Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-01-09
some Of which have accrued sine. January,

t,venty.seren and half millions of dollars Of
surplus, in addition to the current revenue,
which have been expended in three and halt
or four years excepting, Of course, what may
remain in the Treasury at the end OF that term
Here, then, has the Government been expend.
ing money at the rate Of nearly eight millions
per annum beyond its income. What state Of
things is that? Suppose it should go on. Does
not every man see that we have vast debt i'm
mediately before us !?
But is this al7-is this all! | am inclined
10 think that, in one respect at least, it is not all.
The Treasury, | think has not duly distinguish.
ed, in reference to one important branch Of its
administration, between Treasury funds proper
and trust fund, set apart by treaty stipulation,
10 be invested for the benefit of certain Indian
tribes say the Treasury has taken, as belong.
| ing 10 the Government, that which properly be.
longs to trust fund which the Government en-.
gagged to invest in permanent stocks for the ben.
eft of certain Indian tribes. This makes it
necessary, Mr.. w. said, to look little into
these trust funds. He referred to public docu
ments TO show that these trust funds had been in.
vested in different State stocks, upon some OF
which purchases considerable premiums had been
paid. These trust funds, according to the state.
ment Of the Secretary Of the Treasury, had been
mixed up in account with the general funds Of
the Treasury, instead Of being invested, accord.
ing to the intent Of treaty sipulaons, in perma.
nent stock to be held perpetually for the use Of
the Indians. The fact appears to be that, instead
of keeping a separate account OF these trus.
funds, the amount purchased has been passed to
the general credit of the Treasury accounts, and
the cost Of stocks for their investment has been
charged on the other side. AS matter Of &C.
count and book Keeping this might be thought
correct, or it might not but Mr.. w. said he
thought it would have been better to keep separ-
ate account for funds thus held in trust, as
, every private individual does, who is made Q
trustee for the interests Of others. If the facts
were as he had gathered from the report submitted
to Congress, here were three or four hundred
; thousand dollars OF the trust fund not invested,
and which remain yet to be invested for the ben.
Q eft 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
s been bought at various and remarkable rates OF
. premiums. These were stated with some par.
| ticuarty by Mr.. W.-but in this hasty sketch,
the reporter cannot undertake to give them, but
j 1oiH, if practicable, prepare note Of them for
another day.
{ We have treaties with number Of tribes rati,
fed within late years (said Mr.. W. by which
Y we stipulated to invest the proceeds Of these
lands in stocks Of permanent kind bearing in.
S erest. We are indebted, therefore, 10 these In.
S dians in the whole amount we agreed to pay for
! these lands, which have been transferred to us
surveyed, put in market, and large portions Of
e which. ! suppose, have ere this been disposed Of
We promised TO invest the proceeds for their
beneft-whch has not been done. Instead Of
asking for money wherewith to purchase these
, stocks, the Treasury has been contented to ask
for the amount OF interest only holding the
! United States debtors 10 the Indians, whereby
, debt to all intents and purposes, to the Who'll
amount Of this trust fund, is created and it is
! to be added to the amount Of debt due by the
Government | do not say it must be paid to
day, or tomorrow, but it is an outstanding debt;
the Government is under an undischarged treaty
obligation TO raise the money, and with it 10 buy
stock for the benefit of the Indians.
Alter pointing out some discrepancies in the
Treasury reports in regard to these investments,
Mr.. w. went on to the consideration of other
outstanding demands upon the Treasury. That
there are other debts in an uniqudated state
which must soon be provided for, (said he,) no
one doubts; debts for public works, debts fo the
war in Florida, claims OF indemnify for Indian
spoilations; and if half OF what we hear be true,
he amount Of these collective obligations cannot
but be large.
Here, then, understand, there is heavy
debthanging over the country, consisting Of va.
rious Items some for borrowed money, some to
meet Indian treaties, and others to pay claims
and accounts not yet liquidated-all 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
10 the great impolicy, in time OF peace, Of COM
menclng public debt; but it seems to me rather
extraordinary and inappropriate in the President
10 admonish others against such measure, with
all these facts Immediately before him.
None doubt, in point of principle or expedi-
ency, as to the creation Of public debt, whether
in the form Of stock or Of Treasury notes bear
ing interest and renewable; or, if there be any
difference in point Of expediency, none at least
can entertain any great doubt which of the two
forms is best Treasury notes are certainly not
the cheaper Of the two.
Now, we find the existence Of this public debt
as early as the existence Of the present admins
tration itself 1t began at-she called session in
September 1887. From the date of the first
Treasury note bill, in September, 1887, there
hes been no moment in which the Government
was not in debt for borrowed money. The Sec
rotary says it is not expected that the Treasury
notes now out can be paid off earlier than in
March, 1912. In whatever soft words he ch3o.
SEES to invest the matter, the sum and substance
is this: that there must be new issue OF Treas
ury notes before the Government can be freed
from embarrassment.
must confess that it seems 10 me that the
scope and tendency Of the remarks ia the mes
sage do 60 to produce an erroneous impression.
Here are series OF very strong sentiments