Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-04-05
TWO CHECKS FOR s6,74o,ooo.
Money in Settlement Of the Cherokee
Claim Paid Into the Treasury.


(New York Herald. April ith)
II. T. Wilson 4 Co., bankers, OF this
city. paid yesterday to the sub-Treasury,
through the Union Trust Company the
sum or S6,74OGc0 In final settlement of
the Characterization claim against the
Government OF the United States. The
payment by X. r. Wilson & co. TO the
Union Trust Company was made IN the
form OF two checks. the trust company
in turn paying the actual currency to the
sub-Treasury. and taking the govern
ment's receipt therefor, Wilson * co. hold
ing the receipt OF the trust company.
This money was placed to the credit Of
the Cherokee Nation, the government
holding 1t for them subject to their order.
as trustee. IL will ultimately be paid
over TO the proper officials of that nation,
when II will be divided up per capita, each
citizen OF that nation receiving some
thing less than $500 as his or her share.
This claim. which has been the subject
Of considerable litigation, arose out OF
the sale of $4,000 acres Of land 10 the
United States by the Cherokee Nation, for
which the government paid only very
small portion in cash. Last spring the
nation was given authority TO sell their
claim to any responsible persons who
might buy II. and four delegates OF the
Cherokee Nation. clothed with proper au-
thority, came to this city to see II they
could not induce some New York bankers
TO buy their claim against the govern
ment, so that the members OF the nation
might get their money.
Most OF the claim under the terms Of the
sale OF the lands and by subsequent agree
ment would not mature except through a
series of years. and there was no way
in which these people could get their
money unless they could induce some
one to buy the claim, making all the pay
ments at once. and holding the claim
against the government. which is TO repay
the money in instruments, the last one
being due within six years.
The Cherokee delegation. after having
opened negotiations with II. T. Wilson a.
Co., went back home, leaving the matter
in their hands. Meanwhile, however a
powerful English syndicate. headed by
Baron Granger. thought they could see
some profit in buying up this claim
against the United States. Their bid. how
ever, was rejected, and early In January
the nation closed with r. T. Wilson &
Co. The Erlanger syndicate employed
counsel and got from the court In Wash
ingtOn an Injunction restraining the
Cherokee Nation from transferring the
claim. and the Treasury Department from
endorsing the transfer. X. T. Wilson d
Co. also employed counsel, and the legal
battle resulted in a victory for X. T. Will
son & Co. The claim is now In their
hands, but that firm will assign II To the
Union Trust Company. which company
will then issue what are known as partici-
pant receipts. drawing interest at the rate
Of per cent. per annum. and as the
claim natures the money Will be paid by
the government. The claim natures In
two, three, four. and five years In equal
amounts
The total amount OF the claim which Is
thus held Is 100000. the extra 100000
which was paid yesterday representing in
terest and commissions.