Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1899-12-30
RUSSELL SAlE FIAVS GAIf
Ard Calls Watered InJuStr Il
Nothing But Robberies.
THE FINANCIAL TROUBLE
The Venerable FInancier Speaks Plain
~ and to the Point--lie Says the
Government tias No Right to Place
Millions at the Disposal Of Amy One
Bank Secretary gage Criticized.

New York, Dec 2S.--s'The Govern
ment has no right to take the public
moneys and place them at the disposal
Of single banking institution. II Is a
great mistake. IL is dangerous, said
Russell Sage to reporter to-day.
THE act Of Secretary Gage Is a men
ace to the business community. 1T
practically gives one man the control
OF the country's financial lever. to turn
whichever way does him the most
good.
'sMr Rockefeller is in business to
make money, and the National City
Bank is operating for it's own good.
With the free use Of the immense sums
which the Government proposes to
throw into the banks vaults, 1t could
manipulate the money market at times
TO suit it's own fancy.
I'VE had one experience with d Uni
ted States Bank ard 1t was too unpop-
ular with the public to continue in bus
mess The public will no more approve
Of the National City Bank being the
sole receiver OF our revenue funds than
it did of the United States Bank
III Secretary Gage honestly wishes
to aid the money stringency let him do
50 through the aid OF the Clearing
House. This association includes the
Presidents OF fifty banks of this city,
and they can handle the financial sit
uation as it should be handled.
The Clearing House. don't believe
approves of one bank being the distri-
buting centre of Government millions.
The men of that institution know too
well the dangers of such a monopoly.
What were the primary causes OF
this money stringency?" MIR. Sage was
asked.
inflated trusts and numerous so
called .industriaIs' which were nothing
more than robberies. They deceived the
public and the promoters should have
been indicted and sent to Jail
Why. some OF them were capitalized
Us high as ten and twenty millions.
Preposteroust They fioated the market
with rot and the people were induced
/ I, invest their money in the belief that
what they put in to-day they would
double tomorrow.
We have ample banking laws to
Protect us against such schemes, and
they should have been applied
THE amount OF money which the
public put into these alleged invest
raents you can hardly comprehend II
tied I'll, millions which was used by
these concerns to squeeze the money
market.
Let me say that If the Government
is 10 relieve the financial community
from this condition. the money should
be inlpartially distributed. 1t should be
Placed in the hands of men who are
sure to use it for the purpose intend
ed
Senators and Congressman openly
criticise Secretary Of the Treasury
Gage for his action in designating the
National City Bank as the depository
of the s1,00o0o0 day internal revenue
receipts of the Government Indeed, ii
seems that a Congressional storm IL
gathering and is likely to break with
great violence over Mr.. Cages heat.
when Congress reassembles next Wed
nesday. A resolution is to be introduced
In the House, and one will also proba-
bly, come up for consideration in the
Senate. demanding an investigation in
to the action of the Secretary.
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