The evening times., 1900-10-03

the next year The Treasury was 50 poor
that the banks derived little benefit
Congress tried 10 set q fiscal bank, and
H month later a fiscal corporation, to
take the place OF the Bank OF the United
States: but both were crushsd by We
toes Of President Tyler, august - and
September 9, 1871. His own fantastic
scheme of Board of Control or Ex-
checuer. not unlike the eumbrous de-
vice of the Continental Congress, met
with scant favor. and is known only to
curious students
"From bank of the United States, from
local banks as sole repositories, from de-
pusits OF public funds with the States,
from multifarious schemes crude, danger
Gus. unworkable. Congress turned, if not
IN despair. in necessity. TO an Independent
Treasury whose previous career had beea
so brief The act CT August 6, 1876, stands
10 this day and its methods have prevail
ed longer than any other device for hanc-
ling the finances OF this Government The
maintenance of nine branches in different
parts of the country solves the problem
of exchange on both receipts and disburse-
menis. and brings payments c.ose TO the
people. BY the designation OF depository
banks 10 receive the postal and the inter
nal revenue the friction Of collection is re-
dueed to the minimum and the drain OF
funds from localities is prevented
past when a single bank is needed to place
government bonds, the Spanish war loan
OF 1898 affords 1t abundantly. The zeal Of
the banks in subscribing for that loan five
times over deserves all praise for their
loyalty and devotion. and the praise should
be extended freely and gTaciousiy- But the
offers in small sums from individuals were
twice the amount called for. The floating
of that loan without discount and at q cost
oF Of I
printing and distribution. records both the
patriotism Of the plain people and the ex-
celieuce OF the work of the Treasury.
''For two years our financial problems
have related to the surplus. The Spanish
war cost much less than the estimates
General prosperity has given large rev
enues The Secretary Of the Treasury has
had to decide what to do with SITS, ,000, 900
OF unused funds for the Treasury was able
to spare so much from quick resources.
and yet TO retain about $50, ,000, coo In its
own vaults. That is aboU5 the cash kept
" the British exchequer IN the Bank of
England; the sum was Sta 361s.000 last
rlHattl Besides. our Government needs
large amounts within quick reach for ener-
geneies.
'sThe task was to serve the Government
and to respond to the frequent and some
what urgent appeals for the relief of the
money market. The prepayment of in
terest could be only transient measure;
bondholders showed no desire TO accept in
terest in advance on rebate.
Stronger measures were adopted and
were successful. Offers were put out No
vember 10, 1S99 to buy S25, ,000, coo in old
fours and fves at the prices thea current
and purchases were made of s19, 900. $50 In
May, 1900, the Secretary of the Treasury
gave notice that the twos of the funded
loan of 1891 would be paid on presentation
and interest would stop on them August 1S
By that date s13, ,231, $50 had been paid of
the total of S25,3 500, and on October l.
S4.216, $50 remained unpFesented, free of
interest
The second days session OF the bankers
opened at 10 o'clock this morning
All OF the morning session was devoted to
roilcall Of States, responded To by five
minute reports from the bankers on the
general business conditions in their sew
eral localities. Tho speakers reported a
healthy condition OF the trade Particular
interest was shown in the reports of the
condition of the banks in the Southern
industrial region and through the Middls
West
At this afternoons meeting the bankers
discussed topics largely technical under
the head of practical banking questions, :"
as they we're suggested from the floor. Half
al hour was allowed for the discussion of
each topic and the speakers were limited
to Ave minutes.