General fund

“ The reserve fund was created primarily to make good any deficiency in the revenues below the amount required to pay the interest due. If such drafts upon the reserve fund become necessary, they are to be made good in the following years out of the surplus above mentioned. The reserve fund is increased by the interest it may earn, but when the capital amount of the fund reaches £T2,000,000 the interest earned is merged in the general receipts of the public debt administration. ”

“ Each bit of capital helps to create a particular utility, and the number of units of the fund that each subgroup contains is, as we shall see, so arranged as to enable the fund as a whole to do its utmost for the general good. ”

“ The disposable capital deposited in banks, together with the funds belonging to those who, either from necessity or preference, live upon the interest of their property, constitute the general loan fund of the country ”

“ Surplus income is to be transferred to the reserve fund and that fund is to be used to meet deficiencies. If it is insufficient for that purpose, the trustees are required to notify the treasurer and receiver general of the commonwealth, and the commonwealth is to pay the amount of the deficit ascertained according to the act. ”

“ To estimate, therefore, the total value, in any nation, of what is the object of taxation, we must go another way to work. The first article must be the annual income of all funds. By funds, here, I understand the capital wealth already made, in opposition to the produce of industry, which may be considered as the materials of which such funds are composed. The fund therefore is the accumulation of savings, which, not having been spent by the industrious, form 587a capital of a nature to produce an income, either from land, or from any other valuable thing. ”

“ The fund will be invested safely, for it will be based upon the security which is the creator and conservator of all property and property rights, industrious and intelligent labor. The accretions to the fund, even at the moderate rate of interest of three per cent per annum, will add, probably, a thousand workers each year to the number of its beneficiaries, while the repayment and re-investment in similar ways of the original fund, will add several thousand more each year. ”

“ The Government thus applying a surplus fortunately in its Treasury to the payment of expenses not met by its current revenues is not at all to be likened to a man living beyond his income and thus incurring debt or encroaching on his principal.
It is not one of the functions of our Government to accumulate and make additions to a fund not needed for immediate expenditure. With individuals it is the chief object of struggle and effort. The application of an accumulated fund by the Government to the payment of its running expenses is a duty. ”

“ The Department of the Treasury is also acting to restore confidence in a key element of America's financial system by offering Government insurance for money market mutual funds. For every dollar you have invested in an insured fund, you'll be able to take a dollar out. ”

“ The fundholder, when paid off, would still desire to draw an income from his property, most of which therefore would find its way into productive employment, while a great part of it would have been drawn from the fund for unproductive expenditure, since people do not wholly pay their taxes from what they would have saved, but partly, if not chiefly, from what they would have spent. ”

“ No sinking340 fund can be efficient for the purpose of diminishing the debt, if it be not derived from the excess of the public revenue over the public expenditure. It is to be regretted, that the sinking fund in this country is only such in name; for there is no excess of revenue above expenditure. It ought by economy, to be made what it is professed to be, a really efficient fund for the payment of the debt. ”

“ We should not collect revenue for the purpose of anticipating our bonds beyond the requirements of the sinking fund, but any unappropriated surplus in the Treasury should be so used, as there is no other lawful way of returning the money to circulation, and the profit realized by the Government offers a substantial advantage. ”

“ The taxing of evidences of debt would limit borrowing and would return to the people part of the interest fund. The rich would be compelled to invest their money in productive enterprises, where it would be of use and would take risks, leading to its wider distribution. ”

“ The diminution of taxes, though the ultimate is not, however, the immediate consequence of the operation of the sinking fund, the efficacy of which depends on the taxes being kept up to their full extent for a considerable time. =sic= The first effect of the fund is, that a large sum, annually expended, as revenue drawn from the subject, is reimbursed to the stockholders, and becomes capital. ”

“ It is coming to be a recognized principle that every business enterprise of [9] whatever kind or size should establish a reserve fund. It is felt that the possession of a reserve fund puts the business upon a secure foundation, adds to its financial strength and reputation, and greatly increases its credit and borrowing capacity. ”

“ If there were no interest at all, he would have to put by from his income his entire old-age fund. If the rate were a hundred per cent per annum, taking a very small part of the fund out of the income of his active years would suffice, since the fund itself would earn the remainder. Is the income which is provided for the future to be treated as a variable amount in addition to some other income, or is it to be regarded as a fixed amount, which is needed for some definite purpose? ”

“ A proportion of ten to one between capital and aggregate demand obligations would probably be justified by American experience. The present practice of fixing the surplus fund at twenty per cent of the capital would be justifiable if the capital fund were properly regulated in amount. ”

“ Fund generally signifies the money or capital stock employed in carrying on trade or any other business operation. State funds are the moneys and other property of the state which are set apart for paying the expenses of the government, or for the construction of canals, roads, and other public improvements. ”

“ Funded income arises from the possession of wealth or of claims on wealth, such as lands, railroad stocks, government bonds, etc. The income is "funded" because it corresponds to an abiding fund of wealth. The income arising from current labor is unfunded, because there is no permanent fund of accumulated wealth corresponding to it. ”

“ This sum, together with government subsidies and other sources of income, will yield, we are told, a gross income of 438,000l.: a sum which it is estimated will not only pay working expenses and a handsome dividend to both old and new shareholders, but will yield a balance for a reserve fund, more than sufficient to lay a second cable in every two and-a-half years. ”

“ I explained that a sinking fund is nothing but an obligation or promise, on the part of the government or an individual, to pay a certain amount annually of the principal of the debt in addition to the interest. ”

“ A maximum of returns in the shape of profits or dividends will be fixed by law. The community itself will undertake the furnishing of credits, loans and necessary capital for the establishing of a new business, charging a small rate of interest and maintaining a reserve fund to meet these operations. Private banking, insurance and the loaning of money on collateral will cease to exist. ”

“ With respect to the Finance plan, I feel convinced that it must end where it ought to have begun, in an appropriation of part of the Sinking Fund, and that this will be done with more or less disguise and humbug, but that no regard for consistency will be sufficient to prevent a measure so essentially necessary. ”

“ The money, it was decided, should come out of the Consolidated Fund, that being considered the simplest way of dealing with the matter, more especially as of late years there has been a considerable surplus of revenue over expenditure, and there appears to be every probability that that surplus will be sufficient to provide the amount required without increasing the burden of taxation. ”

“ We wish you in the first place to get something to eat, drink, and wear; but when you are in any way comfortable, we wish you to pay that debt the next thing you do, and replenish the Fund. It is built upon a principle, if carried out properly, and the debts punctually refunded, to increase in wealth. The $5,000 that was sent for the poor four years ago this fall, if every man had been prompt to pay in that which he received, would have increased to $20,000. ”

“ It was to be beyond the control of Government, and this fund with its accumulations was to be applied, as circumstances permitted, to the reduction of the debt. The principle is obviously sound as far as it goes, that is to say, what a nation saves it can clearly apply to the purpose of reducing its liabilities, but there the matter ends; there is and can be no peculiar and mysterious power in a sinking fund. ”

“ The purchase money in every case has been advanced by the government, and is to be repaid by the purchaser in sixty-eight years with interest at three and one quarter per cent per annum. This sum represents two and one-half per cent interest upon bonds issued to raise the funds and three-fourths of one per cent for a sinking fund to meet the bonds at maturity. ”

“ They shall convert my said residue of property into money, which they shall then invest in safe securities; the capital thus secured shall constitute a fund, the interest accruing from which shall be annually awarded in prizes to those persons who shall have contributed most materially to benefit mankind during the year immediately preceding. ”

“ Where the revenue is 5,000 francs, they can accumulate a sum only equal to three times their annual expense, and for others the reserve fund should not be in excess of over six times the annual outlay. ”

“ National Fund In connection with the institution of the National Fund and the budgetary system set forth in the minutes of the National Spiritual Assembly, I feel urged to remind you of the necessity of ever bearing in mind the cardinal principle that all contributions to the Fund are to be purely and strictly voluntary in character. It should be made clear and evident to every one that any form of compulsion, however slight and indirect, strikes at the very root of the principle underlying the formation of the Fund ever since its inception. ”

“ As the fund necessary for the subsistence of the one, is necessary for the subsistence of the other, it follows that they are of the same nature, and must subsist by the same means; and that neither debt stock nor bank stock can be fed, except by taxation, direct or indirect, simple or complicated. ”

“ The people had prospered and taxes were paid in full and without complaint. The reserve fund grew steadily and surely and there was every prospect that when the huge debt came due it would be paid in cash. ”

“ The appropriations of the two last years, including the yearly $10,000,000 of the sinking fund, have each equaled the promised revenue of the ensuing year. While we foresee with confidence that the public coffers will be replenished from the receipts as fast as they will be drained by the expenditures, equal in amount to those of the current year, it should not be forgotten that they could ill suffer the exhaustion of larger disbursements. ”

“ If the income of any such fund in any year is more than a sum which, if annually added to such fund would, with the fund and its accumulations as aforesaid, retire the debt at maturity, the excess income may be applied to the interest on the debt for which the fund was created. ”

“ But when business is brisk and the prices of commodities are rising, more bills are drawn, and as the fund with which they are discounted is not limitless, it follows that the increasing demand upon that fund sends up the rate. ”

“ A revolving loan fund should be provided for the necessary financing until these agencies shall have developed means of financing their operations through regularly constituted credit institutions. Such a bill should carry authority for raising the money, by loans or otherwise, necessary to meet the expense, as the Treasury has no surplus. ”

“ And they are further authorized to apply, from time to time, such sum or sums out of the said fund, as they may think proper, towards redeeming, by purchase, and at a price not above par, the principal of the said stock, or any part thereof. And the faith of the United States is hereby pledged to establish sufficient revenues, for making good any deficiency that may hereafter take place in the funds hereby appropriated for paying the said interest and principal sums, or any of them, in manner aforesaid. ”

“ The question of the sinking fund has greatly occupied the attention of financial men, and upon few schemes have so many and such various opinions been given. To view the subject by the light of common sense, it seems palpably absurd that more money than was necessary should be borrowed for the sake of paying it again, or that, while a surplus fund remained in the Exchequer, new loans should be raised. ”

“ In 1930 it created, by an appropriate instrument, a fund to afford those for whom it acted the advantage of investing small amounts in securities at minimum expense and with opportunity of ready liquidation. ”

“ A sinking fund promised by a government is nothing more or less than a name for the surplus revenue of the government. A government without a surplus revenue cannot possibly have a sinking fund. There is no way to pay a debt except by having an income above your expenditures, and you can call your surplus revenue a sinking fund if you choose. I said that under existing law the department was required to purchase one per cent. ”

“ By the reports it will 103 be seen that of the annual State fund of $800,000, two-thirds are paid to men and one-third to women; that is to say, two-thirds are paid to one-fifth of the laborers, and the other four-fifths are paid with the remaining one-third of the fund! ”