Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-01-30
A sINKrsa FUND.

Of the Confsdsracy Is interesting 1t "a" PICS
eut time Every piau which IS dononstfahie
to be sfiicacious to pay of 81" dshs ia sie-
cited tine, shGn!a not only attract th' a''ef-
tion Of Congress, but Of t!'o Gaanc;ers VIA
ara engns, in managing tho aioniea ihtsrss':
Of tho country, Every suoh plan rcn"t ''"Ye
8 tendency 10 give conf'loree to ''!a Hi'i'"E =
lenders, and place tbs los"s tic C'r=s; '.s''''
IL forced to make upon. /. Gts3.'c naai" -
Once establish your credit b. tsa ce:tanty
of.1eseemins your debt, and ths creditor IS
NJ longer anxious to prGGs .nu f.r paymeO'
on The contrary, &c becomes c'atehtea 10
permit tho debt to be onrc:eeU.st SO iuns ss
! .the iBteesst is regolss = poid. Srsnse 20
say, undsr SUCH circumstances, the longer th-
payment of tho debt La postponed, tie mois
valuable is tho security considered ny cspi-
4alists, inr the stocks become a Ino;e mcr-
charitable scommodity, ard tho tronkle Of re-
investment is saved.
I,.a Constitution Of tn Sta" u Virgin. =
pyns ides bat "thrre shall be s-t apart annu
AIt bOIE t-iS SStaNieS, c'e W
to seven psr cent. Ct tao Stnte >'pht cSlStns
Gu ..., hrst day If JANUARY, IN tie ysr
1852 Toe fund thus &c: part hall be caii"a
the Stalking Fuad, and snail Ds applied 10 to"
payueut "i Tue interest of tue State debt,
sud The principal Of such part al may be re
,ie-lpa5ie. Ii no part no r"dsanable, th.n
tits residue Of the Sinking Fund, after the
pavnprs Of such interest, shall De Invested in
n. h3Gls o. certificates OF jeb. Of this Crl:i-
uan waA;th, 1r Of the Confederate SSstcp, u,
Of . .,ue "f the States os this Union, AID ap-
p,'ed to tie pay ruant OF ia STE dsb: E. I
e.sll bvcoc.o s.a..nn:s',ie. Wasncvyr, a,.1
no Id tits' H.? # JnuG.:y, il -"9t S9R:. IT,
t.,i;Ss,. c.sd hy - Uomnc-s-ea;;n, 'a"'c
&j,siI - -. ap,Et II like :".n.e:, a;.Urs!'H.
Tor ;;,irty-!Dur yesra. 4 l1;n oxGo;di"s -
ono .,ss cs:i. shs sesrogA:. an 'uus Of 'o'
sonuJl ,ntsrest agree! % IN paid sherson o.
:hs I. AS % its c4u.sacinn; With sun, sii:l
Dc par. Of t:s Sinking Fand, All chalk DO
applied III e., tpsaner b"f,re directed. Tho
Gr @c.i Asar,at'g shall NOS Otherwise AZ
P:npfist. aoy pASa e ~. i:i7!':g Eual Or IT'D
.ccs!h,c int-reat, :>%Hs't IL titno OF s7ar, r.
suI"etLi1u ~ I1sasi g..
TIE iisners, AbHs:a5if shali 30. contract
ioaps or Cause ~ 10 issued c.otifcates Of
debt 80 bonds Of tbs Slate, ireedsemGblo for
period greater thsn th.!ay four yesrs."
T4,ss $50 clsures c"n;si;i Ehs basi3 Of tha
whals State sy etsla, aud Vt h@5 lh,5u aanon-
ssrsscd bv ths E.orku:s Of ;ii., sys.e1u t'4t, Ii
lie: sloas, J. would pr9,ucs Sc, suit con-
:emrisa.d.
- ,:qaiastr suy g.s~u i"'.t ia 81 yeas, tho
ar5'yit required TO b" ta. arart :',s FIRST y&r
tau,t equal the intsrsv. Of ns, cutie ae,t
and oae PEI cent. uvo. ind at,,@s ths interest,
ana the anount Sc sot apart inunf. - con-
taued annually uosiI tbs whole d9tt IL c.i.i
WhsusvSr any ne" Gabt 10 5t.i>;scs'-i ito
ssnp rrossss FIR .ss; ,!o9S n,ist hs seex:.d.
aad tas Su1,s prcvri~i 32r lil.iaat;ag esea
topa:ate deot, aust &c apt sepa;aso md
dB!inct.
There sre IVA mrdsa as accomplishing the
Object. Either ny iaves! 10 the Rmoun.
shich ex3aetu toe ;ate,cst 81, aho deot, in
Profitable fn"ds, aud adding thereto the in-
tsrest saved on the amour. rsisemod, or
by purchasing the b.'uia :rhich septospnt tia
dobt, and canoeing :hem W hen purchased,
iiquids.ipg thereby and to the .x;ehs of the
purchase, so muck Of the debt, srt Etopp!DS
me interest thereon. IL ej,hr mode lie
debt will De edesmed In .c.Ie >a'rg iess ttan
"a years; and it ~iu mafa No difference
which media il adopted as i2i;g 81 II ID pTs.-
ticsble To buy the stocks Of ary cue isaue
below or at par, but " hen it ID impracticabie
to do so, then inve, iInent III Some other
stoehs or. OF so,un othts issue. mus; be is-
sorted TO, or the money Applicable t. r:e6em1
tion of debt vii lie upprcductivc, and ths
Gsbt cannot bs redeemed in tbs TINA PIE
scllbed.
The rule adopted in this 1s.to ha6 boon
,h.! when any part Of 8 given Debt IS re-
dscmable, 1t must be actually ied.emed;
~asu the given day of payment has not ar.
rived, the fund Oh hand ia Invested, by tts
pur;i,-Ge of slocke, :he iptorest arising from.
w..vu - fe-inyestsd aad comp ,n1 lot to
mas: the paylneur Of the dol: u. it ha.,,nrs
rcd.smab.s.
Ia ofter 70 prevent thaaeccsai:y Of sn si,-
nusi appropriation BY re Legislature II tbs
annual amount to be rAssd for shH purposes
heretofore explained, Law hos hre, passed
requiring tbs Commissioners cr To Sinking
Fund to ascertain the actual snIouuE neceSss-
ry for each debt; and uuGn this infoT:naii II.
l'e'iis gwen to the State Auditor, ha i, 10
Qoi-sii forthwith II act sside from accru-
1ns reyecus ths am ,un: necessary, c il placed
in the Tre.iary to the c,ciis Of tue sinking
Fund, md csunot be diverted u shy OF es
purpose except III nnie Sf war, i,su rrc; to,
or .nv>sicn-A IL cVa. thoa, II It 20 ~. j.. i
with. al account IL r"quisot regularly 10 .
K. yf, showing wni. w0u!d be In iuu
Of :5e f.:nd, .oi - u II tn, due (. -. no
TrH4Gury TO be $'aSins Fund; Si.l It s!.i &c
the Gu,s II the CORAL Assc ln>Jy, a1 tie
conc ns!cn q tt, war, To repay 20 the Si:lii-
ins Fo-a me s!nount diverted for var par
posen. II tt ia not done, then tho whole
scheme 10 an sSo:. Ion. I: is violations o:
public faith which ga Only be rcnsdied by
paying principal aud intors-t, wt,en dac, 10
tho u.termost iarthing.
J, ia the da:y o: she Losihla,usv 10 iDrcvi;s
the means, 70 ses that the seeru,as ..vsuues
are suit: isnr TO meet the Ordinary expenses
of the Government, aud to meet III: necvs&s
ry car, that must pc .nsde up,n shs Trsa-
SURF TO i.qu,dae toe demands of the Sinking
Fund. Tits can only De done b. tszssioD,
10 ;,r,.r,iny ~