Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-25

reports from the Departments Congress- they found
there invested in State stocks, for various tribes,
from the year 1888 20 the year 1897, BY the War De-
parimeni, the sum Of 81 ,c2;f63 l6. Now he did not
complain OF this investment lie observed that there was
premium paid these stocks OF 81 AL 76 but he OBJ
served That Indiana, Kentucky, and New York STOCKS
were purchased a discount nf half per cent. HIaoa-
and Arkansas stocks purchased at par; n'ssou.
ri stock purchased nj "A 100 premium; Maryland
stock ut from 10 .s premium; and Michigan STOCK al
: per cent. premium. Now, he supposed 1t was very
probable that tho difference in these rates might arse
from the difference the rate of interest, Tor some ni
ia nj per cent. aud some nj lie saw tiat
New York al five, aud he believed Maryland were
at SIX.
They found also, that there was invested in State
stocks up TO April lt, 1888, for the Chckasaws' by
The Treasury Department, the sum of 81 ,99i,l Ill w
The premium paid for these stocks was S3i,o3' 81.
The United States received from this tribe from the
sales of their lands 10 lst Jannnry 1s3S 81 ao,'m5
o. stock md premium S2,G2S,67o 81 leaving un'n-
vested S36o,32l 81 which, Mr. Woodbury. says
'las become mixed up in tho general fund" of the
United States IL may hr, for he Thought he had
some irre heard that S94 600 more had beer IN
vested. He believed the trrairs with The ii''nnS
stipulated That the proceeds of their lands, OF what
soevrr amount, should he invested in perma
stock bearing interest Of not less Than five per cent,
and be pcrprtually held inr the Of the Indians
Now it appeared tia, instead of keeping srPa-
rate account OF this trust fund, The proceeds oi
these sales were all passed in the general receipts
md arcnmnls Of the Treasury; and that expended
in the purchase Of STOCKS fur thu purpose of thus invest
neni was charged on the Other side at The account
THIS matter If account, and Of book keeping, which
may or may bp thought correct; he should have
supposed that il would have been just aud proper
10 have kept separate of That trust und,
every man who = trustee, II hr arans 10 admin s,rr
his ccuairy and properly, would d" but hr sup
posed Tint it not matter of paramount Importance
Ill matter "f accounts, and of book keeping bni
f these things be- he gathered from these documents
there this nf hrtwrrn $4,000 and 4n0 900 moi
invested, which remained under The stpnlatinns 10 b"
invested And then the rate nj which hese
socks were purchased by the Treasury Department.
Aannmu b"nds purchased the 3lsl Of March, 1896,
were purchased Mt premium of four and half per
cent; other Anbnma bonds purchased Immediately al
forwards in The language q" the Secretary report pur
chased 1T premium nf four per cent others The Il ID
May, l-6, three and half per cent prcniim others
purchased the 2t Of March, 81, at one per cent.
discnsnt Tennessee bonds were purchased AT par:
Ohio bonds al ahnve eleven per cent, advances par, {"
The Maryland bonds at three per cent, discount: and
part nj above fourteen per cent, advance lie did not
the time stated nj which this last purchase of Mary
land bonds was made. This made by the Treasury
Department, bu. then as TO the Others
Mr.. WRIGHT inquired what documents the honora
bic Senator alluded 10.
Mr.. WEBSTER replied Document =, of $780, and
Document 4, of 1896 lie then resumed: II would
seem, then, that Of the several treaties, The dates ri
which le found in the documents, and all he believed
ncy promised to he paid for land, in stocks-permanrn
stocks bearing interest, and Of them under their
own guarantee. Here then. the United States stood III
dcbrd To these Indian tribes the whole amount which
they promised 10 give for the land Of The Indians
winch ,lrv had ccded to the u. 5. and passed over
under our land law, and iar9c portion Of which /
he supposed had hcen disposed n!-at any rate they
had obtained the land and promised these tribes the
sums contracted with them, and winch they had pro.
invest permanent stock, bGt which they had
aI,n
time heretofore To buy this stock, thu Treasury Depart
mrnt had contcnied itself with making such apprn-
praiion would deiray the annual accrung interest
That the United States 6ebtnr 10 the tribes. Now
the value for S2,c0 100 had actually been furnished
and tins debt TO all lnrn's and purposes and WI.
Ia be added whatever else o debt existed against The
Government. lie did not mean to say II was debt
that 10 be PAID tomorrow the next day, bu, il was
debt which The Government bound 10 provide for
IN some reasonable time: il debt contracted IN
lc37 and :SS and Government at this moment
under the obligation 10 money and buy the stock,
and hold it Tor the of the Indians. Large quanti
Of the lands Of eight tribes have been sold, and the
money has heen carried 10 the Treasury and audited
as national income TO The u. S, instead Of being in
vested for the use Of the irioes leaving this heavy
charge still he borne by the Treasury The balance
nf The proceeds of the sales Of the lands Of the Winnie
hag"es alone, amounts, he understood the accounts,
10 81 100 900. No part of this has been invested the
Treasury credits much money received on gene
raj account, and leaves the Of raising Inc money
fulfil The treaty by buying the Stocks IL the Ad
min ration Now, il thus be- So there is another sum
Of S3G00UO as" lie believed due 10 the Scow of the
Mssiss pp under the treaty Of September 1887, which
has been invested according tn the stipulation Of the
treaty And, il this too br SO, the result Of all this
that, 10 the ouisand ng debt account Of Treasury
notes in the first place, must be added tins Indian debt
proper provision for which ought, in all fairness, and
N good faith I" be made in a reasonable time. And
that there other debts outstanding winch must
lp iupdf ur he
There the debt account of public works and
other contracts; there were unpaid expo nses growing
out of the operations of the army in Fnrda and In.
dian depredaiinns on the Snnihern and Southwestern
frontier, and he supposed that nnbmdy dubbed that
hcsc To he provided for and also other great
nmnnn,s nf uni qudatt IL bis and clans account
of winch t,ry might expect large drnnnds. lie nm
drrsi6nd, thrn that there vas debt existing this
country IN various shapes, some for borrow ed
nry, Of which had grown out of stipuations by
treaty, and some nnlIQuldated demands growing out
Of great variety nf sources, amounting tn great
amount, all of which was to be provided for. Now,
he agreed with all that SAID in the message,
of the great mpocy in tune nf peace of c0nmr
ing n pnblic debt; hut it did To him cxlranrdi-
nary ind inappropriate ndmonsh others that strain
against commencing public debt with these facts pre-
srnlrd 10 their view, brcanse hr supposed nobody
would act on that point Of principle, hut "f tx
pcdicncy aud there was difference To the firm
III tie existing debt, whether II assumed The SHAPE Of
stock for term Of few years, Treasury notes
movable expected to be renewed from time 10 time
they became due; or If there difference on the
point oi rxprdirncy, then he differed much from
those who acted IN the present sysiem TO which
the most rxpedIrnt; fnr the Treasury note sys
TEN mt the cheapest system 10 borrow money.
Now this existence "f debt old the AID.
mnisrnion itself; this Treasury note debt began
when the Admins ration began. From the first
session. called in September, aud from The date of
The first bill authorizing the issue of Treasury
noles, in September, 1887, down 10 the present
lime, there has BEEN moment when the Cavern
mcnt has not been in debt for borrowed money and #
he understand either the message the report nf the
Secretary tn the Treasury, it is not expected that
this debt can be paid, if then, earl ef than March, S42
because, if he understood The recommendation :" the
Secretary of the Treasury-whaieyer soft words be
used-the and substance of was, there must b.
new issue of Treasury notes. 10 enable the govern
men 10 be free from embarrassment this time next year
INV, he must confess, that he thought the scope and
tendency of the remarks in the message in this partic
lar, 90 tn produce Impression the public