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

1Ts ORIGIN AID ADOPTION OF THE sYsTEM-lTs Ar
pLncAT1oN TO THE PAYMENT OF THE NArioNAh
pEBr, ETC.
A decidedly interesting paper, boaring the above
title was read by its author, Hon. +. a.. CoSkLiNa,
before the Geographical and Statlstcal Society Oh
Now york. in session in Clinton Hall. In the aD-
srnco of the President, Mr. ARCHIBALD RUSSELL,
thc Vice President occupied the chair, and intro,
ducod tho orato! of the eYonng TO select Aio
Hr. Conkling prcfaced his treatment CT the sub
;oct hr remarks on national debts in general. Hc
considered it to be the duty of every patriotic c.
zon TO compress the burden within Its narrowese
I,nits and provide for its immediate removal as
each pcnoration had sufficient labor to meet Its
own emergencies. Moreover, 1t DeinS the WISH Vi
eyory proporty-holder to leave his heirs an unon
cumbcrcd estate, each generation shoniu pay tnc
delts by it incurred. A..
French encycloppdists, Diderot, Condorcet ana
Others. the speaker adverted to the national ocpI
Of the United States. lie scornod the assertion 10
tho effect that it was blessing, ana sSateu .l11
eiecfinn. TO read lesson to those hnanclcrs VINO
had sourht to reduce such theory TO q practlce.
Having sanccd ut the financial condition o1 tho
coup.,y in the past he procccdcc to review TIC
orini; and adoption OF the sinking fnnu system,
which had been first proposed by Earl Stanhope
and subsequently carried out by Sir Robert Wal
mole. Hu considered that the adoption OF tia1
systcfi would be the best means by WHICH 70 GA-
tirrs.: NATIONAL uCDt, WHICH hc Coiiouci1 1o 'iiN
vre.tc;. cursc that could rest upon u land ~ any
exanlrlc we're required, continued 9lr CohkLnS'
fhs rii.,,t of England, whose rich men are the
richest and whose paupers arc the poorest
and who is gradually losing rank among nations
wou,0 tarl,isI sufficient proof OF tho terrible CT
fect5 If a constantly increasing national debt.
The sHeakcr then traced the progress or the ao'
bcr,,.,, to the sinking fund system IN this couli-
fry and urged its immediate adoption In con-
cln,inr he Stated that, assuming that the sum TO-
tai nf the public debt would reach the amount ol
three thou. md three hundred million doars. thc
following propositions were ncontrovcrtDlc
Thirty three millions Of dollars, annually invest,
nd uI improved ut the rate of six per cent: would
ext;r.sii the debt i'll tllirty-t:Irce and onc-tinvu
years. ..,, ;,,,,,.o.
Sixt,--x millions, annually invested and lnlproT-
ed in thc same manner, would achieve Hkc result
in l.:lc less than twenty-five years.
N;n.tv-ninc millions, annually invested and I'M
nruycI - above, would be productive Of similar
effect, IN about eighteen and thrce-fOurth years.
This. then was the sinking systcm vndicated
BY plain facts and figures. -.
MR. ConAling's remarks, 10 which few lines
cannuL do insticc, were listened to With married
att, ont. Al the conclusion OF his
address, Hon. T. DAILY moved that the manu-
scr,. ur deposited in the archives of the society
ana /, copy thereof handed to committee for pub
icati,n: which suggestion was adopted.
After an announcement to the elicct luot Ill a"-
dress on Cotton" would DC delivered reforc The
organization by edward A. Atkinson, Es'i, OF b"S,
ton o.. Thursday evening r;rXt, al adJHurIaltHV
WAS has.