The Atlanta constitution., 1900-01-01

and the syndicate knows the terms OF this
secret agreement or how much pront the
syndicators Will be able to make out oil
the handling" 1t is known. however
that the syndicate will have each day
very large sum of the peoples money
for which II will pay nothing ana upon
which Il will collect heavy interest
through ioaning It out TO the public.
Mr. Gage says in his explanation n Tne
World:
II Is necessary TO concentrate the internal
revenue receipts OF $500. 600. nearly Sl.ooo.-
600. day at place i'm order TO make any
fair distribution OF them from day TO day.
But is IL necessary secretly 10 conceh-
trate them? Ana why Is IL necessary ~
bring into the Golfers of the Naloha'
City bank collections made I'm Richmond
Cincinnati. Chicago. Louisville. ST. Louis,
Peoria, san Francisco? Why could not
the government do the distr Du'iis
Why could IL not do the distripn'i's
publicly, I'm order that no one might oe
able To suspect or alleSe favoritism'
Mir. Gage says:
The National city bank has a larger deposit
Of bonds with the treasury department than
any other bank in the country. ms A,nptI1 hanI5
security would not exist In the case OF paiI"
whose deposit OF bonds was nofnihai vi S0A
paratively small -.
But does this change the fact that tho
internal revenue receipts. II they mus
and should be distributed by the govern
mon, itself i'm smafler amounts among
the strong banks throughout the couh-
try. i'm order that all the people msht
have an opportunity TO benefit instead OF
n u.tIe group of favored money lenders
in Wall street?
MIR. Vanderbilt Mr.. Cages factotum
and the Junior lord OF the treasury says
The department will not announce the new
4. ms
the money. l do not regard IL as good poncJ'
nor would any good result from Its pupheNs.
Where would be the harm! Is l. ~
the people's money? Are not Gage anu
Vanderlip the peoples servants? II they
are compelling the National City bank
To make "A fair distribution of these vast
sums what possible reason can lheH
have for hiding the facts? Nhat wouiu
Mr. Gage have thought II when ne was
president of IA national bank In Chlcaso
his cashier hSl come TO him and sihu' :
MIR. Gage, | really cannot permit W"
to know what l am doing with the pahh ,
money. You will have TO Do sauslieu
with IA statement of totals ana res"i's
at the end of the year!'
Is II not against public policy for the
secretary of the treasury i'm any circum-
stances to turn over his functions ana
she public funIs TO private money ienu-
ers however good the security they may
give? Is II not a gross abuse or pupiie
trust for him TO nSke this assignment 10
a little vroup of the financial hackers oil
the administration political fortunes
and that by secret ugreementf
II Mr.. Gage IS wronSing his pubic repu-
tation by this secrecy his redress Is easy
To obtain All lie has 10 do is TO adopt
the only safe and just course for an non
es; and faithful public official
IBrhIicitr-i Eubiicityi Publicity!
New York Journal: The treasury de-
partment has recently been extending eA
frnordlnary EaVors TO the CITY Nauoit.
bank OF New York. Now 1t Is reported
shat Secretary Gage IS to become the
head of a colossal banking trust. of which
the National City bank is to pe the
nucleus.
II MIR. Gage cherishcs any such inteh-
ton we trrst he Will abandon H. lheie
has been altog ,her too much inter
change Of benefits between treasury o4i-
cials and banks. The relations between
tho banks ard the government we're
cause of scandal as far back as the 'iilie
Of Hamilton. Ia the days OF the Secoiiu
United States bank the scandal became
acute. When Shermtn was secretary OF
the treasury the favors shown TO Pc.
bank in this city gave il the nickname Va
Fort Sherman"
or late years the tendency has been
growing to regard the treasury oepa' :
mel.t as an antcrOom 10 the inner sanctu-
aries Of the banking business.
Mr. Charles :. Fairchiid. secretary OF
the treasury in Cleveland's frst admin
lstration, became president OF the New
York Security and Trust Company upoa
his retirement.
Mr. Hugh = Thompson, assistant secre-
tarv OF tie treasury under the same ad-
miuistra1ion, was promoted TO the posi-
ton Of comptroller Of the New York Lie
Insurance Company.
Mr. William J.. Trenholm. CO. 'ptroller
OF the currency under Cleveland ana
Fairchild. stepped from that place into
that Of president of the American surety
Company.
Mr. \ Il. Hepburn. comptroller OF the
currency under President Harrison, be-
came presid Of the Third Nauonai
bank OF this city.
Mr. James H. Eckels. comptroller OF
th, currency under Cleveland's second
administration. and totally destitute OF
financial experience when Mr.. Cleveland
discovered him. moved from the treasury
department into the prosi lency OF the
Commercial bank Of Chicago.
We do not say that service I'm the
treasury is disqualification Tor the
banking business. OF AuAl any man WIN
eoes from one o scupation 10 the other -
corrupt. ii a man who mas made a repu-
tatiol for financial ability in the treasury
finds an opening in a bank af,er his Ierm
IS over there IS no harm in his accepting
Il. But he needs To be very sure that
the banking offer is really simple
| recognition Of ability, and not return
/ for favOrs received. IL is d rather dis
/ quieting coincidence that I'm each of the
| three adminisir lions preceding the pres
ent one the comptroller OF the currency
became the president of u financial cor
/ porsttion as seen as he left office.
II Will do no harm for public officials
\ to remember that 4 briOe payable at 4
future date in the form of u salary is no
/ Some time our laws Will bC changed To
meet the more refined forms ii bribery
1 that our perfected financial methods de-
/ vtiop. Meanwhile treasury officials
/ solisitous Tor their regulations will care
/ fully refrain from making arrangements
| to- take service with banks or other cor
porations until after their retirement to
/ private life.
I committed AN error in directing that the
/ entire Internal revenue receipts of the
! government. amounting 10 Sl.eoo,V00 day
I shall be deposited In "A single bank IN
4 New York city Tor the purpose OF reliey-
! ing the monetary stringency now felt IN
/ business circles. Ii was right to deposit