Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1902-10-04
FROM WASHINGTON.
Correspondence of the Alexandria Gazette.
xUoaL;nctop II q OctOber

lCOrrespOn0ence OF tne dltAdHuiia oo~S'SS'J
Washington, d. c., October a.
The special train bearing the six coal
GENERATORS who we're in conference with
the President yesterday left the B. x q.
wards at 8 o'clock this morning. Mr..
Mitchell and his party left at 1890 for
Wilkesbarre. President Mitchell today
characterized as the vainest sham the
operators proposition made to the Presl-
dent Yesterday that the miners as in
dividuals present their grievances to the
common pleas judge in their respective
districts. He said: The operators SUBJ
mitted this proposition to the President
with the idea Of confusing the people.
They would crush the miners by getting
them to return to work and offering them
false hope of securing justice from the
courts.
Secretaries Root and Knox called to
see the President this morning and had
long consultation over the failure OF
Yesterdays conference. They discussed
with him the various plans that have
been suggested for governmental inter
ference. 1t is understood that they APP
proved the Presidents reported intention
of confering with Governor Stone before
anv futher action is taken.
1t is learned that as yet no official not
ification has been sent out by an official
of the Treasury that the national banks
may release their % per cent. reserves
held against government deposits. Banks
that have acted upon the permission
granted in Secretary Shaw's recent New
York interview have only newspaper
publications as their authority. When
the Secretary, after his return from New
York. issued his circular of October l
on the subject of the acceptances of State
and municipal bonds, under certain con-
ditions, as security deposits, he omitted
to make any reference to his proposition
to allow banks to dispense with thir re-
serves on government deposits. Comp
troIler Ridgely was therefore technically
correct when he denied late yesterday
afternoon that he had "overruled' the
Secretary, because as matter OF fact
there had been no official action on the
part of the Secretary releasing the banks
| from their legal obligations in this regard
The public statement that is disputed is
that the Comptroller has "overruled'
the Secretary. The Comptroller does
not admit that it is legal to allow the
banks to dispense with the usual reserve
on government deposits, well knowing
that he would thus render himself liable
to impeachment if he did so. Instead
he saws that he and the Secretary are
agreed upon the way in which to
carry out the Secretary's policy.
Comptroller Ridgely proposes to strictly
enforce the law which specifically re-
quires that % per cent. reserve shall
be maintained against "all' deposits
He will continue to notify all banks
whenever their reserves fall below the
legal limit that they must restore them
within 80 days under penalty of being
put into the hands of receivers. But this
notification, while complying with the
law. is nullfied by the tacit understand
ing between the banks and the secretary
that no matter to how great extent they
may deplete their reserves on account OF
government deposits he will withhold his
concurrence from any proposition to APP
point receivers. The secretary has in
effect unoffically promised to protect the
bank from any bad consequences that
might arise through their failure to
maintain these reserves.
Senator Martin and Representative
Hay of Virginia were here yesterday
and left this mornidg for Front Royal
where they will speak tonight. Both
saw the democratic outlook in Virginia
is very bright.
In accordance with the recent bond
purchase order of Secretary Shaw, the
u. S. Treasurer has accepted at 70 over
SO, 600, 900 worth of State and municipal
bonds, the holdings being largely in
New York and Philadelphia.
Secretary of State Hay was among the
Presidents callers this morning. He has
Just returned from his vacation at Lake
Sunapee, n, ii.