The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-05-13
HELD BY THE STATES
Large Amounts of Government
Money Was Deposited.
Many Years Ago.
OVER TWENTY-ElGHT MILLIONS
Held by Twenty-six States.
Legislation for Its Return
Not Likely.

" ASdlNdIoN, AxAdy WY AASSA
esting question has been raised as to
whether, in view of the depleted con.
dition OF the treasury, the 26 states OF
the Union, which in 1887 received from
the general government deposits
amounting to over $2s. 900, 600 could not
be made to refund Early in 1885, con-
gress having refused to extend the
charter of the Bank of the United
States, found the government In pos
session of between forty and fifty mill
ions Of dollars for which it had no pres
ent need, nor suitable place for safe,
keeping. On June % of that year, an
act was passed authorizing the secretary
of the treasury to deposit
Under Certain Specified Conditions
all of this money, save 81, ,OOO, 900, with
the states on their assuming the obliga-
ton of payment ON demand. Section
Is of the act reads as follows:
land be it further enacted, that the
money which shall be in the treasury
of the United States the first day of
January, 1887, reserving the sum OF
$5, 600, COO, shall be deposited with such
of the several states, in proportion to
their respective representation, in the
senate and house of representatives as
shall by law authorize their treasurers
or other competent authorities to re-
ceiye the same on the terms hereinafter
specified, and the secretary OF the
tire asury shall deliver the same to the
tire asurers or other competent authori-
ties on receiving q certificate Of deposit
therefor, signed" etc.,
(which certificate shall express the
usual legal obligations. and pledge the
faith of the state for the
safskeepins and Repayment
thereof, and every part thereof, and
shall pledge the faith of the states re-
ceiying the same" when
ever the the same shall be required by
the secretary of the treasury"
Section IA provided that the deposits
should be made on the 1st of January,
April, July and October, 1887, Only
the first three deposits. however, were
made, that of October having been
withheld. Three deposits were actu-
ally made, and the sum of money
which each of the 56 states received as
stated in several annual reports of the
secretary of the treasury to have been
as follows:
The Amount Deposited.
Maine, 1854, S3S; New Hampshire,
$500, ,O86; Vermont, 1858, ,0S6; Massachu.
setts, 81 1888, l73; Connecticut, $764, $40;
Rhode Island, 1882 1886; New York. a.,
Ola, $40; Pennsylvania. $2,S67, ,514; New
Jersey, $764,67O; Ohio, $2,OO7, $50; In:
diana, $3.50, 254; Illinois, SAT-. .9l9; Mich
| igan, $2sS, 751; Delaware, 1886, ,517
Maryland, $955,S3s Virginia, $2,198,'
427; North Carolina; 81 ABB ,757; South
Carolina, $l,O6l, ,422; Georgia, $l,051,'
422; Alabama, $669,0S6; Louisiana,
$477, ,9l9; Mississippi. 1881, 1856; Tennes
see, 81 ,433, 757; Kentucky, 81, ,433, 757
Missouri, $3.50, 1886; Arkansas, 1886, 751
Total, $2s, 1O1, 1888.
Referred to In 1888.
In his annual report for 1885, the
| United States treasurer says: "That
the fiction that these deposits, amount
ing to $2s, 1O1 1888, may some day be
come available has ceased to be held
| 1t is very singular fact that the rec
ords of the treasury department de
not show that any demand has eve1
been made ON the states for the repay
ment of this money. 1t seems to bt
the general opinion that an act of con
gress would be necessary before steps
could be taken to compel repayment
but whether such an act would b
passed through congress is extremely
doubtful. in view of the fact that the
representatives of the 26 states in botf
houses would be interested in its de