Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1907-11-15
WASHINGTON LETTER.


lowing close on the heels of the money |
among the New York banks, |
some of the bankers are likely to find |
themselves in serious trouble also. |
The crisis in finance and the aid that |
was generously extended by the gov
eminent to tide. over the stringency, |
and to looking closely into the records
of all the corporations that were as
sisted. This resulted, according to
reports current in the treasury in find
Ing that some of the banks had been
systematically making false reports 20
the Comptroller of the Currency. THIS
is serious matter. There is limit
to the amount of cash that a bank
may loan in proportion to it's resources.
1t happens there is no penalty attach
ed to making the excessive loans, but
these loans when they are made con-
trary to law have to be covered up by
juggling the reports made to the Trea
sury and for making false reports there
is a very satisfactory jail penalty.
1t has not been stated at the Treas
ury who the guilty parties are. but 1t
is said that there are two men high in
the New Y ork financial world, and the
government is just in the frame of
mind to make a horrible example of
them. Attorney General B0naparte
has said that be did not see the virtue
of fining corporations that did not care
particularly about the fines when put
ting a few of the highly respectable
criminals in Jail would have a swiftly
deterrent effect. Therefore it is likely
there will soon be some prosecutions
brought that will make one to two
prominent New York financiers ex-
ceedingly unhappy.
There is a good deal of grumbling in
some quarters over the way that relief
| aas been handed out from the Treas
ury to the banks during the recent
money pinch. 1t is claimed that the
North has been favored at the expense
of the South and West. Certain 1t is
that after some of the New York banks
get enough money In their vaults to
make them feel perfectly safe, they
refused to respond with cash to the
demands on them by their correspond
ent bank in the interior. The Treas
ury Department also refused to ad-
vance money that would have saved
MANY southern planters from sacrific
ing their cotton crop in the pinch
Senator Hepburn of Idaho, called at
the White House this week on the sub
ject. The President told him to put
any complaint that he had to make
into writing and it would be present.
ed to the Secretary of the Treasury.
This he promised to do.
The greatest naval show that has
ever been seen in American waters,
not excepting the naval review when
Admiral Dewey returned from the
Philippines, will occur in Hampton
Roads on Dec. 10th, when the battle
ship fleet is about to sail for the Pacific
coast. The President is going to
Hampton Roads to see the fleet start.
1t will be the greatest fighting force
that has ever assembled under the
American flag, IS battleships and half
a dozen first class cruisers beside a
number of smaller vessels, dispatch
boats and supply ships.
The preparations for the sailing are
almost completed now except taking
on the final supplies. The work on
such ships as are at the navy Yards is
practically done and smokeless powder
is being forwarded from Indian Head
at the rate of so, 900 pounds day. The
range finding instruments which have
all been overhauled. are now being in
tailed and when the fleet assemblies in
side the Virginia Capes, it will be as
fit as it is possible for preparation to
make it. All of the vessels are expect.
ed to be on the Roads by Dec Is and
the time between that and the 16th |
will be devoted to final inspection and
up. The President has
planned to leave. w Washington on the
evening of the 18th and will take sta
ton on the Mayflower and review the
eet before it passes out to sea.
Announcement was made from the
,tate Department this week of the ap-
ointment Of David Jayne Hill, now /
1inister to the Netherlands to be am. T
assador at Berlin, succeeding Charlie
lagne Tower. The new ambassador
well known in the State Department Z