The daily journal. (Salem, Or.) 1899-1903, 1900-01-12

internal revenues $500 100000 a year.
MIR. Gage begins by explaining that
Mr.. McKinley's presence on Wall street
with the United Stales treasury under
his arm is due to 1.-THE stringency Of the
money Market" as proved by the re-
cent "panic."
Rut as Walker Hill, the eminent pres
ident of the American Bankers AssOcia-
tion, has pointed out, and as the facts Of
the "panic" clearly show, there was no
real panic, "no commercial panic" but
''merely a speculators or gamblers
panic" And that distinguished author.
ity on finance, the George Roberts who
is director Of the mint--he must not be
confused with Mr.. Platt's Ellis Roberts,
the United States treasurer-points out
In the World that not only is il impos-
sible TO relieve a stringency caused by
excessive gambling, but also il is posi-.
lively dangerous to the real commercial
interests to try TO do so. Mr.. Roberts
good Republican, but also thorough
ly Conscientious and well-informed man
demonstrates that MIR. Mckinley has
been acting like a man, who, called on
put out fire, responds by emptying the
kerosene can upon it.
Mr.. Mckinley further pleads through
Mr.. Gage that IL is necessary for him to
select one bank to be the distributor Of
the governments vast free deposit
among the depository banks; that were
the treasury department to try to make
an equable distribution II would make
havoc Of treasury bookkeeping.
But why this vast free deposit Of the
peoples money? Why gather in mil
lions from the people and lend them
without interest to certain favored per-
sons, who promptly lend them out at
interest, often getting the enor-
nous interest that attaches 10 "call
loans?" When many banks and trust
companies cheerfully pay 2, 215 and 3
per cent for deposits at times when
money is drug in the market why
give the free use Of money raised by tax
ing the people to gamblers and abettors
Of gambling, aud others whose opera
tions are equally detrimental 10 the
health Of trpde and commerce? Is there
no more valid reason than that the
treasury bookkeopers would have to do
a little extra work.
Mr.. Mckinley further explains that
the National City bank got the appoint
ment OF custodian of the internal rev.
enues because II had made the largest
deposits Of bonds.
How did this bank come TO be ready
and waiting when Mr.. Mckinley sud-
denly decided that he wished 10 favor
some worthy, deserving bank with this
little Christmas gift2 How did Il hap
yen that the only bank in position 10
receive IL was the same bank that got
the custom-house site "by private ar
rangement" for $l,7O0,00O less than its
value, that got the handling OF Mr.. Me-
Kinley's t2O,0O0,O 900 gift to Spain for
his Philippine war, that numbers among
it's directors and stockholders 30 many
Of the heaviest stock contributors 30
Mr.. MoKinley's campaign fund of 1892
Mr.. Mckinley goes ON TO insist
through Mr.. Gage that the National
City bank deserves eco mmendation
rather than denunciation because II
las undertaken "heavy and pretty
hankless task, "
This surpasses Mr.. Cleveland's COM
plants OF those who dared TO criticise
patriots who bought government bon ds
1t l0lIi from him by secret arrange
mont and sold them in the open market
or 1870. Mr. McKinley's friends under
lake to receive all the taxes collected
inder the internal revenue laws and to
use the money until II is distributed or
IurnaI ntar a., tha fraaaufy And a Il