The times., 1899-12-28
The New rnitcd states pank.

The New United states Bank.
When Andrew jackson was President. it
Is said that he was used to look out of the
front windows of the White House and
snake his fist at the United States Bank
which occupied the quarters now inhabited
by the Riggs National Bank. Mr.. Gage is
across the street from that historic edifce
Perhaps he contemplates its decent and
substantial front elevation with sentiments
OF an un-JscksOnian nature; because il is
said that the idea Of United States Bank.
personally conducted, by the Secretary CT
the Treasury for the benefit Of whom it
may. concern. is not as repugnant TO his
sensitive nature. as The like thing was 10
the mind Of Old Hickory
The reason this notion has found a lodg-
meut in the public mind is that Secretary
Gage has taken rather extreme If not ques-
tiouabIe action in turning over TO a single
New York bank the internal revenue re-
ceipts OF the Government for distribution
among number OF designated repositories,
the osteusfbIe object being to relieve the
prevailing stringency Of the money market
Perhaps il some OF the alleged circum-
stances Of the deal and ukase were differ
ent the personality o. the Presidents 5
Finance Minister would not figure as prom
ineutIy as il does in connection with the
mystery. It is even possible that the ad-
venture itself might then be less open 10
the criticism TO which It is being sub
5ected.
II is charged that the National City Bank
OF New York is the principal one Of num-
Der OF financial institutions, known as the
standard Oil group" because they are
controlled by the RockefelleTs and their
following. AS the recent squeeze IN money
is widely sscrIbed 10 a design Of the stand
ard oil magnates to squeeze the market,
in furtherance OF their OWE interests, there
are fpanciers who hold that Mr. Cages
course in attempting to relieve the pres
sure bv placing million dollars day OF
Government money in the hands Of those
who are responsible for the contraction, Is
omen TO some slight question.
Beyond this, Ii is alleged, but with what
truth we are unable 10 say, that the Ma
tional City Bank Of New York and the
First National Bash Of Chicago are inti-
mateIv connected through a more or less
common proprietary ia the Rockefeller in
terezt In the Chicago institution Mr.
Gage is understood 10 be a leading share
holder. He Is rather widely credited with
The intention of accepting administrative
control Of both banks al the end Of the
present national Administration, it being
generally reported in New York that the
Standard OIL people have made such an ar
Tangement with him.
In view Of these beliefs and reports, the
Secretary Is being rather unkindly attacked
for using his official prestige and great
mower to promote the influence and profits
of 2 concern IN which he is popularity re-
garded as q partial proprietor, as many
persons seem 10 think in contrayention Of
The spirit il not in open violation Of the
law IN addition TO this public objection TO
lis course. il Is held to be improper on his
part in effect to establish a United States
bank and 10 eudoW Il with all the enormous
power that flows from the possession and
manipulation Of the Government revenue,
on his own initiative, and possibly, with
some reference 10 his ultimate connection
with the institution 3 year from next
March
We are not prepared to accept all or
any Of the allegations leveled at Secretary
Gage. without first according him an op-
portunity to deny OF explain them. Per
haps he is not a leading shareholder in
the First National Bank Of Chicago and
is not open TO the charge OF using the
Treasury influence 10 help that institution
by fayoring its partner bank in New York
The statement that the National City Bank
Of New York and the First National Bank
Of Chicago are practically one may be
erroneous. 50 may be the other state
ments, that they belong to the Standard
OIL group OF banks. that both and Mr..
Gage are under the control OF the Rookie
felIers. and that the latter are as likely TO
use the revenue million day to depress
rs TO relieve the money market But Mr.
Gage owes ii 10 himself TO explain all these
thlngs. II be viii not 90 1t freely and
frankly for the public benefit he viii prob
ably be asked to for the enlightenment OF
Congress
without question. there viii be resolu-
tions OF enquiry offered in both houses soon
after their reassembling next week. The
Administration viii hardly care TO insist
upon a suppression OF the subject. because
that would turn what Is now only a con-
dition of curiosity in the Congressional and
the public mind. into something sadly re-
aemblng a scsndaium maguum In one
way or another the country viii try TO
learn from Mr. Gage what were the neces-
sities of the case compelling him 10 single
out the Standard OIL money stronghold
and 70 make Of It q United States Bank
This main question. and the others coll
lateral 10 IL 70 which We have referred,
viii have 10 be answered. The person most
Interested ln answering cannot well regard
them as improper or impertinent. because,