The evening times., 1899-06-15
.RuL1Na ON CUBAN FINANCES.
North Americas Trust Company as .
DepOsltary.

North Americas Trust Company as q
DepOsitary.
An important decision has Just been
published by the War Department regard
| ing the use of the North American Trust
, Company. by disbursing officers in Cuba
as depositary for moneys in their posses
| sion belonging to the United States. The
decision says: s-3Bas 80
'The North American Trust Company
having complied with the requirements Of
Executive Orders of April 25. 1899. was de-
signated depositary Of the War Depart
mental orders of May II. 1899. Such
designation authorizes officers Of the mill
tary government now in charge Of civil
AFFAIRS in the Island of Cuba to deposit to
the credit OF themselves as such officers
and subject to their own orders at the
banking house of the North American
Trust Company in Havana, and the branch
banks of said company in other cities Of
the island, the moneys now In the custody
of said officers received or hereafter arising
from the customs receipts, taxes, or other
revenues of said Island Of Cuba. Such
funds or moneys do not belong to the
United States but are held in trust by the
United States for the inhabitants OF said
island, the discharge of which said trust
devolves upon the war department
The designation before referred to did
not create the North American Trust Com
pany nor any Of its branches a United
States depositary or designated place OF
deposit for funds belonging to the United
States
''Disbursing officers of the War Depart
ment having in charge moneys belonging
to the United States are prohibited by law
..srx
than the United States Treasury. sub
treasures of the United States. or some
place designated as depositary by the
Secretary of the Treasury.
BY section $500 Revised Statutes. 1t is
provided that In places where there Is
no treasurer or assistant treasurer. the
Secretary Of the Treasury may. when he
deems it essential to the public interest.
specially authorize in writing the deposit
of such public money in any other public
depositary, or. in writing, authorize the
same to be kept in any other manner. and
under such rules and regulations as ne
may deem most safe and effectual to IA
cilitate the payment ~ public creditors
Such authority has not been given by the
Secretary of the Treasury in the instance
OF disbursing officers In Cuba charged
with funds belonging to the United States.
THE North American Trust Company
United States, with whom the Secretary of
tine Treasury places money belonging to
the United States, upon the requisition OF
the War Department. Officers charged with
in Cuba moneys belonging to
the United States, available for the use Of
the War Department. are thus authorized
and empowered to make such disbursement
by checks drawn on the said fiscal agent.
These checks being presented to the bank
ing houses or branches establishments of
the North American Trust Company. in
Cuba. should be cashed in United States
currency or its equivalent, without charge
Or discount. the same as though said checks
were presented TO the banking house OF
said company in New York city. Disburs-
ing officers of funds belonging to the
United States can utilize a fiscal agency of
the United States for disbursement Only
and cannot deposit funds of the United
States therein.
Officers in Cuba having in their pos
session funds belonging to the United
States which they are required to convert
into the Treasury of the United States,
must remit the same to the Treasury or a
by draft, at the risk of said
officer: the actual cost of exchange being
borne by the United States. such expense
being considered an abatement OF the fund
in his hands,