The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-01-29


the officials of the National City bank
of New York or the officials of the Ma
tional City bank and the secretary of
the treasury or his subordinates in ref
erence to a letter from the secretary of
the treasury to James Stillman, presi-
dent of the National City bank of New
York, of December 21, 1897, in which
the secretary wrote: I have yours of
the goth instant, and note your sug-
gestions as to a conference with Mr..
Morgan in relation to the treasury de-
posits in the National City bank de-
poSitorieS of New York" other than
We're transmitted with my communi-
cation to the president pro tempore of
the senate under date of January 10,
1900 Nor can it be recalled that there
was ever any conversation had be-
tween the secretary of the treasury and
Mr. Stillman or between the sec
tary of the treasury and any other
man concerning the said letter"
The fourth section of the senate in
quiry is quoted, as follows: And the
secretary of the treasury is further di-
rected to transmit to the senate copies
of any letters, agreement, communica-
tions, papers, documents or other in
formation in his possession, or in the
possession of the treasury department,
respecting the conference between the
secretary of the treasury and James
Stillman, president of the National
City bank, J. Pierpont Morgan, of New
York. and any other person or persons
with whom he conferred in Philadel-
phia as mentioned in his letter to
James Stillman, president of the Ma
tional City bank of New York, of De-
cember 21, 1897; and also whether or
not the conference resulted in any
agreement or undertaking in regard to
depositing government moneys in the
national bank repositories in the city
of New York; whether or not any rec
ord was kept in the treasury depart
ment of telephone or telegraphic com
munications btween the secretary of the
treasury or his subordinate officers and
the officials of the National City bank
of New York, and if so what agree
ment and understanding was arrived at
by means of these telephone, tele-
graphic or other communications"
TO this the secretary replies: "It
should be sufficient answer to all that
is required on the subject of this con-
ference between Mr.. Stillman, Mr.. Nor
gan and myself at Philadelphia to say
that such conference never took place.
Mr. Stillman and Mr.. Morgan, for what
reason I know not, did not come to
Philadelphia to see me, but on Decem-
Der %, 1897, Mr.. Stillman placed the
matter about which he and Mr.. Nor
gan wished to talk with me before me
in a letter which appears on page u of
the document wherein is printed my
communication to the president pro
tempore of the senate of January 10,
1900''
Mr.. Stillman's letter is a request to
allow as much as possible of the Pa
cific debt money to remain in the New
York banks so as to secure AN easy
money market with a uniform rate OF
interest" which Mr.. Stillman says will
avoid a panic and aid in the reorganiza-
ton plans of various railroad com
panies.
.Sixth-And whether or not the sec
ertary of the treasury or any of his
SubordinateS had any correspondence,
telegraphic of telephonic or otherwise,
or any agreements, documents, papers
or conversations with the officials of
during the period embraced from April
2S, 1885, to June 2, 1898; Sept 10, 1898,
to October 20, 1898; August 26, 1899, to
December 10, 1899; and if so let him
tion with copies thereof
THE senate has already been furnish
ed, as stated in my communication of
January TO- 1900, with all correspond
ence, letters, kilograms, agreements.
documents and papers in possession of
the treasury department with reference
to deposits in the National City Bank
of New York, from March 4, 1897, to
January a. 1900, the date of the previous
senate resolution on this subject For
that reason there have already been
furnished to the senate, copies of all
correspondence of every kind and
2, 1928; September 10, 1898, to October
29, 1898; August 26, 1899, to December
19, 1899 The department is without the
means of preserving conversations and
for that reason is not able to comply
with the senate's request for copies of
conversations, if any were had.
1T has not been the practice of the
secretaries of the treasury to preserve
conversations. 1t may be said in gen
eral, however, that in the transaction
of the business of this department with
the National City Bank, or with any
other bank, no conversation has been
%7J, foo to foa
which has had reference to any rela-
tions, official or private, otherwise than
as fully set forth in my communication
to the senate date January 10, 1900. No
agreement past, present, or i'll con-
temptation, has ever been had with
the National City Bank, otherwise than
is literally set forth in my communica-
tion to the president protempore of the
senate of January 10, 1900.
THE final section of the senate in
quiry reads:
= And the secretary of the treasury is
further directed to inform the senate of
the amount of United States bonds held
in trust by the treasury department for
the Standard Oil company of the city of
New York, to secure government depos-
its for the National City bank of New
York city. and upon which dates these
bonds were assigned and the amount
thereof or at any time held by the gov
ernment of the United States for the
Standard Oil company
This inquiry, the secretary says, is
based on a TniScOnception. induced no
doubt by requests from the National
City bank to transfer 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 can
eelled and fresh bonds issued to the
credit of the treasurer in his name lin
trust" When such bonds are Surren-
dered by the treasurer they may be re-
issued to the depositing bank, or, on the
banks formal request they may be re-
issued to any other party or institution.
In conclusion he says: The records
show that the treasurer has assigned
ard delivered on the orders of the Ma
tional City bank to IA different parties
a total of $7,334.eo0, and of these ST.
1874 GOO was transferred to the Standard
Oil company. The treasury depart
ment has at no time held any bonds in
trust for the Standard Oil company, nor
for any interest other than for the de-
pOSitine bank