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PERRY'S VICTORY MEMORIAL COMMISSION
THE PRESIDENT OF THE UNITED STATES
SUPPLEMENTAL ESTIMATE OF APPROPRIATION FOR THE FISCAL
YEAR ENDING JUNE 30, 1929, FOR PERRY'S VICTORY MEMO. RIAL COMMISSION, AMOUNTING TO $14,374
FEBRUARY 1 (calendar day,
RY 2), 1928.-Read; referred to the Committee on Appropriations and ordered to be printed
THE WHITE HOUSE,
Washington, February 2, 1928. The PRESIDENT OF THE SENATE.
SIR: I have the honor to transmit herewith for the consideration of Congress a supplemental estimate of appropriation for the fiscal year ending June 30, 1929, for the Perry's Victory Memorial Commiss.. 11, amounting to $14,374.
The details of the estimate, the necessity therefor, and the reason for its submission at this time are set forth in the letter of the Director of the Bureau of the Budget transmitted herewith, with whose comments and observations thereon I concur. Respectfully,
BUREAU OF THE BUDGET,
Washington, February 1, 1928. SIR: I have the honor to submit herewith for your consideration a supplemental estimate of appropriation for the Perry's Victory Memorial Commission for the fiscal year ending June 30, 1929. as follows: Perry's Victory Memorial Commission, 1929: For proper electric light
ir z of the memorial plazas and grounds, $7,374; for å utility building on the memorial grounds for use as a public comfort station and storage warehouse, $7,000; in all.
$14, 374 SD—70-1_vol 24---46
The commission reports that the park of 14 acres surrounding the memorial remains in darkness at night, the lighted portions of Put-inBay being remote from it. It is believed that the park should be lighted at night to afford an adequate setting for the monument, to prevent acts of vandalism, and to permit increased revenues from night operation of the memorial. The need for a utility building, combining the purposes of a comfort station for the public and a storage warehouse for equipment and supplies, has been made urgent by the parking of the grounds.
The foregoing estimate is required to meet a contingency which arose since the transmission of the Budget for 1929. I recommend the transmission of the estimate to Congress. Very respectfully,
H. M. LORD,
Director of the Bureau of the Budget. The PRESIDENT.
Supplemental estimate of appropriation required for the service of the fiscal year
ending June 30, 1929, by the Perry's Victory Memorial Commission Perry's Victory Memorial Commission: For proper electric lighting of
the memorial plazas and grounds, $7,374; for a utility building on the memorial grounds for use as a public comfort station and storage warehouse, $7,000; in all, fiscal year 1929.
$14, 374 O
LETTER FROM THE COMPTROLLER GENERAL OF THE UNITED STATES TRANSMITTING, IN RESPONSE TO SENATE RESOLUTION NO. 123, A STATEMENT OF THE INDEBTEDNESS OF THE STATE OF NORTH CAROLINA TO THE UNITED STATES UPON CERTAIN BONDS OF THE STATE AND THE CLAIMS OF THE STATE OF NORTH CAROLINA FOR ADVANCES DURING THE WAR OF 1812
FEBRUARY 6, 1928.–Referred to the Committee on Claims and ordered to be
COMPTROLLER GENERAL OF THE UNITED STATES,
Washington, February 6, 1928. The PRESIDENT OF THE UNITED STATES SENATE.
SIR: There was received from the Secretary of the United States Senate Senate Resolution No. 123, of January 27, 1928, in which the Comptroller General of the United States is authorized and directed to state an account and report to the Senate of the indebtedness of the State of North Carolina to the United States upon certain bonds of the State and the claims of the State of North Carolina, respectively, for advances during the War of 1812 with interest computed under the Maryland rule and for the proceeds of cotton seized by the United States in the amount of $42,532.54, as set forth in Senate Report No. 248, part 2, Sixtieth Congress, first session, interest thereon to be computed as specified in the instant resolution. In compliance therewith report is made as follows:
The bonds of the State of North Carolina representing its indebtedness to the United States in the total sum of $146,140 were formerly held by the Government in the Indian trust fund, and later became the property of the United States when, pursuant to the provisions of section 2, act of August 15, 1894 (28 Stat. 311), the face value thereof was placed to the credit of the several tribes of Indians interested therein. A description of such bonds showing amount of coupons due and unpaid thereon is as follows:
With respect to States in default in payment of principal and interest on bonds and stocks issued or guaranteed by them, the ownership of which was vested in the United States, specific direction to institute suit against the States was conferred by section 4 of the act of March 3, 1899 (30 Stat. 1358), and in pursuance thereof the Secretary of the Treasury caused suits to be instituted against the several States so indebted. These suits, however, were discontinued and dismissed as directed by the act of June 6, 1900 (31 Stat. 612). Subsequently in an effort to adjust its indebtedness the State of North Carolina authorized and appointed commissioners to take under consideration a plan of adjustment, but the Congress postponed action on a measure providing for representatives on the part of the Government for the purpose. The matter has thus remained unsettled up to the present time.
The claim of North Carolina for advances during the War of 1812 covers loans obtained from different banks by the State for funds for the benefit of the United States on which it paid interest at the rate of 6 per cent and payments made by the United States on account thereof. A full report in connection with the matter was made by this office under date of February 28, 1923, interest being computed in accordance with the Maryland rule to include that date, and the amount found due the State as of March 1, 1923, was $159,566.85. See in this connection Senate Report No. 1559, Sixtyninth Congress, second session (Calendar No. 1566), in which the report appears in full.
The principal upon which interest is to be computed from March 1, 1923, is, as given in my previous report herein referred to, $25,910.09, and the amount due the State for advances during the War of 1812-1815, as of February 29, 1928, date adopted for the purpose of this report, is as follows: Balance due the State of North Carolina Feb. 28, 1923..
$159, 566. 85 Interest at 6 per cent per annum on $25,910.09 from Mar. 1, 1923, to Feb. 29, 1928, inclusive, five years..
7, 773. 03 Total due the State as of Mar. 1, 1928_
167, 339. 88 Relative to the claim of the State of North Carolina for the proceeds of cotton seized by the United States, the resolution directs that in the statement of the account there shall be allowed the State interest from date of seizure for the same period thereafter and at the same rate of interest as upon the State bonds. Interest at 6 per cent on the bonds was covered by the coupons attached thereto until maturity, 30 years after their issue. As shown by the table hereinbefore inserted, the bonds issued in 1856 matured in 1886, those issued in 1857 in 1887, and the one issued 1859 in 1889. No interest is charged the State subsequent to the maturity of the bonds.
The claim for proceeds of cotton in the sum of $42,532.54 is made up of two different items, one for $36,462.43 being the proceeds of 246 bales of cotton belonging to the State of North Carolina seized August 15, 1865, and the other for $6,070.11, being the proceeds of 175 bales seized April 16, 1866, as more fully set forth in Senate Report No. 248, part 2, Sixtieth Congress, first session.
In view of the fact that the bonds matured at different dates and there are two dates involved in the seizure of the cotton, it would appear that such dates should be given due consideration in the computation of interest on the cotton claim. Accordingly, in the computation of such interest, one bond of the State, par value of $1,000, not having matured until April 1, 1889, interest on $1,000 of the amount of $36,462.43 will be computed from August 15, 1865, the date of seizure, to April 1, 1889; interest on $16,000 of the amount of $36,462.43 will be computed from August 15, 1865, to April 1, 1887, and interest on the balance of $19,462.43 will be computed from August 15, 1865, to October 1, 1886. Interest on the second item of $6,070.11 will be computed from April 16, 1866, date of seizure of the cotton, to October 1, 1886, the date of maturity of $41,000 par value State bonds.
The amount due the State of North Carolina for cotton seized in 1865 and 1866, with interest computed at 6 per cent, as herein indicated, is as follows: Interest at 6 per cent per annum on $1,000 from Aug. 15, 1865, to Apr. 1, 1889, 23 years 7 months 16 days.
$1, 417. 67 Interest at 6 per cent per annum on $16,000 from Aug. 15, 1865, to Apr. 1, 1887, 21 years 7 months 16 days..
20, 762. 67 Interest at 6 per cent per annum on $19,462.43 from Aug. 15, 1865, to Oct. 1, 1886, 21 years 1 month 16 days....
24, 671. 87 Interest at 6 per cent per annum on $6,070.11 from Apr. 16, 1866, to Oct. 1, 1886, 20 years 5 months 15 days...
7, 451. 06 Total interest...
54, 303. 27 Amount of claim for proceeds of seized cotton, including the two items hereinbefore discussed..
42, 532. 54 Total claim, including interest.--.
96, 835. 81 A recapitulation of the debits and credits between the State of North Carolina and the United States as hereinbefore set forth and considered in the statement of account is as follows: Due the State of North Carolina:
For advances during the War of 1812–1815, including interest
computed in accordance with the Maryland rule to include
$167, 339. 88 For proceeds of cotton seized by the United States in 1865 and
1866, including interest thereon at 6 per cent per annum as
96, 835. 81
264, 175. 69
Due the United States: For bonds of the State of North Carolina
held by the United States, including principal and unpaid coupons.--
Balance due the State as of Feb. 29, 1928.
118, 035. 69