Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1899-12-27

monetary concern of New York, in
which Secretary of the Treasury Gage
is so much interested. This great
consolidated institution, which it is
decided shall have the endorsement
and support of the government,
will bear much the same relation to
this country that the Bank of Eng
land, the Bank of Spain, the Bank of
France. the Imperial of Germany, etc.,
do to their respective governments.
While owned and controlled by the
finance kings of the metropolis of the
nation, it will be the recognized insti-
tuition which has the govern ment ia
vor and through which government
transactions are to be made. 1t will
be strictly next" to the government,
and will be the imperial depository
The governments internal revenue,
which would otherwise go into the
vaults of the United States treasury,
and which amounts TO something like
81 900, 900 day, will, by designation
of Secretary Gage, be deposited in the
safe keeping of the new bank. 1t
will act as the governments hsca'
agent, and will involve the merging
of three of the foremost banks of New
York City. 1t will be known as The
National Bank of the United States,
with heavy on the word 1.-The" in
this connection. The National City
| bank, about which the new combine
is to form, will. after the first of the
year, make the first move toward
meeting the conditions that are to fol-
low, by increasing its capital stock
from 81 900. 900 to $40. 900, coo. The
National CITY is already the favored
institution of the government. and
as a New York dispatch says, Twas
the fiscal agent of the United States
in the payment of the $50. 900, 900 to
Spain under the terms of the treaty
OF Paris, in payment for the Phillip
pine islands. More recently the sec
rotary of the treasury has made il the
place of first deposit for the internal
revenue receipts of 81, 600. 600 day,
which is diverting from the treasury
in order to prevent an accumulation
there of surplus funds necessary for
| the conduct of the peoples bust
ness. This transaction is not only
profitable to the bank, but it gives it
valuable prestige by advertising its
peculiar relation TO the administra-
ton. The National City bank is said
| to have an am bition to make this re-
lation permanent and more nearly
official; that is, becoming in fact
the central money power of this coun-
try, as the banks of England and
France and the Imperial bank of Ger
many are in their countries. To this
end the ancient customhouse building
was bought from the government. 1t
will cost So, 900, 900 to remodel and
refurnish it's interior, and even more
to build an edifice expressive of the
banks new relation to the business
world. The stockholders are expected
to decide at the meeting next month
| Just what is to be done. Housed in
| the old custom-house it would look
like the Old Lady of Threadneedle
Streets Younger sister, and looks
counts for a good deal in business.
1t takes but a glance to realize the
limitless power of such an institu-
ton, with its prestige of money at its
control, as well as the government at
its back, in the finances of the coun-
try.
1t was at first rumored that SecrC-
tary of the Treasury Gage, who has
been conspicuously interested in the
completion of the com bine, was to re-
| sign his seat in the cabinet of Presi-
dent Mckinley and become the head
| of the institution, but later reports
deny this. 1t is possible that the
stockholders in the proposed concern
would prefer to have Gage remain
where he is.