The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-05
Only $26,O34,771 in Premiums Paid,
Leaving the Net Saving Nearly
Seven Millions.
MANY NEW NATIONAL BANKS
CIRCULATION MAY SOON BE IN
CREASED ABOUT s121, 100000.
President Sanford II. Dole Appointed
Governor Of Hawaii and Henry
e. Cooper Secretary.

A
WASHINGTON, May Representative
Brosus of Pennsylvania, chairman of the
House committee on banking and currency,
to-day made a statement, official in char
acter and based on information carefully
prepared by the Treasury Department, on
the workings of the recently enacted finan-
cial law. The statement SAYS in part:
1.-THE refunding provisions of the law are
working out an achievement in finance
without a parallel in the history of the
world. The statement I submit is official
and shows the amount of bonds Of each
kind exchanged since the law went into op-
Grafton, March IA, to the 1st day of May,
1900, together with the saving in interest,
the premium paid and the net saving" The
statement shows the following totals:
Amount refunded $3.50 020, $50
Saving OF interest ................... SZ6y9, 20
Premium paid ..................... z6u5i,!u
Net saving ACKNOWLEDGEMENTS. 6,664, 454
1.-The net saving shown by this state
ment represents the difference between the
amount of interest the government will pay
upon the bonds refunded to the date Of
their respective maturities and the amount
been obliged to pay had not the bonds
above described been thus refunded.
at will be observed that the total amount
of bonds exchanged is $3.50. .02o. 75o The
treasurer has already made full settlement
for bonds amounting $25e.051, $780, and of the
premiums paid and to be paid $26.0S4.7n,
the treasurer has already paid SIS. .s23, 7s2,
leaving unpaid only about $4,000 OF the
$3.50, ,O2O,7 $50 bonds exchanged $4S,50S000 wwe
from institutions or private persons other
than national banks.
"The operation of legal tender redemp-
ton under the provisions of the law ex-
hibits a highly satisfactory condition Of
public confidence in our government paper
and is happy omen for the success OF
that branch of our monetary system in the
future. The secretary Of the treasury in
forms me that the amount of United States
notes redeemed in gold out of reserve fund
since the new law went into operation is
S. 133. 2s4''
One of the most interesting features Of
Mr.. Brosius's statement is a table pre-
pared by the treasury showing the extent
to which new national banks have been or
ganized under the new law. The total
number of applications approved is 244,
with a capital of IS, S,SSO. 900. The total appli-
cations on file for authority to organize ma
tional banks is sos, the total applications
for the conversion Of old banks into ma
tional banks 3S2, making total of all kinds
of new bank organizations of S9O Mr..
Brosius also adds, from unofficial but re-
liable sources, a detailed estimate of $121.-
78S,S5S as the amount of currency the ma
tional banks may issue In the near future,
as gathered from their expressed inten-
tion.
Secretary Root has recovered sufficiently
from his recent indisposition to enable
him to resume his official duties He spent
a short time at the War Department this
forenoon prior to attending the Cabinet
meeting at the White House. At the Cabi-
net meeting considerable time was con-
sumed in discussing the new Hawaiian and
Porto Rican acts. Although the treaty un-
der which Hawaii was annexed to the
United States provides that the United
States should assume the debt Of the is
lands, amounting to about $4,000, 600, there
was some doubt as to the right Of Sec
retary Gage, under the Hawaiian act, to
pay off the debt and 1t is probable that a
bill will be introduced in Congress with a
view to setting the matter right. Doubt also
was expressed as to the right Of the post
master general to extend the postal laws
to the islands under the terms of the act
and remedial legislation may be asked in
this case. Secretary Root read letter from
General Otis, in which he stated that he
would sail from Manila for the United
States May 5. The appointments that are
to be made in Hawaii and Porto Rico were
discussed and it is likely that several nomi-
nations will be sent to the Senate very
soon.
The Senate committee on printing to-day
continued its hearing in the matter Of the
publication Of the papers and messages of
the Presidents, hearing George Bacus, the
publisher of the work; George w. Seaver,
his attorney, and Mr.. Ainsworth r. Spof-
ford, assistant librarian of Congress. The
fact that 10000 sets OF the book have been
sold or contracted for was brought out.
Mr.. Spofford said that he had been merely
an employe of the publication committee
and that he had resigned that position
XXX
The Navy Department has received from
Captain Chadwick the acknowledgment of
the receipt by him OF the departments let
ter of reprimand. which he was directed to
return.
The House judiciary committee to-day
gave hearing upon the Senate bill intro
duced at the suggestion of Attorney Gen.
eral Griggs to provide for the removal to
the proper district for trial of persons in
dicted for offenses against the United
States. The bill was prepared to cover the
cases Of Benjamin B. Green. John F.. VIM.
T. and Edmund H. Gaynor, and Michael
A Connolly. who were indicted by the
grand jury In the Southern district OF