The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1879-01-07
sherman and the First National.
A Very Soft Thing Enjoyed by Eas-
tern Bankers.
The More tits Investigated the Less
Lovely 1t Looks.

WASHINGTON, December 20 -~Secre-
tary Sherman's explanation OF the large
balances standing to the credit of the
Treasury Of the United States In the
First National Bank of New York since
February 1st is not satisfactory to, all
persons and it is proposed to HAYS an
investigation to ascertain the exact rela-
tions of that bank to the Treasury The.
resolution for All inquiry will be so
framed as TO, ascertain, who are the stock
holders and Dtherwise interested In that
hank 1t is not 10 he presumed that any
one. will object to the proposed inquiry,
because Secretary Sherman has express
ed desire for an examination OF the
whole subject He has said he would
rather prefer it, because 1t would call
such attention to the subject as to induce
other bauks to become more active agents
of the United States for refunding The
! debt at lower rate of interest, iSecre
tarv Sherman will; therefore, hardly re-
gard it as kindness on the part of any
of his friends to object to any proposed
inquiry The more the figures are studied
the more remarkable it seems that the
First National should have the only bank
to appreciate the great advantages thai
would flow from extraordinary activit,
as an agency OF the Government Wes
tern bankers, especially, seemed to lact
their boosted enterprise They did no
seem to realize that there was money -rt
be made out Of these transactions Fer
haps thew were in that class Of bank,
which Mr.. Sherman says were timid snf
afraid to assume the responsibility Th'
balances held by al. banks from February
to December aggregated 1886 927, ,064
l67 The First National held of this ag
gregate the sum of S238 1920 81
and that, toe, in nine months, because i
had no balances in April or March =
This gave it an average OF 626 53l 46S
as per month. The balance, or S97, l33
S44. was distributed among seventy-twt
hanks. giving each an average If abou
81 100000 for the whole time. which
was great deal less than the First Ma
tional average per month Seven othe
New York Civ hanks held in The aegre
gate s53,24O,sS6 81 Five New Yrrl
h"nks outside of the city held 50 437,
s93 81, making a total for New Yorl
Safe. exclusive of the First National, o
s5g,67S $50 OF, or s183 104 $50 02I les
THAN that favored hank Eleven Bostol
banks held S3I. .449 lSS ~, and nin'
other Massachusetts hanks outside O
Boston held 1858 e52 C3 One banl
in Maine, one in Vermont, three in New
Hampshire and two in Connecticut lielt
S1,613 I78 "a, making total for New
York and New England, exclusive o
the First National, of S92. .S34, S48 II
Five hanks in Pennsvlvania and one il
| New JERSEY held 1856 317 81 1t vii
thus he seen that the Middle and New
| England States held altogether an az
gregate of s33I,y74 $50 50. Deduc
lS93 l91. 1865 90 held by all other Easter
banks from that which the FIRST Nationa
held. and that fortunate institution i
45.592, ,054 IS ahead Of all of then
combined There was thus left a. hal
ance of S3,959.67S 0S for all the hank
lin all that section OF the United State
west and south of Pennsylvania. Thi
was divided up among twentv-sevel
banks, and would, Of course, give but
small proportion to each In view o
; this state OF facts. it is not at all surpri
sing that Judge Kelley, Mr Hewitt au'
Others should like to know all the cir
cumst ances connected with these bal
ances on loan account. 81