Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1879-10-03
4 FORGOTTEN SsS. 900. 600.
An Item OF Uncle Sans Assets Which
Has Been uNrrlooktd...rh United
NtNieS ncnnSit Fund and its History
Nov Ym& lirtald

Ntklc> HCpWSll LHhu AUu It's ulStoll
New NorS Herald
II is hard Ia realize in these days vt
great national debts, when our own lit.
tie burdens is IN excess of $20OO,0O0,.
0N, mot to mention the period just NJ
the close If the war, when the SUM
amounted "a not far from $S,00O,0pl,.
00O, that the United States Was once
net only out - debt, hut WAS ut one
time the pnSsesSor VI surplus which
on the first day vt July, lSS1, accord.
ius 10 the records vt the treasury de-
partmcnt, amounted to more than
S+S ,00O,Ooo With y population at that
time OF not far from 100000 every
man Woman and child WAS the owner
u about 81 III the common treasury,
instead Vt heinS, rs now about $S0 in
debt, This sudden acquisition OF
wealth hy Uncle Sam set hum ~ think
my what to do with the money. IL
re,ura itaS y loan tn the people from
whom il had hreu collected hv taxa
ton WAS the most natural WAY of dis.
posing of ii. Indeed, he had taken
timely the iorelock, Tor IN the year
1896, when the treasury surplus was
even considered less than tho max.
mum 10 which il attained before the
pauieol 1887, his solons III congress had
been discussing bill to distribute the
the money III some equitable manner,
The result was the passage cot n law ON
the 2Sd of June, lS&6, carrying out hi>
plan. Bv the provisions of this law the
secretary ol the treasury was allowed
to- withhold of the money III the Treas.
ury only - 00O 600 Tor the current uses
o(the government, The remainder IN
excess OF the 1000 coo was ordered To
be deposited with such OF tho several
states, in proportion to their respective
representation IN congress, Ms should
bv law authorize their trcasurcrs or
other competent authorities ta receive
the same. ON the usual conditions of
plcdginC the faith oi the state for its
safe Keeping, and for its repayment
whenever the secretary ef the treas.
ury should upon certain terms, do.
mand tS return. The loan was made
Is the state without interest Even the
chief condition attending It's acceptance
by tho states was So modified that,
when the money OF any part of II
should he wanted Ivy the secretary Of
the treasury to meet appropriations
by law, the Same should lie
called for in miahlo proportions
within ono year ~ nearly n conycn.
tioual might be made from the differ.
ent states with which tho money wns
deposited, and should not he called for
III sums exceeding $4,000 from any
one state III any one month without
previous notice OF thirty days for every
additional sum of $4,000 which might
at any time hc required.
For reasons that ARE manifest in the
mrIs Of the great panic Of 1897, the sue
eeeding Congress 90 amended this law
ia to take from the Secretary Of the
Treasury the privilege Of calling NJ his
discretion for Tie return Of the money
Congress invested this power in Congress.
itself. No Congress has ever stirred nj
tho subject since, mt least with any
effect, and the money has rcposed I'M
disturbed III the possession of Unite,
States, Indeed, II passed so completely
ont of the possession of Uncle San
that III the year 1910 the Secrelar,
of the Treasury, who heretofore had
emhln ed ,his loan IN the assets OF the
Treasury d,opped it out Of the account
altogether, and we find the "balance on
hand for the corresponding fiscal year
suddenly reduced to il mere million oi
two. No Secretary Of the Treasury since
that time seems Ia have rcudopted il
into his ledger, AMI, NJ may be seen by
observation, it il wholly ignored III
Secretary Shermans catalogue Of tn,
Governmt nt's resources.
The amount distributed TO the States
aud now due from them il in all abou
$2S, 600 600 The amount which wa,
first scheduled for distr button was abou
$37 ,O0O. 600; but, M the division was or
dcred 10 be madein four quarterly pay
monts during the year 1887, the Treas
ury found itself suddenly embarrassed
by the panic, and the consequent los
Of money in the Government banks ant
repositories. and the falling of Of the
revenue The result was nm eventua
contraction of the amount distributed
TO less thnn $29 600 600. There was som,
intermediate backing and filling in con
sequence Of the great momentary crisi'
but in the official reports for 1889 tn,
exnct amount outstanding is put down
Mt $2S 191 ,Gii.07. This WAS the tina
figure, for in 1910 the item OF the loar
is dropped altogether from the Treasury
accounts.
The action Of congress in distributing
the money proved very popular, and
was hailed with delight. Bv the terms
Of the law each state had TO pass AN
enabling act to get tho benefit Of IT.
New York was quick TO pass this law
which rendered TO New Workers The
neat little sum Of i,014, 520.71 rs n loau
of indefinite duration, free Of interest
Congress- required simply that the states
should agree to pledge their faith To
safely keep and repay when they were
asked the amount deposited The W ords
used in the act Of congress are "depos.
ite," (spellod with final q and ode.
posted" This enabling net was passed
the very first thing at the beginning 81
the session OF the legislature Of 1887.
10 comply with the spirit Of the act 81
congress it authorized the treasurer Of