Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-03-09
GOSSIP FROM GOTHAM
Effect Of the Currency Bill on Bank
Circulation.
new MENACE 10 TAMMANY HALL
Rumor That Q9gg is to Run for
Congress Again.
PROPOSED HALL OF FAME

Special Correspondence Of The Evening Star.
NEW YORK, March Z, 1900.
The effect of the refunding feature of the
currency bill upon the local money market
will be watched with deep interest by
bankers. While all agreed that the addi-
tional bank notes that will be created by
the conversion of former issues into the
proposed 2 per cent gold bonds will i'm
part ease to the money situation, they
say the operation will not have the in
fating influence that many people seem
to expect. Conservative bankers esti-
mate that after the currency bill is
passed there will be an immediate in
crease of about s4O,OOOOo0 in the circula-
ton of the country. They claim that if
the circulation does not go above this fig
ure to any great extent the effect on in
terest rates will be slight.
A Nassau street bank president declares
that not more than one-tenth of this adj
ditional circulation will come to New
York through the interior movement.
Il believe 1t will be difficult" said he,
to keep any large amount of the new
bank notes in circulation. The bill offers
to banks in small communities greatly in
creased advantages in the way of circula-
ton, but In a city like New York condi-
tons are different and bank notes not SO
attractive. Bank notes cannot be held as
a reserve against deposits. and if the sup
ply here becomes excessive they will be
shipped to Washington in return for legal
tenders. After the currency bill becomes
a law we will have the right to take out
or retire circulation at any time. This
will enable the banks to increase their cir
culatfon according to their needs. When
business is active and money is scarce adj
ditional bank notes will be a source of
great benefit to banks and prevent ex-
aggerated rates of money, but they will
be of little value to New York banks when
plethora of eYiStSb
While many of the banks, probably
most of them. have not yet decided how
much circulation they will take out under
the proposed law beyond the additional 10
per cent which the law provides, it may be
stated that at least one-ffth of the ma
tional banks of this city will take cir
eulation to the. extent Of their capital;
Most of the bank officers have discussed
the question with their directors, though
the majority Of the banks have not as
yet decided what they will do.
The national banks of this city have a
combined circulation of s1S,574.30O Their
total capital is $57, 100000. 1t Is the opin-
ion of some of the most conservative bank
ers that by and by fully one-half Of the
banks will increase their circulation to the
amount of their capital.
Tammany Hall and Reform.
Tammany Hall, which hates and fears
the word reform is menaced with an
assault upon its legalized system of loot
made since the days of Tweed. Controller
Bird s. Coler has thrown down the gaunt-
let to the rapacious Tammany Tiger, and
already men of all classes without regard
to their political affiliations; organizations
whose members place good citizenship
above partisanship: the press and the peo-
pie of New York generally, are enrolling
under the standard he has raised The
controllers attacks on the present system
of legalized robbery have been fearless
Go for ha ticla lhar haS
had to do with these measures the con-
troller has received little encouragement.
The only recourse left-an appeal to the
people-the controller has taken promptly,
and he has promised that there will be no
let-up in his fight for municipal honesty
Broadside after broadside he has poured
into the men who were elected on the same
ticket with him at the polls in 1897. His
ammunition, so far from being exhausted,
Is sufficient to destroy the corrupt machine
now in power in this city, provided the
taxpayers, the men who are being robbed
join hands in the battle against the politi-
cal machine which is known from one end
of this country to the other as IAN organ
lied conspiracy for public plumber Tam
many Hall has taken alarm. Coler's ar
raignment of the gang has been made the
theme of long and earnest appeals to
Richard Croker to hasten his return from
England. Up to the present time COM
Tweed'' and the legal robberies Of 1907
makes an unpleasant exhibit. The Tweed
ring received by plumber s120o0:OoO, while
the so-caled illegal robberies" planned
against the greater city In l5Vo are SAo'-
500, $50
Quigs n Candidate for Congress.
Among the most interesting stories fur
nished by the political gossips in the Fifth
Avenue Hotel is the disclosure that Lemuel
Ely Quigg contemplates another attempt to
run for Congress. Surprising this report
appears at first, its truth is vouched for by
a member of the organization who knows
many of the former representatives, hopes
and ambitions. This man said Quigg would
rather be elected to Congress from New
York district than to any one of his pri-
vate schemes-and these are said to be many
and promising-go through. He said Quigg
never has lost the smart of the terrible de-
feat he sustained the last time he ran in the
fourteenth district. His natural buoyancy
of temperament and his belief in himself
have brought him to a condition of mind
where he thinks in Mckinley year. with
Roosevelt at the head of the state ticket,
he has fair show Of escaping notice in
downtown district, and that the expected
general republican majority will pull him
through.
fine Rubens painting, 1.-The Holy Fam
ily'' is in danger of being seized by the
government for alleged differentiation of
customs duties. On December II the paint
ing was entered at the custom house by
Eugene F'ischof, art dealer, and it's value
placed and passed by the United States APP
reached Inspector Charles II. Traitteur of
the law division of the custom house that
the famous painting was sold in London
last May at executors sale of the estate of
Sir Cecil Miles, Bart, and brought about
$4,000. The work of art will be resubmit-
ted to the United States general appraisers
for a new valuation. Under the law should
they order a so per cent increase on the
original valuation, the picture, by forfeit
ture. will become the absolute property of
the government. unless the importer can
prove in the courts that the presumption Of
fraud does not hold. Should the original
valuation be increased from % to 40 per
cent. graded penalty must be imposed, in
addition to the payment Of the additional
duties. while the fraud in that case must
be proved by the government.
The Hall of Fame.
America is to have Temple of Fame. 1t
will be erected on University Heights, at
cost of 100000. and will be known as THE
Hall of Fame for Great Americans" 1t will
commemorate the virtues and achievements
of Americans eminent in the arts, sciences
and literature. The gift was accepted at
the quarterly meeting Of the New York
University Council held recently, but the
name of the donor was not made public.