The Taney County republican. (Forsyth, Mo.) 1895-1992, 1900-01-11
Washington Letter.
(From our own Correspondent y

1
ter of II whirlpool of abuse and mis-
representation recently, because b,
came to the rescue of the New YOrl
banks and prevented what nigh
easily have become widespread
panic, ruining thousands of people al
| over the country. Yet he has don,
nothing for which lie is rot to bt
highly comm.n ended.
The truth is. that too large a sur.
plus is in some ways quite as danger
GUS as a deficit. The receipts Of the
government had gone OIL piling up in
the Treasury until, what with the
drain of money to Great Britain fol
war purposes, serious shortage was
eminent in New YOrk-a shortage
that would have wrecked hundreds
of business houses.
In this emergency, the Secretary
decided to avail himself of the law
permitting the deposit of public
money in national banks, provided
they gave security for its safe return
by dcposi,ing United States bonds.
He announced that the internal rcve-
nue. receipts, amounting to about
81 100000 day, would be deposited
in banks that sbo sid qualify.
IH order to relieve the Treasury OF
the extra labor and expence neces-
sary III distributing these deposits to
the banks applying it was hoEhly ad-
visabIe that some one bank should be
designated as distributing agent.
1t was not easy, however, to find a
bank which could deposit enough
donds to secure the government and
which was willing to assume the
labor and responsibility necessary.
The City National Bank of New
York had offered to deposit $4,000
900 worth of bonds In return for de-
posits Of money. No other bank had
offered-Or possessed free of incum-
brance more tfran 100000 worth. OBJ
viously not enough for a distributing
agency for which, indeed no one had
offered.
Finally Secretary Gage insisted
that the City National should act in
this capacity, and it assented, much
against its officers wishes. They
wanted deposits which they could
loan out, not merely money to he
Immediately turned over to other
banks. But there was absolutely no
one else on whom the government
could call-no one else who was even
qualified to act. For this instance, to
which both bank and Secretary were
reluctantly driven, both have been
virulently assailcd and the latter has
been charged with gross favorltism.
Carroll b. Wright, Commissioners
of Labor, and Professor jerks. expert
for the Industrial Commission, take
issue with the statement that the
wages of the la5oring man have been
reduced by the consolidation of SO
many manufacturing concerns into
few hands. They make no attempt
to show why this is so, nor do they
assert that it will always be so. They
simply state the facts as ascertained
by them and back them with for
midable array of statistics. If the
general rate of pay has been iniuri-
ously affected by consolidation, the
fact remains to be proved. So tar no
proof is obtainable after the closest
Investigation.
The anti-expansinists who propose
to use General Lawton to bolster up
their cause, had better go a little
slow, or they will find themselves in
much the same condition as when
Dewey came back from the Philip
pines and repudiated the Tagalog
ideas ascribed to him. General
Lawton has been repeatedly quoted
as being. opposed to the war, but
nothing more certain than that he
was opposed to it just as as President
Mckinley has always been opposed
to it. Both would have made almost
any personal sacrifice to prevent it or
to bring it to an end, but neither
would retreat from the rebels. As
proof that these we're General Law
toms sentiments, the following quota
tion from almost the last letter he
ever wrote, may be appended: az
would to God that the truth. of this
whole Philippine situation could be
known by everyone in America as 1
know it. Ifthe real history, inspira-
ton, and conditions of this insurrec-
ton, and tho influences, local aud ex-
ternal, that now encourage the enemy,
as well as the actual possibilities Of