The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1888-10-11
How the Surplus is Used

The administration has been making
good use of the Treasury, not for the peo-
pie, but for the favorite National Ranks.
1t is stated that $50 0OO, 900 has been placed
in favored banks without interest. This
gives the banks double interest. The
bonds tley lave on deposit in the Com
troler'S Office TO secure their circulation
bear 4 per cent. interest. This is paid
them by tie Government They have
$50, 000 U0Q Of the peoples money deposited
with them without interest. This they
mi 10 the people at and per cent. 81
they really are receiving from 10 to II per
cent Oh the amount they hold of the de-
positor's y. that is. the people are paying the
banks in both ways-intereSt on the u. S.
bonds they have on deposit to secure their
circulation. and interest from the people
Oh the amount deposited with them by the
Government. There are six national
banks in Speaker Cariisles district. Re
ferring TO this fact, the Washington cor
respondent Of the New York Tribune, I'm.
der dale of Sept. %, gives the following
figures and facts
On A pril Is, the six banks had in their DOS.
session S9l2,0O0 OF money belonging To The
United oLaLes, for the Use of which they paid
no Interest. 70 secure this loan they had de-
posted Iii the United States Treasury per
cent. bonds of the pal value of 1912 600 On
these Donds they received from the Govern
ment inte rest al tue tate OF $50 $50 per annun
On Augusi Is, tour months later, the par value
OF The united states h"I.is deposited by The Dix
BANKS amounted TO $1,000, and they had IN
Jii<1t ..ossessi II govern nent money amount-
lns 81 ,UO3.z20, Tor the use of winch they paid
nothing 1t will be noted that the loan To the
banks then exceeded by s7l,22O the par value of
Sc, uAltIes deposited by tnein, besides the
use OF 81 ,Uu3, 20, Whi' II must yield them a net
revenue OF at least per cent or $40, l2S per
num- The last nam, d sum is virtually a git
" This benevolent ''heform AdmInisLrntiun
10 six banks situated in the district represent,
10y Joan u. Carlisle.
horeoVet, at the market price on April 49,
Secretary Faii child could nave bought the per
cenJ. bonus owi,ed ana deposited by the SIX
oa KS Tor sl.l57 72J, and thus Stopped th= pay
meat o1 fntetesD amounting TO S36,iSU per an
mum o bonds which still have uearty twenty
y ears To lun and a. the same time rid the treas
tify OF 81 lo7, 726 OF the lille surplus ON August
Is, he would lave been Obliged TO pay 81. 50 $50,
or S3l $40 more Tor the same amount If bou.is
mus, Mr. Falrchiiu's generosity, coupled with
hle genius AS IA Inancier has benefited the six
anaa in Speaker CaTlisle's district to the
amount or at the rate OF S72 0sS per year.
Under the l"W national banks can issue cur
reuc5 Only to the amount OF 90 per cent. of the
par vtsi.le OF LoudS deposited as security for
their circulating notes. The six banks in Mr.
Carlisle S uistficL-whlch is SO extremely rural
th t II required two Weeks TO obtain the cleo
ton re tuI MS two Years ago-had in their pos
session August is about 40 per cent, of all the
Government MONEY bestowed upon all the
hunks in Kentucky by this beneficent Admin
istrttlon. There are ten Congressional els
trcts in Kentucky hesides Carlise's. and one
OF them contains The great city of Louisville,
while frankfort. the State Capital. Is included
in another. 1t appears also. that the six banks
IN Mr. ta.iisle's district had in their possession
free of interest, more thar 40 per cent of all
the pubic money so "deposiled in ell the
banks in the United Statea on August Is. These
facts and figures may lead some censorious
persons to INFER that the bounteouS provision
Tor the With District is the result of political
Influence and to suggest that this is good
ground for MIR. Carlises declaration of conf
depce in his own election by an uudisputed and
overwhelming majority.
A careful examination of the official report
from which The foregoing figures have been
called would doubtless reveal many other
cases III which faVoritism has been shown as
The result Vt political or other causes quite for
elgn from impartial and orderly ADM Illustration
tile NaulUlili finances.