Title: Orville Hickman Browning to Hugh McCulloch, 2 May 1868
Date: May 2, 1868
Source: Transcribed from digital images or a microfilm reproduction of the original item. For a description of the editorial rationale behind our treatment of the correspondence, see our statement of editorial policy.
Location: National Archives and Records Administration
Whitman Archive ID: nar.00525
Contributors to digital file: Elizabeth Lorang, John Schwaninger, Nima Najafi Kianfar, and Kevin McMullen
May 2, 1868.
Hon. Hugh McCulloch,
Secretary of the Treasury.
I have considered your communication of the 28th June last, in which you request the advice of the Attorney General upon the proposition, submitted by the Richmond and Danville Rail Road Company, for funding the arrears of interest due prior to January 1st, 1866, on certain coupon Bonds of the Company, held by the United States in trust for the Chickasaw Indian National Fund.
It does not appear that any new security, by mortgage, or otherwise, is offered for the interest which it is proposed to fund. That interest is represented by the matured coupons, which would be surrendered and cancelled.
The protection of the original mortgage might perhaps, by this new and independent arrangement, be withdrawn, and the guarantee of the State of Virginia for the payment of the coupons, as they respectively become due, be waived.
The Attorney General, in compliance with the Act of March 2nd, 1867, (14 Stat. p. 497,) submitted, on the 16th day of December last, a Report to Congress, in relation to the condition of these and other Indian Trust Funds,—but although he alludes to your communication he makes no suggestions on the subject.
I consider it to be inexpedient to take any action until Congress shall have expressed its intention, and clothed you with specific authority in the premises.
The papers are returned.
I am, Sir,
Very Respectfully, your obedient servant
O. H. Browning,
Attorney General ad interim.
see ante p 1