The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-30
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telephone or Geographic communica tioas
between the secretary of the treasury or
his subordinate officers and the officials OF
the National City Bank of New YORK CITY,
and il so, what agreement and understand
ing was arrived at by means or these tele-
phonic Geographic or other communlca-
tons"
To this the secretary replies: ut should
be sufficient answer to all that is required
on the subject of this conference between
Mr.. Stillman Mr.. Morgan and myself at
Philadelphia, TO say that such conference
never took place. Mr.. Stillman and Mr..
Morgan, for what reason i know not ala
not come to Philadelphia to see me, but on
Dec. o. 1897. Mr.. Stillman placed the mat
ter about which he and Mr.. Morgan wished
to talk about with me before me In let
ter, which appears on Page "a, OF the docu-
ment wherein is printed my communication
to the president pro tempore of the Senate
of Jan. 10, 1900" Mr. Stillman's letter is
request to allow much as possible for
the Pacific debt money to remain In the
New York banks so as to secure an easy
money market with uniform rate of inter-
est" which, Mr.. Stillman says, will avert
a panic and aid in the reorganization plans
of various railroad companies then in prog
ress.
SIXTEEN MONTHS APART.
Fifth - With special regard for that
part of the inquiry which raises the
question whether or not the secre-
reason to believe that the govern
ment funds deposited in the National City
Bank, of New York, were used with view
of causing a liquidation of speculative
stocks, as mentioned in the letter of James
Stillman to Lyman ]. Gage of April s, 1899.
ect, / make answer as follows: The two
letters referred to in the inquiry are sep
arated by period Of sixteen months, but
all the knowledge or belief the secretary of
the treasury had as to the uses to which
deposits in the National City Bank were to
be put at either period or at any other per-
iod between Dec q, 1897, and April s, 1899.
was obtained from these letters, which
have already been submitted to the Senate
in answer TO former inquiry. Beyond the
information conveyed by these two letters
the secretary had no knowledge whatever.
They were not supplemented by personal
interviews or telephone communications.
"Sixth-And whether or not the secretary
of the treasury, or any of his subordi-
mates, had any correspondence, Geographic
or telephone, or otherwise, or any agree
ments, documents, papers or conversation
with the officials of the National City Bank
of New York. between the period embraced
from April %, 1895, to June 2 1898, Sept. 3,
1898, to Oct. %, 1898; Aug. 26, 1899, to Dec.
10, 1892 and if so, let him accompany his re-
Spouse to this resolution with copies there
Of The Senate has already been fur
nished, as stated in my communication of
Jan. 10, 1900, with all correspondence, let
tiers, kilograms, agreements, documents and
papers in the possession of the Treasury
Department, with reference to deposits in
the National City Bank, of New York.
from March 4, 1897, to Jan. 4, 1900,
the date of the previous Senate
resolutions on this subject. For that
reason there have already been furnished
to the Senate copies of all correspondence
of every kind and description since April
%, 1893, to June 2, 1898, Sept 10, 1898, to Oct
20, 1898, Aug. Is, 1899, to Dec IS, 1899. The
department is without the means Of pre-
serving conversations, and for that reason
is not able to comply with the Senate's
request for copies of conversations, If any
were had.
cit has not been the practice of the sec
retaries of the treasury to preserve con-
versations. 1t may be said, however. that
the transaction of the business of this de-
partment with the National City Bank. or
with any other bank no conversation has
been had, either by telephone, or face to
face, which has had reference to any re-
lations, official or private, otherwise than
as fully set forth in my communication to
the Senate dated Jan. 10, 1900. No agree
ment, past, present, or In contemplation,
has ever been mad with the National City
Bank, otherwise than is literally set forth
in my communication TO the president pro
tempore of the Senate of Jan. TO- 1900"
The final section of the Senate inquiry
reads: "And the secretary of the treas
ury is further directed to inform the Sem
ate of the amount of United States bonds
held in trust by the Treasury Department
for the Standard Oil Company, of the city
of New \ ork, to secure government de-
posits for the National City Bank, of New
York city, and upon what dates these bonds
were assigned, and the amount thereof, or
at any time held by the government of the
United States for the Standard Oil Com
pany This inquiry the secretary says, is
based on a misconception, induced no
doubt, by requests from the National City
Bank, to transfer certain lots of bonds to
the Standard Oil Company, and to other
parties. Secretary Gage explains that
when registered bonds are deposited as
security in the treasury they are Cancelled
and fresh bonds issued TO the credit OF the
treasurer, in his name and trust. When
such bonds are surrendered by the treas
urer, they may be reissued to the depos-
iting bank, or, on the banks formal re-
quest, they may be reissued to any other
party or institution" In conclusion the
secretary says: THE records show that
the treasurer has assigned and delivered
upon the orders of the National City
Bank, to fourteen different parties, to-
tai of $7,334,OO0, and of these sl,9l4,0OO was
transferred to the Standard OIL Company.
The treasury at no time has held any bonds
in trust for the Standard Oil Company, nor
for any interest other than for the depos-
itIng bank"