Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-03-26

per cent to the holder 1t is readily seen
that circulation does not pay
/ I'VE are nation of depositors; the peo-
pie make money, save 1t and deposit IT.
They pay their bills, great or small, by
check, whether it is a grocery bill or
share of stock In a billion-dollar trust
The manner of payment Is the same In
the parable of the ten pounds the reproof
is for the nonuse, wherefore then takest
not thou my money and put 1t into the
bank the nobleman said to the servant
who kept his pound wrapped up in
napkin.
Want District Deposits.
1.-The bankers of Washington can con-
graduate themselves that they are To-
Gated so near to the treasury of the
United States, whence flows into the
banks, into business and into every chan
mel of trade daily a constant stream of
most desirable money. Our cup of happi
ness would be full indeed IL we could
turn the swollen current that will come
this spring from the collector of taxes,
carrying something like $5,OO0,OOO into
the treasury, and unfortunately out of
the banks, out of the business and out of
the trade Of the city.
"A bill was introduced into the Senate au-
thoriZing the collector of taxes of the Dis
trict of Columbia to deposit in the banks,
subject to the order of the treasurer of the
United States, and this, 1t seems. was not
approved by the District authorities, and 1t
seems that the bookkeeping of the collector
of taxes would have to be changed. This in
superable objection might be overcome by
correcting not only the bookkeeping OF the
collector Of taxes and. If necessary. the
bookkeeping of the auditor or even the
Commissioners This would have been
much better than to have the measure de-
feated 1 fear the people do not realize
the magnitude of this sum that is TO be
drawn from the financial institutions or
Washington the total deposits In which
amount to- in round numbers, $4oO0O,oO0.
Txra nor of this the caSn
requirements of the national banking laws,
will be taken from the deposits of the
banks to pay the taxes
Mr.. Macfarland Replies.
After Mr. Parker had spoken. Commits
sioner Macfarland asked for permission to
say few words, and said:
1.-The Commissioners hope to see the Dis
trict tax receipts deposited some diy an
nually in the national bank repositories Vi
the District 1t is not because of book
keeping difficulties at the District building
that we could not favorably report on the
bill authorizing such deposit to be MADE.
If that were the only difficulty 1t could be
removed by the Commissioners and that
would be done. The great diffit ulty. which
can only be removed by Congress, lies IN
the present method of the treatment of the
District with respect to its share OF the
cost of the extraordinary projects OF I'M
provement. Until Congress adopts the
Commissioners plan. Endorsed by the en-
separately for this obligation, definite
and permanent basis, with long term for
repaymentS, every dollar of current reye-
nue. must be Immediately deposited in the
treasury to meet advances already made
on the general account. If the Commits
sioners' plan was adopted part of the cur
rent revenue would still have to go to the
treasury, to meet advances currently made
on current account and to meet the sink
ing fund payment on extraordinary pro-
jects, but the greater part of the District
tax money could be deposited in the ma
OFF this plan of settlement for one year
more, but next year We may secure what
we all SO much desire
Mr.. John Joy Edison spoke on Banks
and Trust Companies" presenting a state
Inent showing the very large increase of
business of the banks and trust companies
in the District of Columbia since the first
trust company was organized-fourteen
years ago.
Resources
1SS9. 1903 Increase
SIS, $50, 52657 500 719, G02.10 Sal. 1879. 015 SO
Deposits
1889 1903 Increase
IA, 319, 993S3 AZ pa. 069. 90 s27 9o4 orc 10
Loans
1850. 1898 Ipcrease
9,4955o5.26 II .66S. 400. 76 % l72 99i so
Surplus and Profit.
1889. 1903 Increase
1,045, 20S.01 5.8s7 1858 4,642 Sos 92
1882 1903 increase
l9493J0.c0 10.02I,0 10000 S,077 $50. 90
The officers of the association. all Of
whom were present. are: Charles ]. Bell,
president; A. f. Fox and S. T. Brown vice
presidents; William A Mearns. secretary,
and F. Fl. Smith, treasurer. Dinner com
mittee: w. v. Cox, chairman; John Joy
Edison, John H. Moore. 4. s. Parker and
W. A. Mearns