|The American Presidency Project|
|• Franklin Pierce|
|March 21, 1853|
To the Senate:
The eleventh article of the treaty with the Chickasaw Indians of the 20th October, 1832, provides that certain moneys arising from the sales of the lands ceded by that treaty shall be laid out under the direction of the President of the United States, by and with the advice and consent of the Senate, in such safe and valuable stock as he may approve of, for the benefit of the Chickasaw Nation.
The report of the Secretary of the Treasury of the 15th instant, herewith transmitted, shows that the sum of $58,100 5 per cent stock, created under the act of 3d March, 1843, now stands on the books of the Treasury in the name of the Secretary of the Treasury, as trustee for the Chickasaw national fund. This stock, by the terms of its issue, is redeemable on the 1st July next, when interest thereon will cease. It therefore becomes my duty to lay before the Senate the subject of reinvesting this amount under the same trust.
The second section of the act of 11th September, 1841 (the first section of which repeals the provisions of the act of 7th July, 1838, directing the investment of the Smithsonian fund in the stocks of the States), enacts that "all other funds held in trust by the United States, and the annual interest accruing thereon, when not otherwise required by treaty, shall in like manner be invested in stocks of the United States bearing a like rate of interest."
I submit to the Senate whether it will advise and consent that the Secretary of the Treasury be authorized, under my direction, to reinvest the above-mentioned sum of $58,100 in stocks of the United States under the same trust.
|Citation: Franklin Pierce: "Special Message", March 21, 1853. Online by Gerhard Peters and John T. Woolley, The American Presidency Project. http://www.presidency.ucsb.edu/ws/?pid=67788.|
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