The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-02-12
NEW YORK HERALD FRIDAY

SECRETARY OF the Treasurs With his own estimates in
Glazing the contributors to the SINKING und, upon
sskisc roSD wnoseIr COMPUTED =,
repraa sry; q isss s seeasn wheat; in hsss
5 be shah &c pa @ Or
BILE demand heretofore authorized 10 be Issued and
coin paid shall be SCI apart as special und and
bonds and notes OF the Unircd states
the s $
each e' year ae ns n 'sI Gay ID I n he interest,"
Which IKE & spSsd Iss SSIshssss
Treasury shslL from hme 10 TINE drsct 81,
The law Is enuiled AN act authorizing the issue Of
thereof and for funding the oatng debt Of the MEG
ssr Cent bond ana ns ss re
created an additional debt OF Mr. ehsse was
OF conceded nigh abilities, anu had been senator OF
,hs ana Sy ana 'f %
ured the or Of one scent ei .ns
Veteran Statesman Who was at the Of the act
SU was p Si s the III
i :ae saa @ ae
prede essors paid attention to H. though IN posses
aM u large n narposs
Of his service IN the Treasury o iba ac
Count until us large surplus excited the attention OF
pe T S to buy bond, hal Account ,n,
has been suggested tna me nxns ,%nd was h pon
on rs Were he na S1e6 ~
was s" at n0" time tar rom being good the large
eH WAR 81 ,os ns made It in the opinion
By santnusd s 81
By SMos part his Of me ben
s% s5i III 49,
ney and altogether making an, any P5oyson TOR the sink
M Boutwell, thai account were for The purpose Of
sunpos me ms @ s s ,e
each n 1 no S no done h |
chase made, therefore on account Of the sinking
M hs .n To hf ssaa Sa hG ISL 5 m IT'S
ming .he present sims a this showing think il IS
ms seen 'hs' The finkn; ,and had
nanee neport for 1874 page Is? me purchases
f s7s %%en WIFI WITH nearly saj Tie Treas
ing 0 s @ ~ not een Dee 's
1.-THE gols in tes Treasary at the
sIo'e ss q ea Sas Than and has
Ts a been as cd. ID
gold Of s Or no o per cent ,bs OF par these
the sinkns fund Interest! WI s.lscisa ana rsnyssted
aboshe the SINKING fund as sneh providing in lis stead
he a on the bonds Belonging IL and Tue
s nS sne b "a XIII n h G
passed the sinking iund account, as given on
10 81 asp % p aS. tor
first purchase not made until over year later
This account sho balance OF Sl63bUo due to II.
Al the time that bonds were being purchased
for sinking fund the Secretary was using the
revenues to other bonds without authority OF law
(the ac of March 1855 ID statutes lS9 section was
Temporary in its nature, and only authorized the pur
chase outsanding.) unless tire King
covered the case and IN that event all bonds pur
chased should have been held that they could have
been transferred from time to time the revenues
Jailed from emporory like the present to supply
surplus enough the integrity Of This account This
can lie done These bonds amount TO SlS22il75
Instead of asking Increased taxation 70 make tins ac
good let the Secretary transfer SIG 00 OF these
bonds the sinking fund OF GATE June 30, lS74 and
il there no surp us revenues Tor the next 1ve
years will still be enough bonds here to make the
account good, the entire amount required will
average S30.O0lU0) year. .
But Ii is que stionablc whether this sinking fund should
be continued DO so IT Is necessary TO Increase taxa
ton times practical man Will set ASIDE his
surplus income tor the payment OF his debts The gov
eminent should do more. Let this surplus, be it
great or small, be devoted 10 the redemption or pur
chase bonds and when that done and they
celied and DESTROYED. let that be the end OF 1t.
The fund account OF the treasury, gwen in
page the Finance report OF 1874 is nor correct In
the first place should begin IRON the LIST of May 1862
when the rst bonds were purchased tor It. In the
second 1t should be computed only on the bonded
debt whereas has been computed the entire out
standing indebtedness shown by the monthly stat
ments including Navy Pension Fund" 'matured deb {
not paid certificates legal tender certificates"
"greenbacks and fractional currency" the Language
OF the la IS OF the entire debt" not of
entire Indebtedness AS well include all the unsettled
claims against the government in the calculation s
these and more properly so than some OF them. The
debt Is which has been legally settled ana funded
all the rest floating indebtedness and is payable out
ca pta sinking fund TOR each fiscal year from its
institution by purchases would be, Tor the fiscal year