The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-03
No Warrant Was Issued on the
Treasury, but Stock Was Issued
in Favor of French Republic.
FINbL PAYMENT IN 1928.
OF the S;l5,000,000 Agreed On as
Purchase Price, S3,7JO,000 Was
Reserved to Reimburse Amer
leans for Depredations.
The Republic Bureau.


Washington. July lit has been stated
frequently that payment for the Louisiana
Purchase was made by a warrant drawn
on the Treasury for the sum of $l5.0JD0D
This has been given apparent corroboration
by other statements that the original war
rant would he exhibited at st. Louis. AS
matter of fact. no such warrant IS in OK
istence. and the true history of the pay
ment for this vast domain is of interest.
Allen V CockrcI Washington's repro
sentative Of the Worlds Fair. nag been
looking into the records of the Treasur, in
regard to tie Louisiana Purchase. a MIS-
tory Of the payment made for this territory
was compiled by r y. Baylcy Of the
Treasury Department. who states that
HrHong the national loans Of the United
States was one known as Louisiana per
cert stock" issued in 1894. Some of these
Cancelled bonds are now on file in the
Treasury in "A rather mUtilated condition,
and Mr. Cockrell will make an effort to
have them exhibited at the Fair and has
Chief Clerk Hills promise to This fleet.
This loan was contracted to pay France
for the Province OF Louisiana, coded to the
United States by that Power April 80, 1903
According to the construction placed upon
1t by the lHlten STATES. lne tsSsioh VI
France included all of the region between
the thirty-irst parallel and the Gulf Of
Mexico. and between the Mississippi River
and the Perdido River. now the western
boundary Of the State Of Florida.
$4,000 WITHHELD.
The United States had heavy demands on
France for spoliations committed on Amer
lean commerce during the previous ten
years. The amount OF these claims was
estimated at 100000 The first proposition
of the French Minister was that the Uni
ted States should pay for the Province OF
Louisiana 100000 francs, and take upon
themselves the payment of the claims for
spOliation. but the amount was finally fixed
at s15.Ooo00O. OF which France was to re-
ceive sll,2jJ.00 in United States bonds, pay
able in fifteen years and bearing interest
at the rate of 6 per cent The remainder,
amounting to s.. 10000 was to he devoted to
reimbursing American citizens for French
depredations on their commerce The treaty
was confirmed by the Senate of the Jnited
States. but was the occasion of an extend
ed debate in the House of Representatives.
The act TO issue the stock in payment for
the Territory, which became known as the
Louisiana stock. was approved November
10, 1875 e Statutes, 2i5,. 1t provided that, for
the purpose of carrying into effect the con-
vention Of 1868. the Secretary of the Treas
ury should Issue In favor of the French
Republic or its assigns certificates OF
stock TO the sum of Sll.25D.OO. bearing an
interest Of 6 per cent per annum from the
time at which possession OF Louisiana might
be obtained in conformity with the treaty.
the certificates to be held by the President
to the Govepment of France. or to such
persons as should be authorized 10 receive
them. within three months after Louisiana
should be taken possession of in the name
of the Government of the United States
FINAL REDEMPTION IN 1873.
The faith of the United States was
pledged to the payment of the interest and
reimbursement of the principal in conform
ity with the provisions of the convention
with France. The convention provided that
the interest should be payable half year
ly. in London, Amsterdam or Paris. and
that the stock should be reimbursed in an
nual payments of not less than three mil
liens each. the first payment 10 commence
fifteen years after the date of the exchange
of ratification.
The acts. however. provided that the Sec
Rotary of the Treasury might consent TO dis
charge the stock in four equal annual in
stallmvnts. and also 10 shorten the time
fixed by the convention for commencing re-
Endorsements. The annual interest, payable
in Europe. was to he paid at the rate of 1
shillings and s pence sterling for each dol
lar payable IN London and of 2r2 guilders
for each dollar payable in Amsterdam.
Sufficient money to pay the interest for
the first year was appropriated by the act
An annual sum Of S70o.GJ Din addition TO the
annual sinking fund of s1.3G0OOO,, payable
out of the duties on merchandise and tom
mage. was appropriated. to continue so APP
propriated until the whole debt of the Uni
ted States. including the stock created by
the act, was paid.
Under this act. stock for the portion OF
the purchase money due France, amounting
to s11.2JO.01c. was issued. It's redemption be-
gan in 1872 and was completed in 1872. every
dollar being paid. For the portion reserved
to pay American citizens for spolation S3.-
$50. 900 no stock was issued. but the claims
were paid in money. except the sum of sfi.-
7Si.O2, carried to the surplus fund June 30,
1865.