The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1865-12-16
The Sinking Fund.

IT'S ORIGIN AND ADOPTION OF THE sYsTEM-TTs Ap-
PLcATIoN TO THE PAYMENT OF THE NATIONAL
DEBT, ETC.
A decidedly interesting paper, bearing the above
title, was read by it's author, Hon. L. A. CoNKLING
before the Geographical and Statistical Society OF
New York. in session in Clinton Hail. In the ab-
sence OF tho President Mr.. ARCHIBALD RUSSELL,
tho Vice President, occupied tho chair, and intro
duccd the orator of tho evening to select and
highly appreciativo assembage.
MIR. Conkling prefaced his treatment Of the sub
ject by remarks on national debts in general He
considered it to be tho duty of every patriotic citi
zen to compress the burden within its narrowest
limits, and provide for its immediate removal,
each generation had sufficient labor to meet its
own emergencies. Moreover, it being tho wish of
ovory property-h holder to loave his heirs unen-
cumbcred estate, each generation should pay the
debts by it incurred.
Having alluded to the financial theories Of tho
French encyclopedias, Diderot, Condorcot and
of the United States. He scorned tho assertion to
tho effect that it was n blessing, and stated that
tho people had resolved, by tho next Presidential
election, to road q lesson to those fnancers who
had sought to reduce such theory to practice
Having glanced at tho financial condition of the
country in the past, he proceeded to review tho
which had been first proposed by Earl Stanhope
and subsequently carried out by Sir Robert Wal
pole. llo considered that the adoption Of that
system would DO the best means by which to ex-
tinguish national dobt, which ho considered tho
greatest curse that conld rest upon land. II any
exnmpie were required, continued Mr.. Conkling,
richest and whose paupers the poorest
and who is gradually losing rank among nations
would furnish sufficient proof Of the torriblo ef-
fects of constantly increasing national debt.
Tho speaker then traced the progress of tho ad
horcnce to tho sinking fund system in this coun-
try, and urged its immediate adoption. In coll
ciusion no stated that, assuming tfat tho sum to-
tai of the public debt would reach tho amount of
three thousand three hundred million dollars tho
following propositions incontrovcrtible
Thirty three millions Of dollars, annually invest
cd and improved Mt tho rate of six per cent would
extiaguish the debt in thirty-three and onc-third
years.
Sixty six mllions annually invested and improv-
ed in The samo manner, would achieve like result
in q littlo less than twenty-five years.
Eincty-ninc Millions annually invested and I'M
proved al above, would be productive OF similar
effects IN about eighteen and thrco- fourth years.
Thus, then, was tho sinking system vindicatcd
by plain facts and fguros
Mr. Conkling's remarks, to which fow lines
cennot do justice, were istoned to with marked
atL..-.."n throughout. At the conclusion of his
address, Hon. G. p. DAILY moved that tho manu-
script Do deposited in tho archives of tho society,
and copy .hereof handed to q committee for pub
Hcatio'i; which suggestion was adopted.
Aftor an announcement TO tho effect that an nd
dress on Cotton would be delivered before tho
organization by Edward A. Atkinson, Esq., OF Dos
ton, on Thursday evcning next, an adjournment
WAS had.