New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-16
URGES USE OF CHECKS BY TREASURY.
Correspondent Advocates Change in Govern.
ment's Method of Payment.
To the Editor Of The Tribune.

To the Editor Of The Tribune.
Sir: One Of the legislative blessings which m.
first Republican administration brought to IN.
country authorizing the United States Treas
urer TO be deDOsitor in banks. which for sons
years had been forbidden by law. II citizens YER,
compelled to do business without banks or similar
institutions grass would grow in the streets OF
New York
a fortnight after the defeat N Bull Run Con.
gress exhibited better sense IL financial legisls-
Jiqq than our generals in battle. law passed.
1851 suspending the provisions Of the independent
tary OF the Treasury to deposit any OF the moneys
obtained on any of the loans now authorized 6v
law, TO the credit Of the Treasurer Of tie UniteI
may select; and said moneys, so deposited may be
regular depositaries. for the payment Of puhuS
rectcd by the edreiaTy f t rsaSyr TO- or De d.
Then. after the banks OF New YORK. Boston and
United States bonds and placed s5oooo0o To thu
EoNeIhIIlents credit as deposits, Secretary Chase
paving in bags Of gold. The coin wss paid TO the
troops IN Virginia, ana scattered about in various
parts from which il lid not return And finding
tneIr reserves considerably reduced, the New York
1851 The suspension became general eN- ept on ths
racine Coast, and continued for seventeen years.
wiring Lincolns heart, a story Of magnidcent
on Fe 'r,, Jl.I -iiS 7S otf i's.Lre
lzTS 10 employ national banks AS depositariss %
Duties on imports were paid in gold then a high
from bank deposits had some sfsuifearra nm r.
paper dollar rose 10 par with gold at the close ~
1913. For the last tWeutv-eight wears the words.
except receipts from customs" have been retained
IN the law without rhyme reason
Last mc1th several editors assured me thera
would be no financial legislation this winter Soon
after The Tribune published nav letter OF February
l. senator Aldrtch and the Senate Finance CONF
mittee showed that faith i'm the good sense ~ Con-
sItSs was Justned Those four dead words will -
repealed and deposits all public money per
mitted. 80
With chasrin. lifelong Republicans like mvssl.
SEE Secretary shaw making the same mistake in
1910 as secretary Chase made ISL. O. ~
SOLD from the reserves Of New York banks No
Secretary from Chase down. has let the Treas
Grer pay public dues with checks on depositarv
banks though some dishurSiug officers have al
ways Deem allowed 10 90 IL. With All rr~eiprs
made depositable. not drawing checks on HE De-
P9S!ls would be more absurd than ever.
IN amending the law. Congress should EXPRESSLY
provide mat whenever payment can Be made
safely with checks the Treasurer OF the I-nitsd
states may receive checks drawn On banks or
trust companies. deposit the checks IN Geposirary
banks Tor collection 10 his credit. ami paw uuhE,
ques VIII checks drawn on depOSitary banks a.
ne may ueen most conducive tO the public inter-
ests and 20 the convenience Of the public cred
TORS. under such regulations as the Secretary OF
the Treasury may prescribe.
JAMES O. HATLOCK
No . Seventh avenue. Brooklyn. Feb o. 1871