The Oskaloosa herald., 1900-02-01
stiIIman's Letter.

MI Stl!ImanS letter Is request to allow
as much as possible OF the Pacific debt
money 10 remain in the New York banks
so as 10 secure IAN easy money market
with Uniform rate Of interest" which Mr..
Stillman says VIII avoid panic and aid in
the reorganization plans of various rail-
road companies then in progress.
80. With especial regard 10 that part of
the inquiry which raises the question
whether or not the secretary of the treas
ury knew, or had reason to believe, that
the government funds deposited In the Ma
tional City bank OF New York were used
with view Of causing a liquidation of
speculative stocks, as mentioned in the
letter OF James Stillman to Hon. Lyman
}, Gage, Of April s, 1853, ETC., l make an
swer as follows:
THE two letters referred TO in the inquiry
are separated by period of Is months, but
all the knowledge or belief the secretary OF
the treasury had as TO the uses 10 which
deposits in the National City bank were
70 De put, al either period, or at any other
period between December q, 1897, and
April !, 1888. was obtained from these let
terE, which have already been submitted 10
The senate in answer 10 former inquiry"
" y. And whether or not the secretary OF
the treasury or any of his subordinates had
any correspondence, Geographic or tele-
phonic, or otherwise, or any agreements,
documents, papers or conversation with
the officials of the National City bank of
New York between the period embraced
from April ~, 1885, TO June 2, 1888: Septem-
Der 10. 1855, 10 October %, 1885: August 26,
1888, 10 December 10, 1893; ana, IL so, let him
accompany his response to this resolution
with copies thereof
The senate has already been furnished,
as stated Ia MY communication of January
TO- 1870, with all correspondence, letters,
kilograms, agreements, documents and pa
pers In possession OF the treasury Depart
mt Wi r. IN he
lional City bank Of New York, from March
4. 1881, 10 January 4. 1900, the date OF the
previous senate resolution on this subject.
Conversations Not Preserved.
1T has not been the practice of the secre-
taries Of the treasury TO preserve CONVEX
salons. II may be said in general, how
ever, that In the transaction of the
business OF this department with the
National City bank, or with any other bank,
no conversation has been had. either by tel
ephone or face to face, which has had ref
erence 10 any relations, official or private,
Otherwise than as fully set forth in my
communication to the senate, dated Jan
uary 10, 1900"
standard OIL Bonds.
The final section OF the senate inquiry
reads:
"And the secretary OF the treasury Is fur
Their directed 10 inform the senate OF the
amount OF United States bonds held In
trust by the treasury department for the
Standard Oil company Of the city OF New
York TO secure government deposits for
the National city bank OF New York city,
and upon what dates these bondswer as
signed, and the amount thereof, or al any
time held by the government Of the United
States for the Standard oil company"
Miscenception.
This inquiry the secretary says, is based
on a nniBconception induced no doubt by
requests from the National City bank to
transfer certain lots Of bonds to the Stand
ard on company and TO other parties. Sec
rotary Gage explains that when registered
bonds are deposited as security In the treas
ury they are Cancelled ana fresh bonds Is
sued 10 the credit OF the treasurer In his
name "in trust" When such bonds are
surrendered by the treasurer they may be
reissued 10 the depositing bank, or. on the
banks formal request. they may be re-
issued 10 any other party or institution. In
conclusion he says:
"The records show that the treasurer has
assigned and delivered upon the orders OF