The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1917-01-11
GUARDS indian FUNDS
Woman Cares for Surplus Mil
lions of the Red Men.
AS Result of Her Vigilance, Uncle
Sam Has r'ade Record of Never
Losing Penny for His Wards.

How many guardians can congratu-
late themselves upon the fact that they
have never lost penny for a ward
during period of half dozen years?
Uncle Sam, however, can say this
for himself when it comes to the
guardianship over the money of his
Indian wards. This is somewhat not
able in itself, but it is still more so
when it is realized that a woman looks
after the surplus cash of the Indians
and sees that it is safely banked and
that the highest possible rate of inter-
est is secured.
There are thousands of Indian bank
depOsitors in the United States, and
their cash holdings amount to over
$10,000,000. Their tribal holdings in
banks amount to $4,000,000 more, max
ing total of 500, 100000 on deposit. 1t
is the duty of Miss Edith A. Fries of
the bureau of Indian affairs at Wash
ington to see that the money Is placed
to the best possible advantage of its
owners, and also to make sure that it
is fully protected.
Miss Fries takes no chances, or the
government record could hardly stand
flawless as it. does today, with not Il
loss of n single dollar to be accounted
for. Every chance of loss is elimi-
mated by the thorough manner in
which she goes about her work of safe
guarding the money in her care.
In the first place, no banks are per-
mitted to servs as depoSitaries of In
dian funds except such as are able 10
give evidence of stability and safe
management; in the second, no dollars
enter their Golfers until they are COW
cred, dollar for dollar, by bonds, which
secure their safety. 1t has happened
in Il few instances that bank, after
serving acceptably for several years,
has suffered reverses and closed its
doors, but in every case the full amount
due the Indians was collected from
the Sureties on the bonds.
To keep the funds in her charge in
this condition Of happy security, Miss
Fries has to give full days work
six days of every week to her task.
She has become well acquainted with
national bank operations and with the
laws of the state banking departments
of every section in which Indians hold
residence. She has learned the ca
pacty of the leading banks in those
sections and also the highest rate of
interest each can pay, and she makes it
her business to procure for the Indians
the highest possible price for their
money consistent with safety.
The government, be it known. does
not permit the Indians to handle the
moneys which accrue to them in one
way and another unless they have de-
veloped to a condition of self-helpful-
ness. and shown entire competency to
manage their own affairs. The money
derived by them from the sale of lands
granted by the government or through
the development of resources on their
alIotments is not paid to them outright,
but is given to the Indian field super
intendentS, who handle the funds for
the Indians in their agencies.
When a superintendent accumulatcs
Il large trust sum, as he frequently
does, he invites the state and national
banks in the vicinity of the agency to
submit bids as to interest rates. These
rates are sent TO the Indian Office and
it is the work of Miss Fries to consider
them and to select a bank or banks in
which TO place the funds. Many banks
regard Indian moneys as desirable de-
pOsits, and as a result good interest
rates are quoted. 1t is not unusual TO
receive 4 per cent on check accounts.
On time deposits the rate often
reaches per cent and occasionally 6.