Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-09-29
WHICH THE STRONGER OF THE
TWOP

/ WOP
Is the Illinois Trust and Savings bank
a stronger institution financially than the
| United States of America? At first blush
the reader will conclude that the above
! is very foolish question. The idea of
| any institution established under the
| laws of this government becoming strong
er financially than the government itself
appears-and is in reality-preposterou
yet we are going to prove by Secretary
Carlisle the affirmative of the PROPOSE
ton heading this article. We are going
to prove by him that the Illinois Trust
| and Banking company has a better credit
and is therefore stronger institution
financially-than the government of the
United States. If we do not establish this
| fact by Mr.. Carlisle we will succeed in
demonstrating the fact that what he has
said about the redemption of greenbacks
| and treasury notes is untrue and that the
! position he has taken in regard to their
| redemption by the United States is
very false position.
! Mr. Carlisle, as secretary of the treas
| ury, has said on divers occasions that
| while the law reserved to the secretary Of
| the treasury the right to redeem green
| backs and treasury notes either with sill
yer or gold at his option, that for the sec
| rotary to exercise that option and refuse
| to redeem with gold on demand any
greenbacks or treasury notes presented
for redemption would at once destroy the
public credit. OF course we could quote
directly from the secretary on this ques-
ton, but think that unnecessary, as we
presume no one will deny that we have
stated his position correctly Everybody
| who reads the papers knows that to be
what Mr.. Carlisle has said time and
| again in his speeches and in his published
| letters.
So, according to Mr. Carlisle, it would
| ruin the credit of this great government
for the secretary of the treasury to ex-
ercise the option given to him as secre-
tary by law and insist on redeeming
greenbacks and treasury notes with both
gold and silver. 1t should be borne in
mind by the reader that the treasury
notes and greenbacks are simply govern
ment obligations to pay coin on demand
Now, the Illinois Trust and Savings bank
of Chicago, we insist, is a stronger finan-
| cial institution than this government II
| Mr.. Carlisle is correct.
| And why do we say this? Because we
| are able to show that that bank is able
| to maintain its credit and stand up and
exercise it's right to redeem its outstand-
| ing obligations in any legal tender money
that it may choose to USE A bank certif-
cate of deposit is an obligation of the
bank to redeem the check of the deposit
or to whom it is issued in legal tender
money up to the full amount of the de-
posit Here is a case in which the Illinois
Trust and Banking company proceeds to
exercise the right OF choice as to what
kind of legal tender money it would re-
deem its outstanding obligation in, re-
eardIess of the demand of the holder of
the obligation. We take it from special
to the Atlanta Constitution sent that pa
per from Chicago by that exceedingly re-
liable correspondent, Mr.. e. w. Barrett
bearing date of September u.
ct made reference yesterday to the
Catholic priest who endeavored to nave
l'banlSiin this city return him $500 IN goid
which he had deposited. The priest in
| question was Father Edward Kelly, pas
| tor of st. Cecila's church 1t seems That
| Father Kelly Isl frequently called upon
| to act business agent for parishioners
| who desire to deposit their hard-earned
| savings, or make investments or their
scant incomes. A few weeks ago, one or
Father Kelly's parishioners-an old lady
|
| $500 in gold as the result of years OF toll
| came to him and said she was afraid
| the treasure, which was in twenty-dol-
| lar gold pieces, would be stolen, and
begged her pastor to deposit 1t in a bank
for her Father Kelly compiled with her
request and deposited the gold in the II
linois Trust and Savings bank, OF when
John ], Mitchell is president. The bank
readily took the yellow pieces and gave
a certificate of deposit therefor.
1..t nld
to the conclusion, after reading the gold
bug newspapers assertion that free coin
age of silver would drive the gold out
| of the country, that she would prefer to
| have the gold coin in her possession, and
| asked Father Kelly to get 1t for her. He
| cheerfully consented to do so, and. armed
with the certificate of gold deposit, went
| to the Illinois Trust and Savings bank,
| where, by the way, the reverend rather
! had a balance OF his own of some $20,O
and presented the lady's check for $500.
| To his intense surprise and indignation
| the paying teller cody showed out $500
| in silver certificates. The good father re-
| fused to accept the certificates and made
| a vigorous demand for the gold.
| eve are not paying gold out to any
one was the cool response of the teller.
| "'But my parishioner deposited $500 in
| gold less than a week ago. said Father
| Kelly, and she has right to receive
| gold in return.
]
| solently responded the bank official. You
| will have to take the silver certificates
| or nothing
"'But this is trust fund.- the good
| father said appealingly. My client gave
me gold and / must return gold to her.
She will not accept silver certificates for
gold
'The teller still refused. Father Kelly
then appealed to President Mitchell. but
met with refusal. The bank would re-
l.,ceive all the gold that people might de-
post, but the bank would not return
| dollar in the yellow metal.
| Father Kelly now denounces the
| cause of gold supported by this bank and
| Is actively for Bryan.
"He began a campaign by returning
| to the bank on the following day and
| transferring his account to another insti-
| tuition Now he is working for Bryan,
| and so are his thousands of parishion-
| ers'"
Here is a case where the deposit was