The Savannah morning news., 1901-12-13
BANKERS WANT IT.
THOSE OF SAVANNAH WOULD well
COME A sUB-TREAsURY.
AN ADVANTAGE TO BUSINESS.
WOULD FOLLOW THE ESTABLISH
MENT OF THE BRANCH.


zens Bank Discusses the Proposed
Measure-Savannah Banks and
Banks of This Section Would
Reap n Decided Benefit-Express
Charges Would BE Saved-Express
Company Would Profit, Rather
Than Lose, by the Establishment
of sub-Treasury-The Custom
House or the POstofice Might Fur
nish Quarters for the Sub-Treas-
ury.
Great interest is being taken by. Sa-
vannah bankers in the bill introduced
in the United States Senate by Sem
ator Clay for the establishment of a
sub treasury at Savannah. They be-
lieve that it would be to the interest
of the city to have such an institution,
and any aid that they may be able
to render in support of the measure
will be given cheerfully.
"A sub-treasury here" said Presi-
dent Mills B. Lane of the Citizens
Bank yesterday, would DE a great ad-
vantage to the Savannah banks and to
the banks of the section tributary to
Savannah. This city would reap a de-
cided advantage from the benefits that
would accrue to banks in this section
from the establishment of "a sub
treasury, for anything that helps those
banks and this section naturally helps
Savannah.
New Orleans is the only city in the
South that has a sub-treasury, and
that gives New Orleans distinct bus
mess advantage in drawing from the
tributary banks of the country. The
government furnishes the New Or
leans banks with silver and with
small bills free of cost. There the
banks pay the treasury department by
giving exchange on New York, there
by saving the express charges of rs
cents on $1,000 from New York.
This saving would result to Savan-
nah banks If there were a sub treasury
here. The banks of Savannah make
heavy shipments of silver to New York,
and the express charges are heavy.
| They would be relieved of this ex-
pense. and the banks of this section
would have lower rate from Savan-
nah on silver than that which is now
allowed them from New York. The
Southern Express Company would not
| deplore, but would welcome the es-
| Establishment of a sub-treasury here,
for they would have shipments made
by the government. Its own business
would really be greatly increased, be-
cause the banks of it's territory would
be getting their silver from the Savan-
nah sub-treasury. Tributary banks
| would be benefited, because Savannah
banks are given a rate Of SO cents to
| interior points by the Express Compa-
ny, as against rs cents from New
York and Washington.
/ In the spring or summer, when there
is no especial need for silver, the banks
| could deposit it here with the SUBJ
| treasury, instead of shipping it to New
! York, receiving a check on the sub
| treasury in New York or the treasury
| In WASHINGTON for it. Then when
silver might be again needed in the
| fall, 1t could be secured right here. 1t
would not be necessary to wait, either
as is now the case. Instead of watt
| ing until a shipment of silver could
reach here from New York, as at pres
ent, the banks could receive it at once
from the sub-treasury. This is a need
| that is felt right now. Savannah
banks need money TO send to the trib-
| utary banks. The advance in the price
of cotton has put the crop on the move
| Cotton is being sold, and money is
neeueu. TO paw Tor 1t. The Savannah
banks have been shipping out silver
| in large amounts lately"
Mr.. Lane felt particularly gratified
upon seeing the news of the introduce
| ton of the bill. because of the action
| taken by the Savannah Clearing AS
| sociation, of which he is president,
| some time ago. Letters were then
written by the association to every
| congressman and senator. and Mr..
Lane and the members of the associa-
ton trust that the efforts made then
| to secure the establishment of a sub
| treasury in Savannah may have effect
in securing the passage of the pending
| bill. The Georgia Bankers Association
| has Endorsed the measure for the es-
| Establishment of a sub treasury, as have
the bankers of several other states.
There would be no necessity Mr..
Lane said, for the government to erect
a special building in Savannah for the
sub-treasury, though 1t might do So
| There would be no great amount of
| space needed for the institution, he
said, as but a small clerical force would
be required. The principal require
ment would be a strong vault. Both
the Custom House and the postoffice
are under the direction of the treas
ury department, and Mr.. Lane thinks
that room might be afforded in either
building for the accommodation of the
sub-treasury.