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Updated: May 8, 2025
The sinking-fund for repairs and rebuilding the house that he and his mother had been accumulating ever since he had made his own way, he found to be in a healthy condition.
Did he intend to deposit these certificates of loans in the city sinking-fund, as he said he would as it was understood naturally and normally that he would or did he not? Were his relations with the city treasurer as broker and agent the same as they had always been on the day that he secured this particular check for sixty thousand dollars, or were they not?
In the next place, in buying for the sinking-fund it would be possible to buy these certificates very cheap, for, having the new and reserve issue entirely in his hands, Cowperwood could throw such amounts as he wished into the market at such times as he wished to buy, and consequently depress the market. Then he could buy, and, later, up would go the price.
So several days after he had closed his doors, he sent for Steger and told him all about the transaction, except that he did not make it clear that he had not intended to put the certificates in the sinking-fund unless he survived quite comfortably.
On the whole, the provisions of this year amounted to five millions one hundred and twenty-five thousand and twenty-three pounds, eleven shillings and sevenpence, to be raised by the usual duties; the sum of one million twenty-six thousand four hundred and seventy-six pounds, four shillings and sixpence, advanced by the bank of England to pay off their own unsubscribed annuities, for which they accepted exchequer bills at three per cent, interest; by the land-tax at three shillings in the pound; a lottery and annuities, at the rate of three per cent, per annum, to be charged on the sinking-fund redeemable by parliament.
Out of your sinking-fund you retired a large proportion of your outstanding bonds, with the result that your indebtedness is now sufficiently small to justify your increasing it. I am here to-night to ask you to issue, during the next three months, fifty thousand dollars' worth of city bonds, interest on which is to be 3 per cent., payable semi-annually.
The estimated receipts for the fiscal year ending June 30, 1894, are $490,121,365.38, and the estimated appropriations $457,261,335.33, leaving an estimated surplus of receipts over expenditures of $32,860,030.05. This does not include any payment to the sinking fund. In the recommendation of the Secretary that the sinking-fund law be repealed I concur.
I've paid for the securities I bought with it. The securities are not here. They're in the sinking-fund, or will be." He paused, wishing he had not mentioned that fact. It was a slip of the tongue, one of the few he ever made, due to the peculiar pressure of the situation. Stires pleaded longer. It was no use, Cowperwood told him. Finally he went away, crestfallen, fearsome, broken.
Stener knew if it had been refused him he would have brought suit. The matter of depositing city loan certificates in the sinking-fund, when purchased for the city, was something to which he never gave any personal attention whatsoever. His bookkeeper, Mr. Stapley, attended to all that. He did not know, as a matter of fact, that they had not been deposited.
In a word, the supplies amounted to nine millions four hundred and twenty-five thousand two hundred and fifty-four pounds; a sum almost incredible, if we consider how the kingdom had been already drained of its treasure. It was raised by the usual taxes, reinforced with new impositions on windows, carriages, and spirituous liquors; a lottery, and a loan from the sinking-fund.
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