294             CONDITION     OF CERTAIN     STATE    STOCKS. 
Correspondence relative to a portion of the State stocks enumerated in Table
C, page 287, and 
referred to above. 
TREASURY OF THE UNITED STATES, 
Washington, May 28, 1885. 
SIR: I have the honor to transmit herewith a copy of an opinion of the Hon.
A. Mc- 
Cue, Solicitor of the Treasury, delivered to the honorable Secretary of the
Treasury, in 
reference to certain unpaid stocks and bonds of the Indian trust fund, in
response to a 
request made by myself on the 7th instant, a copy of which is also inclosed.

If, in pursuance of this opinion, it is necessary to take any action in reference
to the 
unpaid principal and interest of said bonds, I respectfully ask for instructions
in relation 
thereto. 
Very respectfully, 
C. N. JORDAN, 
Treasurer United States. 
Hon. L. Q. C. LAMAR, 
Secretary of the Interior. 
TREASURY OF THE UNITED STATES, 
Washington, May 7, 1885. 
SIR: My attention having been called to certain bonds and stocks of the Indian
trust 
fund, held in custody in this office, on which principal and interest are
due and unpaid, 
I have the honor to submit at once the accompanying statement of such bonds.
Under 
the act of June 10, 1876, Revised Statutes, volume 19, page 58, transferring
the Indian trust 
fund from the Department of the Interior to the custody of this office, it
is made the duty 
of the Treasurer of the United States to make all purchases and sales of
bonds and stocks 
authorized by treaty stipulations or by acts of Congress, when requested
to do so by the 
Secretary of the Interior, and to collect all interest falling due upon the
bonds and stbcks 
so held. 
The principal and interest of a large number of these bonds have become due
and re- 
main unpaid, some of them for many years. 
While it is made the duty of the Treasurer under the act to make all purchases
and 
sales of bonds and stocks when requested to do so by the Secretary of the
Interior, and 
to collect all interest falling due without such request, there may be a
question as to the 
responsibility or duty of the Treasurer in reference to such past-due bonds
and the in- 
terest thereon. I desire, therefore, for my guidance and information (if
any action is to 
be taken by this office) to know- 
First. What steps are necessary to collect the principal of overdue State
bonds, or to 
prevent the statutes of limitation in the respective States from barring
any action that 
may hereafter become necessary? 
Second. What steps are necessary to collect past-due interest on such bonds,
or on 
bonds not yet matured? 
Third. What proceedings should be taken where the bonds are liens upon railroad

and other corporations, as in the case of some of the bonds of the State
of North Caro- 
lina ? 
Formal demand has been made for the payment of certain North Carolina bonds
and 
refused, and correspondence has been had with the authorities of States in
reference to 
the payment of past-due bonds with similar results. 
Under section 3481, Revised Statutes United States, moneys due certain States
have 
been stopped by this Department and the amounts applied to the payment of
interest 
due. The items are set forth in the accompanying list. 
The statutes of the different States authorizing these bonds are not accessible
to this 
office, and therefore the conditions under which the bonds were issued and
the full nature 
of the liens are not known here. 
Several of the State authorities have made propositions authorized by their
respective 
legislatures for the exchange of bonds at certain rates for those of a new
issue, which propo- 
sitions could not be entertained without the authority of Congressional action.

If it shall be held that further demands be made for the payment of overdue
princi- 
pal, or that demands be made or suits instituted for the payment of overdue
interest, I 
respectfully ask for instructions. 
Very truly, 
C. N. JORDAN, 
Treasurer United States. 
Hon. DANIEL M ANNING, 
Secretary of the Treasury.