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![handle is hein.amindian/payintcif0001 and id is 1 raw text is: 70TH CONGRESS HOUSE OF REPRESENTATIVES REPORT
2d Session f No. 2320
PAYMENT OF INTEREST ON CERTAIN INDIAN FUNDS
JANUARY 31, 1929.-Committed to the Committee of the Whole House on the
state of the Union and ordered to be printed
Mr. LEAVITT, from the Committee on Indian Affairs, submitted
the following
REPORT
[To accompany S. 5180]
The Committee on Indian Affairs, to whom was referred the bill
(S. 5180) to authorize the payment of interest on certain funds held
in trust by the United States for Indian tribes, having considered
the same, report thereon with a recommendation that it do pass
without amendment.
There is at present a considerable amount of Indian money
deposited in the Treasury of the United States, subject to use by the
Government, which does not draw interest. This bill would authorize,
in accounts of $500 or more, the payment of simple interest at the
rate of 4 per cent per annum from the date of its passage. Other
interest rates paid by the Government are from 3% to 5 per cent
with an average over the 4 per cent provided in this bill, so that the
amount provided is not excessive.
Your committee believes that, as a matter of justice to the Indians,
'm the angles of guardianship and business, the Government
, uld grant for the use of the money the compensation provided
the bill.
An estimate of the amount of interest which is lost by the Indian to
the Government may be gained from the figures attached to the
following favorable report, with note of Budget approval of the bill,
from the Secretary of the Interior:
DEPARTMENT OF THE INTERIOR,
HZashington, January 3, 1929.
Hion. LYNN J. FRAZIER,
Chairman Committee on Indian Affairs,
United States Senate.
MY DEAR SENATOR FRAZIER: There is submitted herewith draft of a proposed
bill to authorize the payment of interest on certain funds held in trust by the
United States for various Indian tribes. As shown by accompanying statement,
the Government is holding a large amount of money belonging to various tribes
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