The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-01-28
CAGES OFFENSES.
1Chioaeo tribune. Republican)

(Chicago tribune, Republlcan-)
1t is disagreeabIe to have to refer again
to the action Of the treasury department
in relation to the National City bank, but
some Of those newspapers which are gen
orally recognized as representatives Of
the Standard Oil company, affiliated with
it and under obligations to it. seem dis
posed not to let the matter rest.
Their ready. sufficient and facile an
swers to any paper which questions the
prOpriety Of transactions in which the
Standard Oil company is concerned is that
the newspaper in question is a yellow
journal"
This is a cheerful and comprehensive
way of disposing of an opponent, and it
requires neither Wit nor logic; but it is
not satisfactory TO the multitude. The
epithet in question has lost its terror for
newspapers. A yellow journal that has
the courage 10 tell the truth is ranked
above the 'white-souled," guileless jour
nal which has the cowardice that leads It
to suppress the truth in the interest Of
influential patrons.
The grave accusation is based on the
fact that Secretary Gage acted in accord
ance with the suggestions made to him.
The serious blame lies in the fact that,
having been requested to increase the
deposits in the National City bank, know
ing it was a Standard Oil concern, and
having been informed that it had as Sc
curity for deposits bonds which had been
transferred to it alphabetically by that
company, he, having discretionary power
to refuse deposits to the bank for any
particular purpose, or to give deposits,
exercised his discretion in behalf Of the
bank. He complied with the suggestion
that the deposits be increased, and they
were raised from a few hundred thou
sands, 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 Stllman, in which he said that
his bank had over $4,000 900 loaned out
on high call rates in Wall street for
speculative purposes. and that the rate
was kept high for the purpose Of forcing
liquidation in industrials, but that it
would be pleasing to the bank if the pay
ments Of Central Pacific money to the
government could be deferred so that
money could be used prOhtably for a
longer time.
It was optional with the secretary to
refuse or consent. He consented.
There is scarcely a banker in Chicago
VINO viii justify that action. It is doubt
fUi whether there IS one in New York
who will do so unless he is a representa-
tive Of the National City bank.
Furthermore, it is difficult to explain
why the secretary of the treasury should
have made of his own motion, the propc-
sition that Mr.. stinman. Mr.. Pierpont
Morgan, cor any other gentleman whom
you may name" should hold a clandes-
tine meeting with him at the Walton
hotel. in Philadelphia, at lis p. m. on
Thursday. Dec. g. 1897. why should the
secretary of the treasury prefer to meet
those gentlemen. or any one of them.
privately at Philadelphia. instead of at
the treasury department in Washington,
where the secretary OF tho treasury is
supposed to transact public business?
What was the business which the pe0-
PIES secretary Of the treasury deemed it
necessary to conceal from the peOple2
Why were the relations between Mr.. Still
man and Mr. Pierpont Morgan 50 much
more intimate than those between the
secretary and the people of the United
States, whom he represents. and who are
entitled to know about transactions re-
Iating to the financial affairs OF the gov
eminent? Has it come to a point where
Wall street and the treasury department
have in common 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 answer.