Editing Sinking fund (section)

=== United States ===
A federal '''Sinking Fund Commission''' was established by the [[1st United States Congress]].<ref name=":0">{{Cite journal |last=Chabot |first=Christine Kexel |date=2020-11-13 |title=Is the Federal Reserve Constitutional? An Originalist Argument for Independent Agencies |url=https://scholarship.law.nd.edu/cgi/viewcontent.cgi?article=4925&context=ndlr |journal=[[Notre Dame Law Review]]}}</ref>

Sinking funds were also seen commonly in investment in the 19th century in the United States, especially with highly invested markets like railroads. An example would be the Central Pacific Railroad Company, which challenged the constitutionality of mandatory sinking funds for companies in the case ''In re Sinking Funds Cases'' in 1878.<ref><blockquote>'''SECT. 3.''' That there shall be established in the Treasury of the United States a sinking-fund, which shall be invested by the Secretary of the Treasury in bonds of the United States; and the semi-annual income thereof shall be in like manner from time to time invested, and the same shall accumulate and be disposed of as hereinafter mentioned. And in making such investments the Secretary shall prefer the five per centum bonds of the United States, unless, for good reasons appearing to him, and which he shall report to Congress, he shall at any time deem it advisable to invest in other bonds of the United States. All the bonds belonging to said fund shall, as fast as they shall be obtained, be so stamped as to show that they belong to said fund, and that they are not good in the hands of other holders than the Secretary of the Treasury until they shall have been indorsed by him, and publicly disposed of pursuant to this act.

'''SECT. 7.''' That the said sinking-fund so established and accumulated shall, at the maturity of said bonds so respectively issued by the United States, be applied to the payment and satisfaction thereof, according to the interest and proportion of each of said companies in said fund, and of all interest paid by the United States thereon, and not reimbursed, subject to the provisions of the next section. [http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=US&vol=99&invol=700]
</blockquote> by SIMZAH
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