Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-01-01

But is this all lis this all am inclined 10 think II
hat in respect at least is not ALL The Trea-
Jury think, has not duly distinguished, in reference O
o one important branch Of its administration, be- 8
ween Treasury funds proper and trust fund, set O
apart by treaty stipulation, to be invested for the be-
neft of certain Indian tbes say the Treasury has
taken, as belonging TO the Government that which {
properly belongs to a trust fund which the Govern
ment engaged TO invest in permanent stocks for the
benefit of certain Indi,n tiihes This makes it ne j
cessary, Mr. W. said TO look little into these trust
funds. He referred to public documents to show that
these trust funds had been invested in different State
stocks, upon some of which purchases considerable
premiums had been paid. These trust funds, accord
ing to the statement of The Secretary of the Treasury
had been mixed up in account with the general funds
of the Treasury inseal of being invested, according
to the intent of treaty spulaons, in permanent
stock to be held pcrpeay for the Of the Indians.
The fact appears to be hat instead fkeepinga separ
ate account of these tru, fund the amount purchased
has been carried TO general credit of the Treasury
accounts and the cost of stocks for their investment
has been charged on the other side. As a matter of
account and bookkeeping this might he thought cor
rect, it might not but Mr. w. said he thought it
would have been better to keep separate account for
funds thus held in trlst as every private individual
does who is made trustee for the interests others
If the facts were as he had gathered from the report
submitted to Congress, here were three or four hun
bred thousan dollar for the trust fund not invested
and viii remain yet to beinvested for the benefit of
stoc shad been purchased Mr.. w. said he found that
certain Alabama stoks had been bought at various
and remarkable rates Of premiums. These were
stated with some Particularly by Mr.. W.-but in this
hasty sketch, the reporter cannot undertake TO give
them, but ,rH fprae,icable, prepare note Of them
for another day.
We have treaties with a number Of tribes ratified
within ate yea s (sau Mr.. wy by which we stipua-
ted to invest the proceeds of their land in stocks Of
| permanent kind beirng interest. We are indebted
therefore, 10 these lsdians in the whole amount we
agreed to pay for these lands which have been trans
fcrcd TO us, surveyed, put in market and large por
IOua of which have this been dlSpDSpU
Of We promissedto invest the proceeds for their be-
neht-whicf has not been done. Instead of asking
for money wherewi'h 10 purchase these stocks, the
Treasury has been conenied to ask for the amount of
interest only holding the United States debtors to the
Indians whereby debt to all intents and purposes,
to the whole amount Of this trust fund.- is created, and
it is to he added to the amount of debt due by the Gov
eminent. do not say it must be paid to-day, or to-
morrow, but it is an outstanding debt; the Govern
ment is under undischarged treaty obligation to
raise the money and with 10 buy stock for The be-
| neft If the Indians.
After pointing out some discrepancies in the Trea
sury reports in regard TO these investments, Mr. w.
| went on to the consideration of other outstanding de-
mands upon the Trea urv. That there other
debts in an unliqnidaed state which must be pro-
vided for (sald hey one doubts; debts for plfbc
works, debts for the war in Florida claims of lnden-
nifty for Indian spoatons; and half of what we hear
he true. the amount Of these collective obligations
cannot but be large.
Here, then understand there is heavy debt
hangn! over the country, consisting of various items
some for borrowed money, some to meet Indian
treaties, and others TO pay claims and accounts not
yet liqudaied-a of which must be provided for and
taken into consideration in any fair estimate OF the
ways and means.
agree with all that is said in the Message as to
the great mpocy, in time Of peace Of commencing
public debt; but il seems to me rather extraordinary
and inappropriate in the President to admonsh Others
against such measure with all these facts mmed
f atcly before him.
None DOUBT in point of principle or expediency, MS
to the creation of public debt, whether in the form
Of stock Of Treasury notes bearing lnteres, and re-
Movable; or, if there be any difference in point OF ex
pcdency, none al least can entertain any great doubt
which Of the two forms IS best Treasury notes arc
certainly not the cheaper of the Two So,
Now we find the existence Of this public debt as
early the existence of the present Administrator
. itself 1t began at the called session in September
1887. From the date of the first Treasury note biil
, in September, 1897 there has been no moment u
which the Government was not IN deot LOT W.
money. The Secretary snys II is no expected Una
the Treasury notes now out can be PAID OH eiriie
than in March, 1912 In whatever soft words nc
chooses to invest the matter the sum ana sDs'ace
is this: that there must De new Ss eread rom en
notes before the Government can be freed from ell
. barrassment.
. INNS, confess that it seems to me that the scope
and tendency of the remarks IN the Message 90 go u
produce an erroneous IMPRESSION mere are series
. of very strong sentiments against pubic dent
against beginning public debt-nnd all said IN face
of debt already begun-exishng now, ana under sucl
circumstances create the lear that II WI turn OUT &c
} be very large one. We know that these various
outstanding charges cannot, or at least, Will not, be
brought together and presented IN one aggregate sun
for some months TO come. Is it intended by this doc
u,,rn, public opinion, as, when it shall
appear that there pubic debt, to gvel date pos
terror to the 4th of March ncxtl hope not. ! dc
not mpu,e such design Solar, however, as an
l concerned shall take special good to proven
any such result. | shall certainly recommend tina
there be Sc: of books opened; that there bt
wha, merchants cal, IA rest" That what's COLLECTED
prior to lS4 and what expended prior to lSil stanC
| oh othn,. That there shall
balance in favor OF this Administration may be sta
ted and il the result shall be that the ADMINISTRATOR
is left in debt let that debt appear and let be demon
mated the debt of lSil which It VIII be the duty
Congress to provide for.
In one or two 0her respects the Messengers Caicu
lated TO create quite an erroneous IMPRESSION. ~ VIZ
u 9Th page the President spea' on the suo]ect Oh h
= Treasury notes in mgated tone as possible, ah'
y tells u.s. first thar { this small amount still outsanu
ing is composed IF such as are not yet due, sup
i pose we all knew hat; and then he adds that the!
y are "ess by twenty three millions than me G,' u,
&C Senate and l would, if could, ask the Presldeh'
whether he menns recommend to congress 10 WIZ!
" draw the depostes now in the hand OF the STATES
. discharge this deh treasury notes DO the au
= mnstration look these deposltes as fund on,
s. which TO discharge any of the debts OF treasury
IS find no recommendation of such measure why
'e then, were these two things connected lneIe
II nothing in the fact that the amount OF treasury hoe
re is less by twenty three millions than the amount ue
posted with the srtes unless he means to recommeh
that the latter sun shall be looked to as means
re dischargng the f,rmer. Does he mean to lnioIi
'r Congress that twenty three less than twenty
s eight If not why are the two thus placed IN llSta
position The Secretary of the Treasury treats u
!! matter in much he same way. He speaks OF the d.
v posites with the States of funds IN the lreasuIl
n .ook at his report In stating the resources OF IN
er Treasury he mentions the % millions on depose VIII
n the States What can he the purpose OF such s'a'
III ment! When Secretary OF the treasury presen
ne to the world statement of the means OF his Depa'
- menl, it is universally supposed that his staemen.
az confined to what either exists IN the treasury or
likely to accrue under the operation OF existing Jaw
IL But this deposte with the States Is no more uucf
control of the Treasury than any other money IN u
a. country. He knows full well that an act ol Cohsle
he necessary to his disposal of any part OF tha' SUI
a it is to augment the rate of duties at the cus'o
es house. The Treasury can no more use Inc uePvs,e
OF with the States, than i can lay direct TAX W.
IN can be the purposethe fair purpose-ol prese',''
IS funds in the Treasury when they are no.
ut the Treasury Or what can be the far purpose
ie referring to fund a means OF payment whe"
n be touched unless the President means 10
he commend to Congress to REGAL the dePosnes iliu
m with the Sates1 That Congress can 90, ana SO
Ter can augment the rate OF duties; Dut ti II zoe o
m deposes are no more means in the Treasury man
he they belonocd n another nation. The day. MOI