Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-01-10
SHERMAN'S PET BANK.

What Senator Beck Proposes Regarding 1t
He Wants to Knot1 H0,c 1t Realized ESQ
Per Cent. Profit During the Year.
Washington Special (Jan. 81 to Chicago Times.
An evening paper stated to-day that Sena-
tor Beck, of Kentucky, will introduce in the
Senate resolution providing for an investi-
CATION as to relations existing between the
government and the First National bank of
New York. The Senator claims that he can
not see how bank with capital of $500, 900
can make $50 cent. and carry to it's surplus
account an amount almost equal to its CAPT.
tai stock. The Senator said, also, that he
has repeatedly endeavored to find out at the
treasury department. the expense attached to
placing the per cent. loan, and as yet he
has been unable to get the desired informa-
ton. AIames reporter had short talk with
Senator Beck this evening, in which he said
that he had no intention of offering any such
resolution. He said that publication of the
article probably grew out of the fact that to-
day he obtained from the comptroller of the
currency statement of the accounts and
PROFITS OF THE FIRST NATIONAL BANK
of New York. "But can't understand p
said the Senator, "why it is that bank can
make any such enormous profits as they are
making. Indeed, it is mystery how any
body of men can engage in business and
make profit of more than 100 per cent.
and do it honestly. I don't. say that the
| First National banks do not make theil
money in legitimate way, or that they and
the government are working together; but
am endeavoring to find out how it is done
and see if there is not some way by which
the enormous sums made by certain corpor-
atoms can be divided more equally among
the people. There is no use in denying thai
this entire country is controlled by the
money power, composed of veryifew men
and that they openly pay for legislation il
their favor. Now, am member of the
finance committee, and, as Secretary Sher.
man will probably appear before that com,
mittee in regard to his bill to refund and
enough informed to question him intelli-
it at all satisfactorily will be glad of it."
"Why is it that you are unable to get in.
formation as to the cost of placing the pei
cent. loan?"
"That's what 1 want to know. I don't
| know why can't find out, but I do know
| that so far have been unable to get any
definite information on that subject"
"What do you think of Mr.. Woods bill
for refunding at 81 per cent?" asked the
reporter.
"Well, I can't say whether that would be
successful or not; but it will be strange il
people don't take bond at that rate of in.
terest when they are more rnan willing to
take them at 4. Why, they are quoted in
New YJk at 1903, without interest, to-day
and think it very strange If they would
not feat at 81 per cent. But I anu not
looking at that question at all. l simply
wa0t 20 know what it cost to put out the
per cents, and how it was done. If that
transaction was perfected as economically as
possible. very we'll; if not, want to fine
some other course to pursue in future that
will be for the best interests of the people
in this country who pay taxes and work for
living