CONDITION OF CERTAIN STATE STOCKS.                                 295 
DEPARTMENT OF JUSTICE, 
OFFICE OF THE SOLICITOR OF THE TREASURY, 
Washington, D. C., May 22, 1885. 
SIR: By the act of Jfine 10, 1876, the securities held by the Secretary of
the Interior 
in trust for the benefit of Indian tribes were transferred to the custody
of the United 
States Treasurer. 
It was made the duty of this officer to collect the interest falling due
thereon and de- 
posit the same and issue certificates therefor in favor of the Secretary
of the Interior as 
such trustee, and to make purchases and sales of the securities authorized
by treaty or 
acts of Congress when requested by the Secretary of the Interior. 
From a statement made by the Treasurer it appears that the principal and
interest of 
a large number of these securities have become due and have remained unpaid,
some of 
them for many years. 
He asks, in view of this fact, what steps are necessary for him to take to
collect the 
principal and interest of overdue State bonds, and what proceedings should
be taken 
where the securities are liens on railroads and other corporations. 
The statute to which I have referred places a certain specific responsibility
on the 
Treasurer.   He is to be the custodian of the bonds.    He is to collect
the interest as it 
falls due, and he is to make purchases and sales of bonds when requested
to do so by 
the Secretary of the Interior. 
His duties, it seems to me, as defined bythe act, are ministerial simply.
"If the princi- 
pal of the stock or bonds or the interest on the same falls due and is not
paid on demand 
made by the Treasurer of the United States, that fact should be communicated
by him to 
the trustee, the Secretary of the Interior. The duty of the Treasurer in
this regard ends 
there. Whether or not suit should be brought or other proceedings taken to
compel pay- 
ment from the defaulting maker of the bonds or other securities rests with
the Secretary 
of the Irnterior, the trustee." 
Very respectfully, 
A. McCUE, 
Solicitor of the Treasury. 
Hon. DANIEL MANNING, 
Secretary of the Treasury. 
DEPARTMENT OF THE INTERIOR, 
Washington, August 7, 1885. 
Sin: I have the honor to acknowledge the receipt of your letter of the 28th
May last, 
inclosing for the information of the Secretary of the Interior, as trustee
for certain In- 
dian trust funds, a copy of an opinion of the Solicitor of the Treasury delivered
May 221 
1885, to the honorable S~cretaryof the Treasury, reg.-rdingthe duties of
the Treasurer of 
the United States in the matter of certain unpaid State stocks and bonds
belonging to the 
Indian trust fund. 
The State bonds now belonging to the Indian trust fund which have matured
and re- 
main unpaid are as follows: 
Date of ma- 
State.                             Amount.       turity. 
Florida      ............................................................................................
 $132,000  00  Jan.  1.1877 
N6rth  Carolina ..........................................................................................
 19,000  00  Jan.  1,1884 
D o ....................................................................................................
 7,000 00  Jan.  1,1885 
Do..................................................... 121,000 00      
 Apr. 1,1885 
South  Carolina .........................................................................................
 125,000  00  Jan.  1,1881 
V irginia .....................................................................................................
 1,000  00  N ov.  13,1882 
Tennessee ..................................................................................................
 125,000  00  Jan.  1,1863 
D o ....................................................................................................
 65,000  00  Jan.  25,1861 
D o .....................................................................................................
 1,666  661  Jan.  25,1861 
D o .....................................................................................................
 19,000  00  Jan.  1,1870 
The interest on these bonds is also due and unpaid by the State for different
and vari- 
ous periods. 
The Indian trust funds were invested in these bonds by the Secretary of the
Interior 
prior to 1861. The laws governing the matter at the time of purchase will
be found in 
the act of January 9, 1837 (section 2096, R. S.) and act of September 11,
1841 (section 
3659, R. S. ). 
By the act of June 10, 1876 (19 Stat., 58), the stocks, bonds, securities,
&c., 'of the