The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-02-25
g THE SINKING FUND.-

TlCHIy IL DdWSSI vi MdsSdSHuSStN9i
one year ago made a speech in the
House calling attention to the enormous
increase in the National expenditures.
On the nth ult., he made speech on
the same hoorpleading for increased tax
alton to meet National expenditures. In
February 1874. Mr., Dawes insisted that
a reduction be made in National expens-
es. In February. 1875, Mr. Dawes
pleads for additional taxation. During
this Litter advocacy he called attention
TO some matters Of record. He spoke OF
the administration oi the Treasury De-
patment for the thirteen years past. He
raised question concerning little mat
ter oftwo hundred and seventy-six mill
lions FIVE hundred and fty-six thousand
forty-three dollars and fifty cents (S276,-
ss6,o43 SOY. This sum of money has
either been stolen by United States Of
ficials who have been in lofty places, or
has been misdirected in such a manner
as, in the language of Mr.. Dawes, to de-
serve for these same high officials "im-
peachment at the hands of Congress"
The Secretaries Of the Treasury, that is,
the Republican Administration, for more
than ten years has been violating laws of
the most solemn importance, putting the
National credit in peril, placing the
Government of the United States in the
attitude ofa faithless power. Mr., Dawes
may well say that any officer of the Gov
ernment who knowingly and willfully
has committed this offense deserves i'm
peachment at the hands Of Congress.
The law that has been violated, is the
law creating the Sinking Fund, 1t is
part of every bond of the United States
that has been issued since February IS,
1862. 1t is the anchor of Government
credit. The one thing which lifts. a pub
lie debt into respect and confidence. A
great British statesman, pleading as a
hnancier for the honor of his country,
announced that he would never give his
sanction to public debt if the law Great
ing it did not provide sinking fund for
its redemption. The State of Massa-
chusetts has never contracted a debt
without at the same moment providing
for a sinking fund sufficient to meet its
obligations as they should become due.
What is the RESULT The FIVE per cent.
bonds of Massachusetts are taken in all
markets in preference to the
six per cent. bonds of the United States.
To violate solemn act Of the National
Legislature on which the National credit
so largely rests is to commit one of the
highest crimes against the National
honor.
The law of Congress says that the coin
paid as duties on imported goods "shall
be set apart as special fund" This
fund is to be applied, first, to the pay
ment of the interest on the public debt !;
second, TO the creation of the sinking
fund to the amount Of one per cent of
the public debt annually thirdly, to be
paid into the Treasury Of the United |
States. This contribution to the sinking
fund is an annual obligation, no matter
what else happens. Itnow appears from
the statement of the Chairman of the
Committee of Ways and Means that we
should have paid into this Sinking Fund |
up to 1874, S4I7,556,o56. We have &C
:ually paid into that fund only SI4I ,ooo,-
oI2 80. Mr., Dawes bases his statements
On the records Of the Treasury Depart
nent. Two hundred and seventy-siX
millions Of dollars have either been
stolen or lawlessly misappropriated. Mr..
Beck seems to be of the opinion that
about 5000 900, 900 have been devoted to
his fund in excess of the Treasury De-
partment will admit Within six weeks
the Secretary of the Treasury, in his en-
deavor to fund the five-twenty bonds by
FIVE per cent. and four and
per cent bonds, has encountered
the legitimate results of our failure to
keep faith with the public creditors. The
Sinking Fund obligation is in the nature
Of first mortgage-a lien upon specified
National receipts prior to any claims for
salaries of President Or Secretary of the
Treasury or any public officer whatso-
ever, or any demand for current ex-
penses, First, the interest on the public !
debt; second, the sinking fund; til rd,
payments into the Treasury for National
expenses that is the order of the law,
and the Republican party lacks nearly |
three hundred millions Of dollars of |
keeping the law and preserving the Gov
ernment credit,
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