The National tribune., 1907-12-12
BUSINESS VALUE OF PENSIONS.
The following editorial appears in the
Baltimore Sun:
Baltimore as a Pension Depository.

less in the financial crisis, now disap-
pearing, than other cities has recalled
Ito the minds of many of our business
people a service which was performed
for this city by Gen. John r. King, Pen
sion Agent, a native of Hagerstown and
a citizen of Baltimore. Gen. King was
| a Union officer in the civil war, and Tor
a time in recent years Commander-in-
Chief of the Grand Army of the Repub-
| lic Some years ago, when Gen King
took charge of the Pension Agency at
Washington, he found the funds that
were turned over to him were In three
Repositories, namely, in the Subtreas-
uries in New York and Baltimore, ana
with the Treasurer at Washington. lie
soon came to the conclusion that it
would facilitate business and simplify
matters to have a single depository, ana
he deposited the whole of his funds IN
Baltimore. This was not accomplished
without sharp contest with the New
York and Washington bankers, but Gen
King was finally sustained, and since
that time Baltimore has had his depos-
| its. and his disbursements, amounting
| to S10,000,000 annually, are made from
this city on Gen. Kings rolls there
are $1,000 pensioners, more than 5,0Oo
| of them being in foreign countries
These are all paid quarterly by checks
drawn on the United States Depository
IN BalllrnOTe. Inc DetltiIiloic pt'iiN'7'
thru the stringency, have been glad to
get these checks, because they could
! take them to the SubtreaSury here and
get currency for them. 1t is stated that
at the present time Gen. King has more
than $2,500,000 on deposit in Baltimore.
Tomorrow he will begin checking on
| this deposit in payment of quarterly
pensions. These checks will go to many
States and to many foreign lands, and
| lyT-il1 all tn volume OF eX-
change The action of Gen. King in
making Baltimore his depository is un-
lderstood and appreciated in banking
circles but perhaps others do not quite
understand the extent of the service he
has performed for his native State.
While this is a well-deserved tribute
to our worthy comrade, Past Command
er-in-Chief King, it has a still wider
significance, which is in line with the
constant preachings of The National
| Tribune 1t shows that the merchants
and business men are realizing what
The National Tribune has been talking
for 25 years. We have constantly said
that the pension payments were of the
highest value to the business world in
their regular quartely distributions OF
millions of dollars, diffused equably over
the entire extent of the country.
There is no money paid out by the
Government which has more beneficial
effect upon business than these pay
ments. Other disbursements by the
Government go in great sums to certain
business centers. and the people at large
| ipl
from them. The pension money, how
ever, goes in small sums to men and
women in fairly equal proportions in
every community from the Atlantic to
the Pacific and from the Lakes to the
Gulf This money is not boarded; it is
not put in banks where it can be manip-
ulated, but it at once goes into the ac-
tive business life of the community
paying debts and furnishing the rea
pulsating blood of business. Within {
month after pension payment Is re
ceived every dollar has probably done
a hundred dollars worth of work il
paying debts and carrying on mercantile
transactions. The pensioner takes hi
i, little stipend to the doctor, butcher
baker, grocer and house owner to pay
his or her obligations to them, and thes'
Immediately use it to meet obligation
from others. Every day sees the none.
i turn over from one hand to another ii
f the community before it is finally gath
f cred up by the merchants and sent t.
New York or some other center in pay
ment of their bills.
The Hon John Sherman, in his da.
/ the ablest fnancier in the country, de
= clared that the payment of arrears o
1 pensions was Of the utmost value il
making the resumption OF specie pay
ments a success.
4 In all the commercial crises since tn
g pension money has steadied the finan
= cial system and greatly mitigated tn
e stringencies. No doubt the payment O
: in the present crisis, and done NOR
e than any other one influence to brin
d about relief and inaugurate a bette
d feeling Where other men we're taIkin
t their money out of the banks an
: boarding it up the pensioners have bee
rapidly putting into circulation the $70
100000 they received on Oct. an
e Nov 4, and will now put into circuia
r ton in the same way the $4,000, 90
e they received Dec 4.
c To show how uniformly this NOR
: than $10O.000,O00 have been put int
: circulation, we may give list of tn
n pension payments at the different date!
d On Sept. 4 and Dec. the pension
e We're paid from Augusta, Me-; Bostoi
= Mass; Columbus, o.; Detroit, Mich
e San Francisco, Cal, and Washington
II d. c.
'e On July and Oct. the pensione,
e were paid from Buffalo. n. Y. Chicag,
IS Ill; Concord, n. H.; Des Moines, lowe
Is Milwaukee, Wis, and Pittsburg, Pa
t. On Aug and Nov. the pensionel
were paid from Indianapolis, Ind
Knoxville, Tenn; Louisville, KY; Ne
York City, Philadelphia, Pa. and Tt
peka, Kan.
>. These latter will be paid again ia
4, and contribute their 35,000,000
" the relief of the stringency of the Gu
rency.
We are sincerely glad that the bus
ness men are awakening to such fu
realization of the benefits of pensic
y payments TO the country.