THE ABANDONMENT OF THE SINKING FUND
Whatever view might be held as to the necessity on ordinary fiscal grounds of Vansittart’s arrangements in 1813, there could be no doubt that they had damaged the machinery of the sinking fund. They had made it possible for stock to be cancelled at the direction of Parliament in order to meet the charge of new loans; and they appeared to infringe the contract which had been established between the State and the public creditor in 1792 by the creation of a special sinking fund of 1 per cent. on the nominal capital of each loan negotiated after that date. Yet the original principle was still maintained. So far as the sinking fund continued to operate it was to enjoy the benefit of the application by ...
Get The National Debt now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
