The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-01
THE ERA OF RECKLESS SANDER

The scheme proposed is for a consolida-
tion of the National City Bank and the
Hanover National Bank of New York.
Both these institutions are under the
thumb of the Rockefeller money trust and
when united they are expected to rival the
Bank of England in authority. 1t is now
asserted that negotiations are now we'll
advanced, If they are not already COM
pleted, for Lyman j. Gage to become pres
ident of the new institution when he lays
down the United States treasury portfolio
Thus is evidenced the close relation be-
tween the money trust and the administra-
ton.
This has been evidenced in even more
conspicuous fashion. Secretary Gage has
decided to turn over the entire internal
revenue to the National City Bank. This
favored institution will thus receive de-
post of about $3O0,0O0000 a year. AS the
government has plenty OF money, this
means that the National City Bank will
have millions without interest, to be lent
to the people at rates which, by virtue of
the power of the money trust, can be reg
ulated at WILL Why this favoritism? Why
should one bank be singled out TO be the
recipient of government favors, to be the
depository of hundreds of millions of the
peoples money? Simply because the ad-
ministration is hand in glove with the
money trust.
The foregoing is clipped from the Boston
Traveller. sort of a prohibition and Agui-
condensed from the New York World and
its rival. the New York Journal 1t has
been copied into all the Democratic papers
in the country. There is not a particle of
truth in it. There never was even a pre-
text for the story that Secretary Gage is
to be the head of a great banking house in
New York. 1t is the invention of one of
that class of writer's connected with the
sensational newspapers of New York that
make the invention of SANDER a vocation.
Mr.. Gage has never thought of such a
bank. and he regards 1t as a reflection up
on his official honor to suspect him of using
the revenues of the government to promote
his personal ends. These papers declare
that it is asserted that negotiations are
pending. and having printed and given the
Islander to their readers, all of the anti
administration papers will not print Mr..
Cages denial of the story. Some of them
will not print the dispatch making the de-
NAL.
The statement that Mr.. Gage has de-
cided to turn over the entire internal rev.
enue receipts to the City National Bank of
New York is lie so stupid that only the
| ignorant will believe it. The law requires
| a dollars worth of bonds OF the banks for
every dollar of funds intrusted to them.
What bank could get $500, 100000 of bonds
| to secure that amount of deposits? Fur
| thermore, Secretary Gage. by the publicity
of the Associated Press, called upon those
banks desiring deposits of government
money for security on bonds to report their
desire. This announcement was made two
weeks ago. Already over $17,000000 of the
money received from the collectors of in
| ternal revenue have been distributed to the
banks depositing bonds This distribution
| was made through the central depository,
the City National Bank Of New York. and
further notice is given for other banxs to
deposit bonds and take small portion OF
this temporary surplus. Every national
bank i'm the country that deposits bonds
| will be given an equivalent of public
money in the order in which the bonds are
received. Until something like s3O,0o0.o00 il
deposited. AT most the City National Bank
can have no more than $i.OO0,00o as its de-
post of bonds is that amount.
The foregoing are facts which any fairly
intelligent man who reads any but sen
sational ansl Bryan newspapers knows
These falsehoods are given as samples o
those which the anti-Mckinley press viii