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The fact that he had taken a sixty-thousand-dollar check for certificates which were not in the sinking-fund was hinted at, though until they could actually confirm this for themselves both the newspapers and the committee were too fearful of the State libel laws to say so.
The best answer to that is that if he did purchase the certificates he intended that it should make no difference to the city, for he made no effort to put the certificates in the sinking-fund, where they belonged.
At the time my client asked for the check and took it away with him and deposited it in his own bank to his own account, he failed, so the prosecution insists, to put the sixty thousand dollars' worth of certificates for which he had received the check, in the sinking-fund; and having failed to do that, and being compelled by the pressure of financial events the same day to suspend payment generally, he thereby, according to the prosecution and the anxious leaders of the Republican party in the city, became an embezzler, a thief, a this or that anything you please so long as you find a substitute for George W. Stener and the indifferent leaders of the Republican party in the eyes of the people."
A surplus of revenue obtained by moderate taxation, saved through frugal expenditure, and applied to the reduction of the national debt, is always a good thing. But the sinking-fund to which we chiefly refer was a system of borrowing money to pay debt.
They ought to be in the sinking-fund, really." The old gentleman saw the point at once, and winced. "They might cause you trouble, there, Frank." "It's a technical question," replied his son. "I might have been intending to take them up. As a matter of fact, I will if I can before three. I've been taking eight and ten days to deposit them in the past.
The expenses of the empire, for example, in 1910 were $757,900,000 and of the army and navy, including extraordinary expenditures, $314,919,325; this does not include pensions, clerical expenses, interest, sinking-fund, and loss of productive labor, as did the figures on a preceding page.
It was charged upon the duties on malt, mum, cyder, and perry, the land-tax at four shillings in the pound, annuities on the sinking-fund, an application of one million from that deposit, and the loan of the like sum to be charged on the first aids of next session.
This is in itself we doubt not a very just practical object, but we believe the sums that can be applied to it are very small in comparison with the reserves which formed the old sinking-fund.
The supplies were raised by the standing branches of the revenue, the land-tax and malt-tax, and a lottery for one million; one hundred thousand pounds of it to be deducted for the service of the public, and the remaining nine hundred thousand to be charged on the produce of the sinking-fund, at the rate of three per cent, per annum, to commence from the fifth day of January, in the year one thousand seven hundred and fifty-six.
This day was destined to be a day of joy to Cesar. The private secretary of the king, Monsieur de Vandenesse, called at the Sinking-Fund Office to find him. They walked out together into the little courtyard. "Monsieur Birotteau," said the Vicomte de Vandenesse, "your efforts to pay your creditors in full have accidentally become known to the king.
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