State borrowing: Part lll-sinking funds for the absolute redemption of existing and future state debts

There are many suggestions recently advocated by very able public men interested in the problems of State Finance for such a purpose.
In conclusion, I am strongly of opinion that Sinking Funds for the absolute redemption of Loans invested in Railways, Harbours, and other Public Works should be restricted to the portions of such Loans whose Assets are short-lived and, like the terminable life of Marine Vessels, cannot be permanently preserved in original pristine value and utility by the proper yearly contributions to Maintenance, Renewals, and Repairs from current revenue, by which means the whole Permanent Way, Machinery, and Equipment of Railways are ever kept up to their pristine value as State Assets.