Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-01-04

Government, that which properly belongs to
trust fund which the Government engaged to in
vest in permanent stocks for the benefit of certain
Indian tribes. This makes it necessary Mr. w.
said, to look little into these trust funds lie re-
lerred to public documents to show that tn csc
trust funds had been invested in different State
stocks, upon some of which purchases consider
able premium had been paid.
These trust funds, according TO the statement OF
the Secretary Of the Treasury, had been mixed
IN in account with the general funds Of the Ire
ury, instead of beng invested, according to the
intent Of treaty stipulotiors, in permanent stock to
NC held pGrpetuaIly for the Use of the Indians
The fact appears to bc that instead OF keeping n
separate account Of these trust funds, the amount
purchased has been passed to the general credit
of the Treasury account, and the cost Of stocks
for their investment has been charged on the other
side. AS Il matter Of account and book keeping
this might he thought correct or il might not but
Mr.. w. said lac thought it would have been better
to keep Il separate account for funds thus held in
trust as every private individual does, who is
made n trustee for the interest ct others. If the
facts were as ho had gathered from tho report
submitted TO Congress, here were three or four
hundred thousand dollars of the trust fund not IN
vested, and which remained yet to be invested for
the benefit of these Indian tribes. As to the rates
at which the stocks had been purchased, Mr.. w.
said he found that certain Alabama stocks had
been bought at various and remarkable rates of
premiums. These were stated with some par.
ticularity by Mr.. w. but in this hasly sketch, the
reporter cannot undertake to give them, but WILL
It practicable, prepare note OF them for another
day
We have treaties with number of tribes ratif-
ed within late years, said Mr.. W., by which we
stipulated TO invest the proceeds of these lands in
stocks of n permanent kind bearing interest. We
arc indebted, therefore, TO these Indians in the
whole amount we agreed to pay for these Innds,
which have been transferred to us surveyed put
in market, and l0rge portions of which, suppose,
have ere this been disposed of. We promised to
invest the proceeds for their benelit-which has
not been done. Instead of asking for money,
wherewith 10 purchase these stocks, the Treasury
has been contened to ask for the amount of inter
est only, holding the United States debtor to the
Indians. whereby n debt to all ntens and purpo-
SEES TO the whole amount Of this tr 1t fund, is
ated, and il IS TO he added 70 ihe atnSNnt Of debt
due from the Government. ! do not say it must be
pald Le~uay or tO-nioiruAv, but x san Niu,;a"d =
III debt; The Governments under m NJ fscharg-
ed Treaty obligation 10 raise the money, and with
i 10 buy stock for tie benefit of the Indians
After pointing out some discrepancies in the
Treasury reports in regard to these investments,
NlrW went on to the consideration of other out
stGtdng demands upon tie Treasury. That there
ARE other debts in an ualiquidated state which
must soon be provided for. (said he) no one doubts
,lebts for public works, debts for the war in
Florida, claims for Indemnity Tor Indian spolia.
lions; and if half Of what we hear he true, the
amount Of these collective obligations cannot but
be large.
Here, them | understand, there is a heavy debt,
hanging over the country, consisting of various
ems-solne for borrowed money, some to meet
indian treaties, and others to pay claims and ac-
counts not yet liquidated-al 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 impoicy, in Time of peace, of comment
eng public debt; but it seems to me rather ex-
raordinary and inappropriate in the President to
adinonish Others against such measure, with all
these facts Immediately before him.
None doubt, in point of principle or expediency
as to tio creation of public debt, whether in the
form of stock or of Treasury notes bearing inter-
est and renewable: o., if there be any difference
in point of cXPGdiency none at least can enter
tain any great doubt which Of the two forms is
best. Treasury notes arc certainly not the cheap
er of the two.
Now, we find the existence of this public debl
as early as the existence of the present Admins
tration ITSELF 1t began at the called session in
Sept. 1887, there has been no moment in which
the Government was not in debt for borrowed
money. The Secretary says, it is not expected
that he Treasury notes now out can be paid of
earlier than in March 1912. In whatever soft
and substance is this: TINT there must be a
new issue OF Treasury notes before the Gov
ernment can be freed from embarrassment.
/ must confess that it seems me that the scope
and tendency Of the remarks in the Message do
90 to produce an erroneous impression. Here are
series Of very strong sentiments against pub
lie debt-aganst beginning public debt--and ali
said in face of deb, already begun existing now
and under such circumstances TO create the feal
that it will turn out to be Il very large one. We
know that these various outstanding charges can.
not or at least will not, be brought together and
presented in one aggregate sum for some months
to come. Is it intended by this documentio fore.
stall public opinion so rs, when it shall appear
that there is public debit to give to it date pos
terror TO the 4h of March next? | hope not.
do not impute such a design. So far, however
as | am concerned, shall take special good care
TO prevent any such result. | shall certainly rec
on,mend that there be new set of books opened
that there he what merchants call a rest That
what is collected prior TO lS4i and what is ex-
pended prior 10 1871, stand against each other, so
that, II there shali appear balance in favor Of this
administration, it may he stated one if the result
shall be that the administration is left in debit lei
that debt appear, and let it be denominated "the
debt of lS4l," which it will be the duty of Con,
gress to provide for.
IN Uno "a f"U other respects the message is cal
cuated 10 create quite an erroneous impression
in the 9th page The President spoaks on he sub
Ject OF The Treasury notes in rs miIigaed tone
as possible, and tells US, first, that "this small
amount still out-aaudiug" 1875 composed of such
rs are not yet due" / suppose we oil knew thai
and then he nods that they are "less by twenty
three millions than the United States have on de-
poslte with The 5tntes" | ask the Senate. aud
would, if | could, ask the President whether lie
means to recommend 10 Congress 10 withdraw the
deposiIes now in the hands Of the States TO dis
charge this debt on the Treasury notes? Do the
administration look 10 these dcposiics as fund
our OF winch 10 discharge aly Of the debts Of the
treasury? find no recommendation of such Il
measure. Why then were these Two things con
hncted? There is nothing in the fact that the
amount of Treasury notes is less hy twenty three
millions Than the amount deposited with theSat,s,
unless he means 10 recommend that the latter sum
shall he looked to as Il means OF dischargiug the
former Does he mean TO inform Congress thai
twenty three IRE less tliln twenly.eigIt. Ii not,
why are the two put in juXta position?