Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1869-06-25
THE WOOD CARVINGS
THE NATIONAL SINKING FUND.


[F'rom the N. Y. independently
The LegaI-tender Act Of 1862 declares
f'that all tiutieson imported goods shall
be paid in coin, ,sor in notes heretofore
authorized to be issued and by law re-
ceivable for public dues;" and also ex-
pressly declares that "the coin 80 paid
shall be set apart as a special fund, and
shall be applied as follows: First, to
the payment of the interest on the
bonds and notes of the United States ;
second, to the purchase or payment of
one per centum of the entire debt of the
United States, to be made within each
fiscal tear. after the first day Of July,
1852, which is to be set apart as a SINK
ING FOND, and the interest on which
shall in like manner be applied to the
purchase or payment of the public debt
as the Secretary shallf from time 20 time
direct third, the residue thereof to be
paid into the Treasury of the United
States.p
This law, unrepealed by. any subse-
quent legislation, provides for the
gradual alton Of a national sinking
fund as an offset 10 a aportion Of the pub
lie debt, and makes it the duty of the
Secretary oPthe Treasury to carry fE In
to effect. The first thing to be done is
to pay the intereston the public debt in
coin. The next thing is to purchase. in
each fiscal year, one per cent. ofthe en-
Gire debt, and saofed1y set apart the
bends so purchased and al the accru-
ing interest as a sinking fund. The last
thing is 70 pay any residue that may
remain into The Treasury for The pure
poses OF the Government. The first of
these duties has been promptly discha ar
Red while the second has been utterly
ignored up 10 the close O9 Mr.J ohusonss
iE1mfHistFatiOn. Not S90llar did Mr.
AcCu1I0eh set apart as a sinking fund
and for this aisobedience Of law be
oughb 10 have been dismissed from of
E7cB. He was simply a law %breRkeT.-4 y
We have taken some pains TO ascen-e
tain the amount due to this sinking
-fnnd from the Let Of July, 1862 = p. 20
ahhe-saa a4s period IN 1863 ; and We Gnd
sfhat the annual purchase of one per
eenrs of fhe public deDtz for this period
reaches the respectable sum OF Sl66 ,S48-
765 in gold. TO this add the gold inter-
est Mecrutng from this sin king fund, and
sx pFpssly devoted by law 20 the same
purpose, and we have a gold aggregate
Of. $Is4, ,044,1I1. Sell this gold nc the
average premium for each Bf the years
In. question, and we have Sol, I'll ,720 In
currency. 60 into the market and buy
five-tWehty bonds with this currency,
al an average advance o. ten per cent
above par, and the national sinking,
linnd, II the law of Congress had been
oheyed to the letter, would on the Ist
day OF next July have amounted to
$3.50, ,090, ,l45 In Governments bonds or
little less than one-nlnfh afthe whole
debt. Such would have been the re-
suit ofobeying the law aud the entire
absence of any Buch fund is the result
of disObeytng it.
The failure fnds no justification in
any plea of defective resources on the
part OF the Treasury. The gold receipts
from duties on imports during the peri
cd in question amount 60 1886, 282, ,554.
The gold interest due Hnd paid for the
same period in s506, IA s651. This leaves
u balance Of recetpgs beyond interest of
@4A9, ,517, sos. From this deduct matur-
ed gold debts that have been paid since
the 1st Of July, 1862, and also the
amount due to the sinking fund, and
we have still q balance of more than
$500 .0OO. 600 avaitabls for general pur-I
poses according to the third designation
OF use named in the Legal-tender Act.
The sinking fund clause on the law mas
failed not for the want Of gold resources
the Treasury has not chosen % o9e1 Y;
lie has acted upon the tooiIsh tusoIy ot
.C9rrvinr a large gold surplus from year
Ia wear, for which he had no earthly 4
use, meanwhile paying interest o9 1
lsor8s which Congress had directed /
MIN 10 purchase and set apart as a
sinking fund, also losing all the aecn- 1
mutations of that interest nom year 20 /
year, and the advantage of buying
bonds at great discounts and @@0tng
facilities, by boarding the gold, for
speculators.
Such financial wisdom IN not only a
positive violation of law, but absolute
ly wanting in every attribute Of COM
mon sense. We are glad % learn, by
reliable reports frOna w Yashingt0n, that
Mr.. Boutwell, our preseut Secretary
OF the Treasury, proposes TO obey the
law This willrequira hint to purchase
between now and she first day of next
July one per cent, Of the public debt
and set the bonds so purchased eRet'
as sinking fund, All right, Mr,
Secretary This is just what you 0lAgeS
to do, aud what you can 90.