Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-02
TILE TRUST EUNDG.

The matter Of the disposition of the
various trust funds now in the ,nds of the
government is beginning to attract attention
at Washington. 1t is not generally known
that there is now in the United States treas
ury-or presumably Understanding like
thirty millions o dollars in trust funds.
Nearly twenty millions of dollars of this
money was derived from the sale Of cotton
and other personal property captured du,ing
the war, many of the claimants for which
are dead, and many others not entitled by
reason OF their disloyalty to recover. Nine
millions of dollars of the Geneva award are
still unexpended, although the insurance
companies still insist that it belongs to
lem. AS the Geneva claims commiss on
decided that they had no right to any part of
the money, and as that decision has been
affirmed by the supreme court, it evidently
belongs to no one but the government. Then
the Chinese indemnity fund now amounts to
something over million of dollars. This
has been repeatedly rendered by Congress to
the Chinese government, but it has refused
to receive it. That, too, awaits DISPOSE
ton.
These thirty millions of dollars are sup
posed to be lying idle in tho treasury. In
reality the money is invested i'll United States
b>nds. The interest of those bonds has to
be paid by the government. Rut to whom
Manifestly to nobody but itself. Thus it
will hat
to itself a million and half dollars yearly in
interest on its own obligations, and the pr O.
pie are taxed to pay this interest. Every
time the government takes years interest,"
from one of it's pockets and transfers it to
another, the people have to pay a million.
and a half dollars in taxes. This is a
very nice arrangement for the government,
provided the trust is honestly administered
but in the treasury statements we never fine
mention of the transaction. Why? Is there
a screw loose somewhere?
It is manifestly an unbusiness- like manner
of conducting business. These funds-and
there are other of them than those we have
mentioned-oughtt to be disposed of in some
way. The cotton claims now before the
courts can be soon settled, and the balance
of the fund remaining ought to be covered
INTO the treasury and used to wipe out the
debt. The balance of the Geneva award
and the Chinese indemnity ought to be like
wise applied. These funds are worse than
useless as they are ct present, for they are a
considerable expense to the people. 1t is
said that Mr. Hayes is IN favor of devoting
the unclaimed portion of the cotton fund t.,
promote education at the South. This
might be wise disposition of the money if
the schools established were Independent OF
federal control, but if left under the care OF
the government we fear it would afford but
another example like the freedman's bureau
inlquity-the money would be stolen and
those for whose benefit it was designed
would be worse off than before. A far more
sensible way of disposing of it, if it is to be
given for educational purposes at the South,
would be to apporti n it equitablv between
the States, and let them put it where it would
do the most good. Still we are decidedly in
favor of applying it towards the payment OF
the debt. Such a plan would benefit The
people of the whole country by perceptibly
reducing the burdens of taxation.