The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-01-04
M'KINLEY BANK SCANDAL.


(New York wor.ds
through his secretary Of the treasury
MT Mckinley offers an explanation Of
~ secret contract with the National
10y pdIk, under which thar hank Ia7,5
- 49, Se.cksrs become the farmers of the
- ~ nj revenues $500 00G, Coo a year.
Nr cage begins BY eXplafnfna- fbas Mr.
eIcfAlnleyS presence in Wall s7reef ,.it5
me United states treasury under his arm
- ule 10 the stringencv of the moreS-
i'' a,i neI as proved by the recent panic. .
80 81 Is walker Hill, the eminent nresi-
ueht OF the American Barkersf 9sSocia ?
ssVH las pointed out and as the facts Of
me panic clearly show. there VIC no
s.-,1,bpI sLiic, no commercial panic" but
mercy a spectators or gamblers
panic. And that distinguished authority
gla finance, the George Roberts who Is
S.lrector OF the mint-he must not be CON
I Ilstsl win Mr.. Platts Ellis Roberts. the
s 1---tSS states fedSurer-pOints out in the
.aorid TINS morning that not only is it
impossible to relieve a stringencv caused
Dy excessive gambling, but also il is nos
;r 10y danserous TO the real commercial
LAtSIeStS 10 try 10 do so. Mr. Roberts,
sOod Republican but also a thoroughlv
conscientious and Well-inf0rned man
demonstrates that Mr. Mckinley has been
60 IKE q man who, called on to put
out IRE, responds by emptvine the
Kerosene can upon it.
Mr. Mckinley further pleads through
NJ, Gage that it is necessary for him 10
,A~Ne tAtC bcliAh 10 ne the f41SrrlDIlfpF OF
tIle government vast free deposit among
the depository banks; that We're the
treasury department to try to make an
eg Us.Dle distribution It would make havoc
OF treasury bookkeeping"
But why this vast free deposit of the
people money! Why gather in millions
from the people and lend them without
LIoSIesI 10 certain favored persons who
promptly lend them out at interest. often
gettlng the enormous interest that at
taehes 10 CALI loans? When many banks
ana trust companies cheerfully pay 2. %
ana per cent for DEPOSITS at times when
money is drug in lie market. why give
the free use of money raised by taxing
the people to gamblers and abetfors OF
Sannblng and others whose. operations are
equally detrimental to the health OF trade
and commerce? Is there no more valid
reason than that the treasury bOOkkeep-
ers would have &c do a little extra work ?
Mr. Mcklnley further explains that the
NauOnai city bank got the appointment
or custodian of the internal revenues be-
bonds
How did this bank come to be ready
ana waiting when Mr. Mckinley suddenly
decided tnat he wished TO favor some
worthy, deserving bank with this little
christmas gift2 How did Il happen that
the only bank in a position to receive it
was the same bank that got the custom
mouse site by private arrangement for
Si4VytO less than its value that got the
handling of Mr.. McKinley's SO COO coo gift
10 Spain for his Philippine war, that num-
DeTs among its directors and stockholders
so many of the heaviest contributors 10
Mr.: Mckinley' campaign fund of 1886?
MT. mckinley goes on to insist through
Mr. Gage that the National City bank de-
serves commentator rather than denUn-
citation" because it has undertaken a
heaVy and pretty thankless task"
Inls surpasSeS Mr. CseVeIand's COM
plants OF those who dared to criticise
patriots who bought government bonds
at 1914 from him by secret arrangement
ana sold them in the open market for 49,
Mr.. Mck5nley'S friends undertake to re-
celVe an the taxes collected under the
internal revenue laws and to use the
money until it is distributed or turned
over TO the treasury. And for this patri-
0tlSm in accepting the free use Of $780, .
tive loan business Mr.. Mckinley calls
upon the country to applaud them and
incidentally Of course to applaud him for
being able to command such unselfsh
devotion
Mr.. Mckinley did not give through Mr..
Gage or any one else any explanation of
the secrecy which is 70 attend the carry
ing out Of that part of the contract re-
lating to the distribution. Instead there
came from Washington last night prom
Uses to give out facts as TO the allotment
Of these free loans At the public expense
as soon as the details are completed. This
is quite a change from Nanderlip's curt
no good would result from publicity"
and Ellis Roberts private and cOnfiden-
tial." But it does not touch the vital
pOint-the real secret. That point is
Why are all the internal revenue col
lectiOns of the United States to flow
through the National City bank?
The scandal is the same whether this
Standard Oil bank keeps them only one
day or longer, whether it distributes them
among the favored banks or juggles them
among its allied and correspondent banks
in New York and other cities. The Stand
ard Oil bank. the dominatOr of the specu-
latiVe money markets has been made by
Mr. Mckinley a toll-keeper at the doors
of the treasury to levy upon every dollar
of more than one-half Of all the money
collected IS taxes,