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Updated: May 8, 2025
Cowperwood knew, at the time he called on the city treasurer, that he was going to fail, or that he had not purchased the certificates in question, or that he had not the right to withhold them from the sinking-fund as long as he pleased up to the first of the month, the time he invariably struck a balance with the city. Mr. Stener, the ex-city treasurer, may possibly testify one way. Mr.
Like lightning the entire situation hashed through his mind. He would risk it. He stopped before the chief clerk's desk. "Albert," he said, in a low voice, "I bought sixty thousand dollars' worth of city loan for the sinking-fund this morning. Will you give my boy a check for it in the morning, or, better yet, will you give it to me now? I got your note about no more purchases.
He initiated the practice, followed by Secretaries of the Treasury at the present moment, of buying Government loan certificates in different financial centres throughout the country, thus easing the money market, raising the price of the certificates, and strengthening the public credit. He used the sinking-fund for this purpose.
The remaining $150,000, has been placed in the sinking-fund. "Our farm-store, has proved a very important institution. The clothing, tailoring, dressmaking and millinery departments, have proved surprisingly successful; with a constantly increasing demand for the goods turned out. This opens a wide field of remunerative labor, for our women co-operators.
Stener for sixty thousand dollars, or that he failed to put the certificate of city loan which that sum of money represented, and to which he was entitled in payment as agent, in the sinking-fund, as the prosecution now claims he should have done; but we are going to claim and prove also beyond the shadow of a reasonable doubt that he had a right, as the agent of the city, doing business with the city through its treasury department for four years, to withhold, under an agreement which he had with the city treasurer, all payments of money and all deposits of certificates in the sinking-fund until the first day of each succeeding month the first month following any given transaction.
"Oh," said the Senator, when Mollenhauer had finished, "that indicates a rather sharp person, doesn't it? And the certificates are not in the sinking-fund, eh?" "They're not," chimed in Butler, with considerable enthusiasm. "Well, I must say," said Simpson, rather relieved in his manner, "this looks like a rather good thing than not to me. A scapegoat possibly. We need something like this.
The same evening, the Comte de Fontaine came from the Tuileries to "The Queen of Roses," and announced to Madame Birotteau that as soon as the proceedings in bankruptcy were over, her husband would be officially appointed to a situation in the Sinking-fund Office, with a salary of two thousand five hundred francs, all the functions in the household of the king being overcrowded with noble supernumeraries to whom promises had already been made.
We still have an enormous debt of over $20,000,000,000, on which the interest and sinking-fund requirements are $1,320,000,000. Our appropriations for the Pension Office and the Veterans' Bureau are $600,000,000. The War and Navy Departments call for $642,000,000.
Thus, taking the case of the private borrower as we have already put it, if he took L.10 of his own money and put it out at interest, that it might increase and pay off his loan, and if, by so doing, he found it necessary to borrow L.110, instead of merely L.100, it was virtually the same as if he applied L.10 of the borrowed money for his sinking-fund.
It will require a strong standing army, and probably more than two hundred millions per annum, to maintain the supremacy of negro governments after they are established, a sum thus thrown away which would, if properly used, form a sinking-fund large enough to pay the whole National debt in less than fifteen years." The argument of the President however was not merely a twice-told tale.
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