Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1891-09-12
A Cute Secretary of the Treasury.

NEW YORK, September 2.-Secretary Eos
ter, it has been made apparent in Wall street.
is developing rapidly as financier. Ger
tainly a number of bank presidents were
willing to concede this when they learned of
the secretary's efforts in the last two months
to increase the supply of gold In the sub
treasury in Wall street, and in the treasury
vaults at Washington.
On June 90 the supply of gold at the sec
retary's command was $117,667, 72. 1t is
now $129, 402, 927, showing gain of more
than ST., OO0, 900 in the two months. The
secretary has been quietly preparing for
september /, when the ~ per cent bonds
are to be redeemed or extended. The banks
in New York have lost the gold and they
have just awakened to the fact that the sec
rotary has shrewdly and quietly reduced their
gold reserves by more than So, 0O0,0O He
has simply adopted shrewd measures which
compelled the banks to give up their gold.
The story came out, and some OF the bank
presidents were not pleased.
Express companies charge IS cents per
81 600 for shipping currency from the east to
the west. The western bankers, as is well
known, have been interested for month or
more in making arrangements for shipments
of money from the east to move the great
crops of grain. Secretary Foster. knowing
the situation, notified these western bankers,
through Assistant Treasurer Roberts, that
the United States treasury department would
charge only Is cents per 81 600 on these ship
ments. The western bankers we're tickled at
thus, and gladly accepted the generous offer
of the secretary. Then they instructed their
eastern correspondents to ship their money
through the sub-treasury at New York.
These eastern bankers complied with the
instructions, but when they offered Mr. Rob-
erts legal tender for shipment that smiling
official announced that the secretary insisted
hk,ak fhA oota hon in,
coin.
There was no recourse for the eastern
BANKERS but to comply. They did not feel
that they could throw stones in the pathway
oftheir western customers at such a moment.
Gus period. So they honored the drafts Of
their western clients and deposited the gold
coin and certificates in the sub-treasury to |
meet the drafts The western bankers did |
not care whether they received gold or legal
tender. All they wanted was money. Mr.. |
Roberts, it was learned, after the eastern
ing on the directions of the secretary at
Washington. in lieu of it shipped legal ten
der to the western banks and bankers.
In this way more than 81, 600, 900 in gold |
have been corralled by the secretary, and the |
amount will 60 far toward helping him out |
with the ~ per cent. redemption and extern |
sion scheme. But the New York bankers |
early in the week got their eyes open, and |
they observed that their gold reserves were |
declining, while the gold reserves of Secre-
tary Foster were gaining.
They set about to ascertain just how this |
came about, and investigation brought out |
the shrewd plan of the treasury department
to keep the gold and dole out the greenbac
to the western bankers. The New Workers
were angry, and several conferences were
held to determine as to the best means of re-
taliating on the secretary. The secretary
heard of the temper of the New Workers and |
called halt. He has had some fun out of |
the business, but he don't appear anxious to
offend the New Workers further.