The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-01-11


Late in 1887 more than 35S.OOO,OOO was
to be paid. into the treasury as the re-
suit Of the Union Pacific settlement. To
avoid the transfer OF SO large sum
from public uses to the treasury vaults
the New York banks were invited to
qualify as temporary Repositories.
Eight banks SO qualified, the National
City for $24,000.OOO and others for
smaller amounts. These deposits were
gradually withdrawn by transfer to
the sub-treasury, until the several ball
ances were finally discharged.
When the 5000, 1000 war loan was
made It was seen that the paying into
the treasury Of such a sum could not
be otherwise than a dangerous thing
for the public interests and a useless
thing to the government finances. The
treasury announced to the national
banks It's desire to place temporarily on
deposit portion Of this amount, and
all banks, without regard to size or To-
cation, were invited to qualify as tenn
porary repositories, All applications
were accepted. None was refused. The
National City bank deposited 81, 100000
OF bonds, and the balances paid on this
account never exceeded $14,000,O0O. The
I1htlONGE &NhkIpNt1A .uGlJGAtEA NA4tVSStNSN
of bonds and received balance never
larger than $ii.0So,o9o.
The Custom House Site.
The connection Of the National City
bank with the sale Of old custom house
property in New York, is described in
memorandum prepared by the super
vlsing architects Office, IN that con-
nectlon, however, the secretary calls at
tentIon to the allegation that he has
violated the law by deposIting the pro-
ceeds in a bank depository when the
act decreed that the proceeds should be
deposited "ln the United States treas
ury." Every United States depository
bank is, within the meaning of section
5,l53 OF the revised statutes, a part Of
the United States treasury. The mo-
neys which may be deposited In such a
bank include all classes Of receipts eH-
cept customs, and when such moneys
are deposited in such bank to the
credit OF the treasurer OF the United
States, they are "in the treasury" Just
as much as II they were physically on
deposit in the treasury vaults at WASH
ington. The secretary cites decisions
Of the supreme court which establish
beyond question the legality Of his ac-
ton.
The comptroller of the treasury.
whose decision is binding upon the ex-
eCutlVe branch OF the government,
holds that money is paid into the
treasury of the United States by being
deposited with the treasurer Of the
United States here In Washington, or
to his credit with an assistant treasur-
err, or in a designated depository" That
has been the uninterrupted and unlver-
sal rule governing the accounting Of
ficers of the government for many
years. Letters from officials OF thirty
or forty years service in the treasury
are quoted, showing that money depos-
tied In a depository bank Is as much de-
posted in the treasury OF the United
States us when deposited In any sub
treasury.
The customs property was sold July
3, 1899, 10 the National City bank for
$3,265, 900. which amount was $4,000
larger than that rendered by the next
highest bidder. August 2S certificates
OF deposit were forwarded to the de-
partment, covering $3.2lO,O0O credit as
proceeds OF the custom house property
In the general account Of the treasurer
Of the National City bank, a depository
bank. The treasurer duly accepted the
fund as deposit in the treasury" 1t
was subject to ihs Jurisdiction and or
deTs. Subsequently the National City
bank was ordered by the treasurer to
transfer to the Bub-treasury and other
national bank Repositories sums ag-
gregating S3.SOO,00O No rent has been,
paid to the National City bank for the
governments occupancy for the reason
that such payment awaits apprOpria-
ton by Congress.
The correspondents between the de-
partment and the National City bank Is
quoted. showing the refpRal Of the de-
pRrtment to give tho National City
cept Concurrcntly with all other banks
in the ilrAt group, the balances OF the
National City bank and the Hanover
National bank being built up pro rata
with ali other banks.