The representative. [volume] (St. Paul, Minn.) 1893-1901, 1900-01-11
CAGES BIG STEALING.

Bank Of @132, ,887 and There IL still
More to Follow.
On July last the old United States
custom house property. at Wall and
Williams street, was sold by the gov
ernment to the National City bank for
50, ,265, 900.
Within very short time after the bid
Of National City bank had been for
mally accepted by Secretary Gage.
James Stillman. president Of the bank.
went to Washington.
He took with him q certified check.
drawn on his own bank, for 33,2s2, $50,
the balance due on the price agreed
upon.
This check Mr.. stillman personally
handed to Mr.. Gage.
The following day 1t was announced
in Washington, on Official authority,
that the secretary Of the treasury had
forwarded to the National City bank
two checks for collection-$3,32 323, $50
and another for $32,650. These were
the checks he had received from the
bank In payment for the custom house
property.
In other words, none Of the three and
a quarter millions of dollars which the
National City Standard Oil bank paid
the government for the United States
custom house six months ago has ever
for one hour passed out Of the banks
control. The bank has not only had
the use Of the money every day since to
loan out at interest for its own profit,
but it has at the same time been receiv-
Ing rent from the government for the
custom house. The old proverb that
one cannot eat a cake and have it is
thus set at defiance, for the National
City owns the custom house and vet
retains the money paid for the custom
house.
NEVER DEPOSITED IN TREASURY
DEPARTMENT.
Secreary Gage never turned the. pro-
ceeds into the treasury, as required by
Sec. Of chapter 337, under the terms of
which the sale was made. 9sAs. -
AAAAo 0eoSOASAe AZ mau0 QOSlL1Vely
upon Information received from the
treasury department.
AS clear profit the National City is
not only receiving it's four per cent
rentals for the property at Wall and
Williams streets, but it is receiving the
benefit of the interest on the purchase
price OF that property, which at six per
cent since July 2-180 days amounts
to $96,337, in addition to the four Der
cent rental which the bank receives.
The National City bank has not taken
formal title to the property, and does
not intend to take title until the gov
ernment vacates it, the object being to
avoid state and municipal taxes, which,
with regular assessment on a valua-
ton of $3,0O0,0 900, would amount to
$4,000 a year.
FACTS.
The National City bank bought Gus
tom house property July for s., ,265, 900.
The act Of congress authorizing this
sale required that money should be de-
posted in the United States treasury.
Secretary Gage redeposited check in
the National City bank-not in the
treasury.
Not single dollar of National City
bank money ever left it's vaults and was
deposited in the United States treasury.
Title to property not recorded as hav-
ing been transferred, although National
City bank is receiving rental for it from
the government. -.
National City bank thereby saves
taxes due New York city, because Unit
ed States government property is ex-
empt from taxation.
FIGURES.
Interest for 180 days at six per cent on
$3,265,000 left by the United States
treasury department on deposit in the
National City bank, $s6,s35.
Rent from the United States treas
ury department to the National City
bank for use Of the custom house for
180 days, $64,224.
Taxes saved by the National City
bank by delay of the United States
treasury department in transferring
formal title Of the custom house to the
bank for 180 days, $4,000.
Total profit to the National City bank
to date on interest and saving in taxes
1898
AS long as the National City bank
continues to enjoy these favors its
profits will be per day $1,092
The new tax assessors lists are to be |
made up in a few weeks, and If the
deeds to the custom house are not trans
ferred to the real owner the National
City bank will escape taxation. In four |
years. If the governments unique favor
itism continues, the National City bank |
would pay no taxes on its custom house
property. would receive $500, 900 rental
from the government and the use of the |
entire purchase price as WELL. This at |
the low estimate Of four per cent would
amount to $780, 900 more.
PEOPLES PARTY. -
State Central Committee Meeting at
Indianapolis Well Attended.
The Peoples party state central COM