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Updated: May 8, 2025
Yet the proposal would only have carried into private pecuniary matters the principle of the sinking-fund, so long deemed a blessing, and a source of future prosperity to the country. A sinking-fund is an expression generally applied to any sum of money reserved out of expenditure to pay debt, or meet any contingency. Now, observe that our remarks are not directed against it in this simple form.
He knew if he could have this loan put in his hands all of it, if he could have the fact kept dark that he was acting for the city, and that if Stener would allow him to buy as a "bull" for the sinking-fund while selling judiciously for a rise, he could do wonders even with a big issue. He had to have all of it, though, in order that he might have agents under him.
Frank A. Cowperwood is an honest, honorable man that he didn't steal, willfully and knowingly, sixty thousand dollars from the Philadelphia city treasury; that he had actually bought the certificates he said he had, and had intended to put them in the sinking-fund, as he said he did, then don't you dare to do anything except turn him loose, and that speedily, so that he can go on back to-day into Third Street, and start to straighten out his much-entangled financial affairs.
It was shown in the trial that as a matter of policy it was understood that purchases for the sinking-fund should not be known or understood in the market or by the public in that light, and that Mr. Cowperwood as agent was to have an absolutely free hand in the disposal of his assets and liabilities so long as the ultimate result was satisfactory.
The world, however, finds it to be a process of working, and the making of money by toil, parsimony, and anxiety. When any one seizes on such a theme he is sure to be carried to extremities with it. It was one of Price's favourite theories, that the time when interest was highest was the best time for borrowing money, because the borrowed sinking-fund would then bring the highest interest.
But his caution clashed with his need on this occasion, and he decided that he would not call for the check unless Stener finally refused to aid him with three hundred thousand more, in which case he would claim it as his right. In all likelihood Stener would not think to ask whether the certificates were in the sinking-fund or not. If he did, he would have to lie that was all.
Cowperwood knew at the time he received this check that he was going to fail; that he did not buy the certificates, as he claimed, with the view of placing them in the sinking-fund; and that, knowing he was going to fail, and that he could not subsequently deposit them, he deliberately went to Mr. Albert Stires, Mr.
"Not if the transaction was completed in all its details," replied Mollenhauer, blandly. "As I understand it, the certificates were bought for the sinking-fund, and they are not there. How do you explain that?" "An oversight, merely," replied Cowperwood, innocently, and quite as blandly as Mollenhauer. "They would have been there if I had not been compelled to assign so unexpectedly.
From all I can learn, Cowperwood's been threatenin' Stener with one thing and another if he didn't give him more money, and only the other day he got a big sum on false pretinses, which might make him equally guilty with Stener. There's sixty-thousand dollars of city loan certificates that has been paid for that aren't in the sinking-fund.
Under such conditions it was deemed advisable and proper to resume compliance with the provisions of the sinking-fund law, which for eight years has not been done because of deficiencies in the revenues. The Treasury Department therefore offered to purchase during November $25,000,000 of the 5 per cent loan of 1904, or the 4 per cent funded loan of 1907, at the current market price.
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