Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1900-01-11
A SECRET TRANSACTION.
Secretary Cages Handling or the
Peoples Money Helps the Me-
Kfnley Syndicate.

It is painful thatAlr McKinley's first
lord of the treasury, Mr.. Gage, is being
harassed by scrutiny and criticism. It
is more painful to have to do the scru-
tinizing and criticising OF so amiable
and respectable a person. 1t is most
painful of all that Mr.. Gage should be
doing anything that calls for scrutiny
| and criticism.
What are the facts?
First. There is in New York group
of the most powerful finaneiers in the
| country who were of the largest con-
tributors to the famous monster Han
ma campaign fund of 1896, who are or
ganized as the National city bank, and
who have been the recipients of sundry
extraordinary favors from the McKin-
ley administration, such as, for exam
pie, the privilege of purchasing by
private arrangement piece of gov
eminent property in New York city for
about $1.7O0, 900 less than its appraised
value.
Second. Mr.. Gage, as secretary of.the
treasury, as an accountable public serv-
ant, has entered into a secret agree
uCht Win tAAS ~ -
to handle the entire internal revenue re-
ceipts of the government-about $780,
900, 900 year. No one but Mr.. Gage and
Mr.. Mckinley and the syndicate know
the terms of this secret agreement or
how much profit the syndicators will
be able to make out of the handling"
1t is known, however, that the syndi-
cate will have each day a very large sum
of the peoples money for which it will
pay nothing and upon which it will col
lect heavy interest through loaning it
out to the public.
Mr.. Gage says in his explanation to
the World:
"It is necessary to concentrate the In
ternal revenue receipts of 900. nearly
81. 100000, a day at one place in order to
make any fair distribution of them from
day to day"
But is it necessary secretly to concen-
trate them? And why is it necessary to
bring into the Golfers of the National
city bank collections made in Rich
mond, Cincinnati, Chicago, Louisville,
st. Louis, Peoria, San Francisco? Why
could not the government do the dis
tributing? Why could it not do the dis
tributing publicly, in order that no one
might be able to suspect or allege ia
voritism?
Mr.. Gage says:
1.-The National city bank has larger de-
posit of bonds with the treasury depart
ment than any other bank in the country.
This ample security would not exist in the
case of a bank whose deposit of bonds was
nominal or comparatively small"
But does this change the fact that the
internal revenue receipts, if they must
be distributed as free deposits, could be
and should be distributed by the gov
eminent itself in smaller amounts
among the strong banks throughout
the country, in order that all the peo-
pie might have an opportunity to bene-
fit instead of little group of favored
money lenders in Wall street?
Mr.. vanderlip, Mr.. Cages factotum
and the junior lord of the treasury,
says:
1.-THE department will not announce the
new repositories or institutions which will
receive the money. do not regard IL as
good policy, nor would any good result from
it's publicity"
Where would be the harm? Is it not
the peoples money? Are not Gage and
Vanderlip the peoples servants? If
they are compelling the National city
bank to make a fair distribution Of
these vast sums, what possible reason
can they have for hiding the facts?
What would Mr.. Gage have thought if
when he was president of national
bank in Chicago his cashier had come
to him and said: ''Mr. Gage, / really
cannot permit you to know what I am
doing with the banks money. You will
have to be satisfied with statement of
totals and results at the end of the
year?"
Is it not against public policy for the
secretary of the treasury in any cir
cumstances to turn over his functions
and the public funds to private money
lenders, however good the security they
may give? Is it not gross abuse of
public trust for him to make this as
signment to little group of the finan-
cial hackers of the administration po-
litical fortunes, and that by secret
agreement?
If Mr.. Gage is wronging his public
by this secrecy his redress
is easy to obtain. All he has to do is to
adopt the only safe and just course for
an honest and faithful public official
publicity! publicity! publicity!-N. Y
World.
DnTNrC ANTI 0nTNY0Mc