The New York herald., 1865-02-20

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from this source for long time 10 como Tho indi-
cations favor further imitation OF the currency, while
with regard to the continued daily increase Of tho
national debt there he possible doubt considering
that expenditures three millions day. and
our revenue cvon estimating II by the unusually Large
receipts for January only thiry-one millions per month";
All attempts In other countries 10 found sinking iund
while the expenditures exceed the income have proved
aborive and there for snpposng that the
United States would constitute exception TO the RUE
The experience Of the sinking fund in Great Britain
has shown the hopecssness Of reducing the pubic DEBT
by any such medium This fund was in existence in
shape other from tho time OF the eaabishment
or the Bank Of England 1892; but by William Pitts
celebrated act called tho snking Fund act passed in
1885, a new plan was adopted for Its management A
srccHc sum- being actual surplus revenue with
accrcing accumuating interest," was annually 70 DO
appropriated Of the TO the reduction OF tho
debt which being that time less than half OF Its pre-
sent amount plan proved for time to certain
extent answerable TO the design. But with the first
French ceased to be available for the intended pur
pose And this project was therefore adopted for the
sake keeping up the appearance Of reducing
the debt 1902 the First Lord Of the Treasury Mr
Addington) introduced scheme, eaectuated by an
act Of Parliament az George, III, Q. ny which
authorized the application Of certain pro-
portion Of every loan beyond what was required
periodically for tho pubic srvcc TO tho purchase OF
stock annues by tha accommodating interest Of which
the national debt be extinguished In forty ve
years But Notwithstanding this sapient DEVICE the
forty FIVE years passed away and the national debt was
larger than before Yet faith in the mistaken idea Of
extinguishing debt by borrowing money was not lost
and the delasivc Of sinking fund still chung
TO- BY passed. In the reign Of George ~ George
w.. o. 10Y Avc millions out Of any acccriing
surplus be devoted to the sinking fund;
but such surplus being realized by another act 70
George w., o0) this amount Of surplus was to be
diminished TO three millions which, also entirely falling
II settled by still later act 40 George w., that
tho money TO be made use Of 70 be one.fourth
clear surplus Of the annual revenue beyond the expen
dture But after the year 1887 the expenditure greatly
exceeded the income and Parliament instead Of keeping
the sinking fund Of former years untouched actually
passed acts authorizing largo distractions from It, and
consequently tending to It's annhilaton; and tho debt
went on increasing and II now amounts to more than
f790 000, 900, or not far from 81, ,000, ,000, ,000l
We have stated these facts in elucidation of subject
with which Congress confessedly unacquained and as
measures for providing sinking fund are being urged
upon Congress just now, 1t is well that the history
Of the system in England should be prominent
ly before it, both warning and . guide. We
shall take occasion hereafter TO comment more fully upon
the theme, and meanwhile suggest that whatever
be prospective in their application, the attempt to
In the immediate future would be certain Of
failure. Il will be, however for the Secretary Of
tho Treasury to endeavor to mould public debt into
consistent shape and Introduce those methods Of
soldation and division which only mind gifted with
powers Of combination and accustomed TO generazng
successfully undertake
The following stocks and bonds were sold on Monday
last by Albert Nicolay Co.. by order Of the admins
Of the estate Of Cornelius Bogert deceased
5000 seven per cent BunAlo, New York and Erie
Railroad Company nrst mortgage bonds, dated
October %, 1857, and due December /, 1877.
coupons payable june and December !, Ct the
20 % sns Greenwich Fire Insurance Co., sas
10 Knickerbocker Fire Insurance Co.., $40 each.
Fulton Fulton Trs Trs Co.,
Columbian Marine Insorercr Co oswl, sIo5 ea i4sI
Columbian IaIiae tina &C. ola siocGl 500 ea.lS7
Tao rc''ewins were sbo subscriptions iAst week fov
acysn irty bonds ~ iae Nsnsn Nntional BanS IN this
city,
Aqpday. siloI5o
wednesaay asia 500
Thuraaay ......................... $4,000
Friday ........................... XvWO
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The shipments Of specie from this port last week
amounted TO- aSsoo
Previously reported. ,7SS,00S
Total since January l. ,s02 15s
Same time last year. T................v.... 0,sl09oS
Excess In 1854. zoos 75O
The value Of tho importatons other than dry goods
and specie At port during the week ending February
TO- was $2o44,o77. The total imports compare as FOL
lows with previous returns aH.
Wssk endino Ja.. 20 Eso.a NAe FEB. 10
o.y osg ssss: gs: ss as 81
Total. 49,. saees,i77 a,sss,sss i.slo.4es al7a,sa
The ary goods imports compare - fCIlcvs:- 90.
7S.::s as;:;:s :. !: .:
Entered Al the port. :. ssso eo2 B,s4Sose 5,o4ss4
Thrown on MARKET. 912s,oe4 52a b,4oo,517
The following table shows the value Of the mporta-
sons Of foreign merchandise and the expectations Of
domestic produces a this pcs up The close OF ss week
compared with the for the same time in 1904
1885. a2,2o1leT 1881, ,ssS
1t win be by the above that up 10 the present
time last year the imports exceeded the exports by
ss1oe 44 which was drain upon the country Of just
that amount Of bullion This year the figures largely
reversed the expectations ovcrbaanclng the Of
importatons by SIS, ,s42, o3a continuance Of this
course would soon throw the balance Of trade In favor Of
the United States and the specie which has been sent
abroad in such large quantities 70 pay for foreign
facturce would begin 70 nnd It's way back.
The following national banks have been authorized for
the week ending February 10, inclusive:-
Yale New Haven, Conn ....... 100000
First ........ Fremont Penn. 100000