New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-10-28
WHICH VAS TIE PEND1HRfFTf
MR. CoNKIING's CLAIM REFI-TFD.

Mr.. COMBINES CLAIM REFUTED.
GOV. TILDES's PART IN TIiE ORIGIN Oh rHg SINK
ING FUND-rHE DEFICIENCY BROUGHT ABOUT
BY THREE REPUBLICAN AND TWO DEMOCRATIC
LEGISLATURES.
To TIE Editor OF The Tribune.
SIR: Senator Roscoe Conking, in his speech
the Cooper Union Friday evening. reproduced In
altered form, OF the clauses OF the Repub
can platform INSPIRED by HIM n 1874 to this effect:
The Democratic rule this the people IN ad
dition TO the heavy taxes st5oOOo taken rom te
sinking fund The Republican administration has mai,
this Deficiency good and has increased the snking ind
from 81 1000 10 more than Sl5,OooOOo thu. reeS
ing the people OF that indebtedness
Although this issue definitely presented by tue
Republican party Is7I and decided adversely TO their
claim the subsequent election It Ia now revived WIN
such emphasis will perhaps justify definite answer
such answer showing that credit for the existence
Of the sinking fund is due chiefly to Gov. Tilden and
responsibility for IT'D dimnution rests a. heavily on
the Republican the Democratic party, seems tn bc
given in he following statements OF tact which have all
been carefully verified:
l. The sinking funds are the dsc Al policy OF
this state introduced by the Constitution Of 1896 ana
devised in convention in that year by committee oil
which Michael Hoffman chairman. Whatever ad
vantage has accrued Ia the state from their existence
therefore directly traceable the sagscy Of this com
mittee which the scheme, and OF which Gov
Tilden Is the most conspicuous surviving member
H. sinking funds exist solely liz conformity to the
suon OF 1-46 which declare that except for certain
specifed and limited purposes Legislature NAV incur
any debt on behalf Of the state excepting provision
shall also be made for annual tax. which shall form
sinking fund sufficient to eKng1sh the yearly interest
on the debt and satisfy the principal within i years
from the time OF its creation.
Ill The sinking funds Therefore. exist only in
ton with honded debt of the state. and for the purpose
of its extinction. The taxes imposed by the Legislature
provide FOL the ordinary expense OK the state Govern
ment and for the payment Of appropriations nadf ny
the Legislature.
" The Legislature having power to make appropria
tons and t. impose taxes To meet them is alone respon
sble ii in any year II apprOpriaes 10 different "
iocts money the aggregate than it has had eour
age to raise 10y sufficient taxation. Until the appiica
tons We're presented the public treasury which the
Controller unable 70 reject and before the beginning
of the new fiscal year oct. H. their payment had en-
treiy exhausted the general fund The Controller was
thus forced either the suspension OF all the depart
ments of the STATE Government for lack o funds. else
10 borrow from the means TO carry them on
V n was therefore the general custom of Controllers
from the year 1876 followed by the present Controller
Hopkins with MS published approval end sanctioned
by the Court Of Appeals. TO borrow from the shaking
funds in anticipation OF the taxes actually levied ana IN
process Of collection.
VI The responsibility FOR The deficiency IN the general
f,md Of the state caused by Oyer-appropraton. and
Temporarily restored loan from the sinking ruDds
has always rested upon the Legislature. and was from
January sos made subject of continued complaint
in the annual reports OF The Democratic Controllers
Allen and Nichols II "a Therefore Of consequence 10
discover by what Legislatures and by what political
majority the deficiency produced. This course
clearly indicates the Of responsibility for thi'
odiou practice attaching to each Of the great parties
VII Upon sept. l. sos, there was surplus 10 The
credit OF the bounty debt sinking fund of 81 $50 600
From this time Legislative ovcr-appropria"n produced
IN animal deficiency in tine fund Is foOHs: