United States. Office of Indian Affairs / Annual report of the Commissioner of Indian Affairs, for the year 1873
[Statements showing the present liabilities of the United States to Indian tribes under treaty stipulations], pp. 364-386 PDF (7.2 MB)
364 REPORT OF COMMISSIONER OF INDIAN AFFAIRS. In the annual trust-fund report of November 1, 1872, attention was invited to the complicated condition of many of the trust-fund accounts, and especially to the accounts with the Chickasaw Nation, and it was then suggested "that the honorable Secretary of the Interior be requested to call upon the Treasury Department to furnish this office with full and complete statements of all financial transactions on the part of the Government with the Chickasaw Nation from the origin of their trust-funds," &c. In compliance with a request of the Department the Secretary of the Treasury has since transmitted official statements of the original investments made for the benefit of the Chickasaw Nation, with an exhibit of the changes since occurring in their stock and interest accounts, as appears upon the records of the Treasury Department. The information thus obtained will enable this Department to determine any arrears or balances that may be due to said nation, or by them to the Government. In justice to the members of the various tribes for whose benefit so extensive invest- ments have been made, and for the purpose of simplifying the accounts with them, the Government should assume the State bonds now held in trust and issue in lieu thereof United States bonds. The investments in State bonds, the greater portion of which are still held in trust, have proved unprofitable on account of their depreciation in value, and frequent sus- pensions or deferments of interest due the fund. The whole amount of State bonds held in trust is $2,332,916.83f, of which $1,984,466.66f are classed as non-paying bonds. The arrears of interest now due, and that will accrue on said bonds prior to July 1, 1874, amount to-------------------------------------------$1,077,522 00 Of which amount there is due the tribes the sum of --------.$297,890 25 Being arrears of interest embraced in estimates for the fiscal year ending July 1, 1873, in excess of appropriations made by Congress to cover deficiencies to that date, and the sum of ......................... 89,678 00 387,568 25 embraced in the estimates to cover arrears of interest on said bonds accruing during the fiscal year ending June 30,1874. ___ The balance.-... .. . .. .................. 689,963 75 will be due the Government for moneys advanced for interest in default. Whatever reasons may have formerly induced said investments, no good reasons now exist to justify the Government in continuing them, and it is specifically stipula- ted in nearly all treaties providing for the investment of any portion of the proceeds of the sale of Indian trust-lands, that the investments so authorized shall be in "safe and profitable stocks." Very respectfully, your obedient servant, LONSVILLE TWITCHELL, Trust-fund Clerk, Indian Office. Hon. EDWD. P. SMITH, Commissioner of Indian Affairs. 82. DEPARTMENT OF THE INTERIOR, Office Indian Affairs, November 1, 1873. SiR: I have the honor to submit herewith a report upon the various financial transac- tions relating to the receipts and disbursements of moneys received on account of sales of Indian lands. Having been unable to complete an annual report on this branch of business in 1872, the transactions which occurred during the year ending October 31, 1872, will be stated preceding the account of the transactions occurring during the last twelve months. In order to make the whole subject understood, if possible, by the members of the various tribes interested, and for the purpose of facilitating official business which may occur hereafter in connection with the same, all transactions referred to will be stated in detail, and fully explained with complete references to all treaties and acts of Congress, upon which official action has been based.
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