The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-09

THE ORIGIN AND ADOPTION or THE sYsTEM--ITs
APPLICATION TO THE PAYMENT OF TgE MA
TtoNAI DEBT, ETC.
decidedly interesting paper bearing the shove title
read last evening by s author Hon. f. A. conking
before the Geographical and Statistical Society Of This
city, in session in Clinton Hail. In the absence OF the
president Mr Archibald Russell the vice president
upiea the chair and introduced the orator Of the
Sng TO seiec, and highly apprecative assembiase.
Mr. Conkng prefaccd his treatment OF the subject by
remarks national debts in general He considered II
90 be the duty Of every patriotic citizen to compress the
burden within it, narrowest limits and provide fer its
immediate removal, each generation had sufficient
labor its own emergencies Moreover, it being
the wish Of every property oder TO leave bis heirs
unencumhered estate. each generation should pay
the debts by II incurred.
hsying alluded 10 the financial, theories Of
the French encyclopedias, Ddero, condorcet
.aAd others the speaker adverted To the
tonai debt o. the United S,ates He scorncd the
assertion 20 the effect that It pleasing. and
stated that the people had resolved, by the next Prcs-
dcnai election TO read lesson 70 those inancers who
had sought to reduce such a theory 10 practice. Hav
ing glanced at tho financial condition OF the country IN
The past he proceeded 10 review the origin and adop
zion 0f the sinking fund system, which had been nrs
proposed by Earl Stauh0pe and subsequently, carried
out by sir Robert walpoie He considered thai the
sdopen Of that system would Dc .hs o,s means oy
the greatest that could rest upon land II any
example were required, continued Mr. Conkling, the
right OF England, whose rich men are the richest aud
whose panpcrs the poorest and who Is gradually
losing rank among nations would furnish sufficient proof
of the terrible effects Of constantly increasing national
debt The speaker then traced the progress OF the adj
hcroncc the sinking fund system in this country aud
srged It's immediate adoption In conclusion he stated
that assuming that the sum total OF the public debt
would reach the amount OF three thousand three hun
dred millions dollars the following propositions we're
1uconiroeer,ble:-
Thirty three millions Of dollars annually invested and
Improved at the rate OF six PER cent would extinguish
the debt in thirty three and onc-hird years.
Sixty-sx millions, annually invested aud improved in
che same manner would achieve like result In little
Tess than twenty i've years.
Ninety nine millions annually invested and improved
above woad bs productive or similar effects IN about
eighteen aud three fourths years.
Thws, then. was the sinking system indicated ~
plain facts and nguree
Mr.. Conkiinv's remarks, 10 which fcw lines cannot
DO Justice, were listened 10 with marked attention
Throughout. Al the conclusion Of his address Hon G.
DAILY moved that tho manuscript he deposited In the
archives OF the society, and a copy thereof handed n
committees for publication; which suggestion was
adopted.
After sn announcement to the effect that an address
on would be delivered before the organization
ny Edward A. Atkinson. ESQ, Of Boston, on rhurScsy
evening nett, an adjournment was had.