The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-01-30

muniestion of January 10. 1900. contains all
Soncerninx the said letter OF x. d. Hep
IT does not appear from any record Of
the recoliectton OF the secretary Of the
treasury that the department or any Of It's
or private, with the National City bank
OF New York within the period embraced
between June 5. 1897, and October "a. 1897.
80 there are no letters, communications.
agreements, papers and documents in the
possession OF the department which passed
between the treasury department and the
National City bank within that period"
me secretary calls attention to the me-
cessity which arose late in October. 1897.
OF disposing N some way Of the large sum
OF money y5s,4aS,223) which was realized
from the settlement Of the Pacific railway
debt. without withdrawing this money out
OF active channels and thus preciptating
am. nnancial disturbance; He refers TO- his
fun IN his first reply, in which he told
Mr.. Hepburn that Mr.. IL. w. Cannon, OF
the Chase National bank, had already been
r ,l,a 70 ascertain how many banks
would qualify as repositories to receive
g portion of the $3o0Oo,00o of the railway
fund which was to be disbursed in the re-
compton or government IS about Janu-
The secretary adds: THE National City
bank could readily qualify by the deposit
q public bonds, to receive large amount.
this Instance an original recipient and dis
tributer OF the fund, because one check
alone was drawn In the amount Of $1S,6i5,-
go. 1t ought to occur readily to the minds
OF the most inexperienced in banking af-
Ialrs that It required an institution Of
some considerable magnitude to handle
such check"
The secretary believes he accomplished
what he has taken pains to do since, nance
~. the avoidance of that sort Of disturbance
~ tne money market which affects not
perience has too often demonstrated
spreads throughout the whole commercial
and industrial fabric bringing ruin and
disaster. such as close doors of factories
and invite years OF business stagnation.
the like of which was witnessed during the
period Of 1898 to 1897.
The are no letters. communications.
the treasury between the secretary of the
treasury or his subordinate officers or off,
Gals and the officials of the National City
bank OF New York, or the. officials Of the
National City bank and the secretary Of
the treasury or his subordinates.
1T should be sufficient answer to all
ference between Mr.. stiliman. Mr.. Moran
and myself at Philadelphia, to say that
such 2 conference never took place.
with especial regard to that part OF the
or not the secretary of the treasury knew
or had reason to believe that the govern
ment funds deposited in the National City
bank of New York were used with a
stocks, as mentioned in the letter OF James
Stillman to the Hon. Lyman J. Gage, Of
April 8, 1889, etc., make answer as fol-
lows:
THE two letters referred to In the in
quiry are separated by A period of sixteen
months, but all the knowledge or belief
the secretary of the treasury had as to
the uses to which deposits in the National
City bank were to be put, at either period
or at any other period, between Deem
Der q. 1897, and April s, 1885, was obtained
from these letters which have already
been submitted to the senate, In answer
to former inquiry.
Beyond the information conveyed by
these two letters the secretary has no
knowledge whatever. They were not sup
plemented by personal interviews or tele-
phonic communications
THE senate has already been furnished
as stated in my communication of jan
uary 10, 1900. with all correspondence let
tiers, kilograms agreements, documents
and papers in the possession of the treas
ury department with reference to de-
posts in the National City bank of New
York.
"No agreement past, present or in con-
temptation has ever been had with the Ma
tional City bank otherwise than is lit
orally set forth in my communication to
the president pro tenn. of the senate Of jan
1.-THE records show that the treasurer
has assigned and delivered upon the order
Of the National City bank. to fourteen diff
ferent parties a total Of 1884 900, and OF
these $1,914000 was transferred to the
partment has at no time held bonds in
trust for the Standard Oil Company nor
for any interest other than for the de-
posting bank"