-e SOLD sore mas.-ry ~ the tec4y.1g materials
~hilh they orc n1F composed
It - h0pei thst me Finance Committee. 20 which On
whole matter is referred vl report asaast tne frp .
ton. aui TIA. slcA ra9rt vii be sl'iAiaei t ne ~
ieavag me pe-sei Al g the Cry ana-l 'aei, A.s "
crsIlt unlr.pa.rc1. NICHOLAS DEAN.