Life And Times of William Lowndes of South Carolina 1782 1822

Cover Life And Times of William Lowndes of South Carolina 1782 1822
Life And Times of William Lowndes of South Carolina 1782 1822
Harriot Horry Rutledge Ravenel
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The bill was passed at once without debate.
His favorite measure of the sinking fund, which had been so vehemently opposed, proved most ben- eficial. It consisted of an annual appropriation of '110, 000, 000, with the proviso that all the money remaining in the treasury over $2, 000, 000 should at the end of each year be added to it. By this plan the whole debt of $130, 000, 000 was paid off in four- 1G0 WILLIAM LOWNDES teen years, to the great advantage of the national credit. Of this measure,
... Mr. Calhoun, speaking in 1839 of the final discharge of the debt, said : " For this important step at so early a period the country is indebted to my friend, now unfortunately no more, the amiable, the talented, the patriotic Lowndes ; the author of that simple but effective measure, the sinking fund act, passed shortly after the conclusion of the late war. " For some years past there had been felt in this country that spirit of disapprobation of the Spanish government, and of sympathy with the Spanish American colonies in their struggle for liberty, which has but just reached its culmination.

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