Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-19
AT THE WHITE HOUSE
Measures TaksR to Relieve the Money
MARKET stangsuoy.
Secretary cage Tell. the Cabinet
what he i2 Has Has Done I'm
That DIRECTION.

Secretary Cage told the cabinet of the
| action he had taken hate yesterday after
| noon in announcing his intention to in
| crease the ACKNOWLEDGEMENTS in national
bank repositories, as tputlined in yester-
days Star The action was taken at 5
o clock yesterday afternoon, after the Sec
rotary had conferred for long time with
President Mckinley, putting before the lat
ter many of the kilograms received at the
treasury asking that something be done to
relieve the money market
Not only will present repositories receive
more money by complying with the law.
but new depository banks will be designated
when such banks have properly qualified
and made deposits of United States bonds,
as required by law. To such banks the in
coming receipts from internal revenue. esti-
mated at ssoo,V9 a day, will be distributed.
1t is thought that the large balance in the
treasury VIII enable the government to de-
post to a total. of $50 900 to $4,000 900
should the banks apply for this much.
Inc National City Bank of New York,
the largest financial institution in that city,
today made application for $4,OO0,00O addi-
t1onal deposits, and deposited more than
$4,000. 600 in government bonds as security
Similar applications were received from
other banks throughout the country.
1t Is recognized at the treasury that,
while 1t is now easy to let the banks have
large amount of government money, the
trouble for all concerned will come later
when the government, will find ii necessary
tc begin Withdrawing some of its deposits
When to withdraw and how much to with
draW may prove serious problem.
Cannot Purchase More Bonds.
Secretary Gage said that he could not
attempt to purchase more bonds now, as
the prices had been forced up because of
the recent offer to purchase. The offer
made weeks ago has resulted in the pur-
chase of only four-tifths of the amount
the treasury proposed to accept.
The Secretary expressed to the cabinet
| his belief that the plan he had adopted
would afford some relief.
1t is asserted by some officials that If
the national banks could issue notes to
the par value of bonds deposited this trou-
Bile would have been avoided.
Legislation for Alaska Needed.
Secretary Gage had a talk recently with
well-informed man who has just returned
from Alaska. and the Secretary referred to
the talk at the cabinet meeting today, en-
phasizing the need of legislation for the
territory. Secretary Gage said it was ex-
pected that 10000 people would go to Cape
Nome to engage in mining next year. IN
less something is done such a crowd will
be unmanageable under the present laws.
The talk did not have for its object the
accomplishment of anything by the cabinet
VI lSSibent Inc tEtifS AutStioH Oh itgiS-
lation for Alaska is in the hands of Con-
gress, and it is generally hoped that some
thing will be done.
Some of fToday's Callers.
Before the cabinet met this morning Sem
ators Nelson Depew and Clark and Rep
resentatives Rupert, griffith, Grosvenor.
Curtis and Van Voorhis called on the Pres
ident in relation to various minor matters.
1t is understood that the President will
in few days make several nomina-
tions as paymasters, with rank of captain,
In tbs army. One of the men decided upon
for place is Ralph Ingalls, of Missouri, d
son of ex-senator Ingalls, of Kansas. The
nomination has been requested by Senator
Baker and republican members of the House
from Kansas. Mr.. Ingalls, was an officer in
a volunteer regiment from Missouri in the
Spanish war;