Hutchinson gazette., 1900-01-25
MISTAKES OF GAGE.

The harsh and severe criticisms OF
Secretary Gage In hns transactions with
the Standard OIL company's bank are
not alone confined to the democratic
and populist press. Even 80 rank a
gold and republican sheet as the Chi
Cago Tribune, published In Cages own
home, makes about as pungent an ar
raignment of him as any we have seen
and IL certainly places the transaction
of Gage with Pierpont Morgan and
the flock of Wall Street cormorants on
no higher u plane than those of the
Cleveland administration which met
with such violent denuncation every
where. The Tribune says;
"The serious blame lies IN the fact
that, having been requested to Increase
the deposits in the National City Bank,
knowing II was II Standard OIL concern
and having been informed that 1t had
security for deposit, bonds which had
been transferred to 1t alphabetically
by the company, he having discretion
In behalf Of the bank. lie complied
with the suggestion that the deposits
be increased, and they were raised
from a few hundred Thousands, where
they stood IN 1897, to an average OF
ten or twelve millions a month, where
they stand now or until recently did
stand.
"Another thing with which fault Is
found Is not the writing OF the letter
by President Stillman In which he
said that his bank had over hfty-hve
millions of dollars loaned out on call
Ia high rates in Wall Street for specu-
latIve purposes, and that the rate was
kept high for the purpose of forcing
lIquidatiOns In induslrials, and that II
would be pleasing to the bank " the
payments of Central Pacific money to
the government could be deferred so
that money could be used prohtably
for q long time,
"Fault Ia found with the granting Of
that request. 1t was optional with
the secretary to refuse or consent. lie
consented
"IIow Is 1t possible to justify the in
terferance of the treasury department
in Wall Street for the benefit of the
Standard Oil bank In this instancep
There is scarcely banker IN Chicago
who will justify that action. 1t is
doubtful whether there Is one in New
York will do 80, unless he Is repre-
sentative Of the National City Bank,
Furthermore, 1t Is difficult to eX-
plain why the Secretary of the treas
ury should have made, of his own mo-
tion the proposition that Stlllman, ]. p.
Morgan, Tor any other gentleman
whom you may name" should have a
clandestine meeting with him at the
Walton hotel in Philadelphia at 1:15
p, m. on Tuesday, December %, 1897
Why should the Secretary Of the
Treasury prefer to meet those gentle
men or any Of them privately at Phil
adelphia instead Of at the treasury de.
partment in Washington, where the
Secretary Of the Treasury is supposed
to transact public businessp What
was the business which the peoples
Secretary of the Treasury deemed it
necessary to conceal from the people?
Why were the relations between Mr..
Stillman and Mr.. Pierpont Morgan 80
much more intimate than those be-
tween the secretary and the people
of the United States whom he repre-
sents and who are entitled to know
about transactions relating to tinan-
cial affairs of the governments To
paraphrase the words of Kipling:
What should they know of finance,
who only Wall Street know" Has II
come to a point where Wall Street and
the treasury department have in com =
mon secrets the nature of which the
people must not be allowed to suspect
"These are some of the questions
which the organs of the Standard Oil
company-its organs because they are
or wish to be under obligations to it
would do well to consider and an
swer"