The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-08-07
Banking and Currency Method
. of Government Much CHANGED
american News Service

(American News Service.)
Washington, Aug. 6.-Eyer since
Franklin McVeagh assumed the office
Of secretary of the treasury, the sys.
tenn under which Uncle Sans banking
and currency is conducted has been
steadily improving. and today is con-
sidered by bankers and business men
who have dealings with the treasury
department to be as near perfect as it
has ever been in its history. Every
branch of the department has been
organized SO that it constitutes q spoke
in the governments financial wheel
now turning so smoothly that those
coming in contact with it laud its or
ganizer and say that it could not travel
with greater perfection.
Secretary McVeagh, like other off,
Gals who start out to reorganize.
found opponents to his plans at differ
ent times, but he has steadily worked
to systematic his department. and has
thus far been successful. much to the
delight of bankers and business men,
" III nave AOA6 ~AOuCu IAC SAAAAAAAoSAoAA
of unnecessary departmental "red
tape" The secretary's tart views col
lided with those OF Speaker Cannon
and Senator Aldrich last summer. He
also had a sharp difference with Sena-
tor Aldrich in the matter of amending
the law affecting the rate of interest
on government bonds.
Ar;n L. L. 10 No c%, h
born when any notion he has formula.
ted, relating to currency legislation, ia
crossed. The senator feels a certain
pride in being considered the currency
expert in the upper house of congress.
1t was this pride that was hurt when
Secretary McVeagh determinedly op-
posed his ideas and suggested his own
plan. AS the result Of the action Of
the secretary showing that he, too, has
convictions of his own, there has been
a deadlock on the question ever since
Charles D. Norton, then assistant
secretary of the treasury. and now
secretary to the president. was Mr.
McVeaghs' right hand man in the sys
tematic effort that has been made to
improve the workings of the depart
ment Economies being sought. the
first step taken was to secure the ad
vice of a Chicago firm that makes 3
speciality of suggesting economics tt
large executive Offices.
Although this company asked bis
fee for its services the estimate made
by 1t did not brighten Mr.. McVeagf
= f. to SyufA hA NrNY1
Germ was paid something like $75.O(
for its advice and suggestions for {
period covering several months. JUS
whether the payment of this sum o
money was an investment or not ma!
be determined by glancing at the fol
lowing changes that have been made
chiefly on the recommendations OF tn,
"economizers."
The numbering. separating, ant
sending of United States notes ant
gold and silver certificates in one op
Grafton instead of several thereby saw
ed 100000 annually.
Improved methods in handling bus
mess in the office of the auditor OF tn
postofice department causing a saw
ing of $1O7 900.
Shanges in connection with the trans
enue stamps and improved method o
shipping, saving $4,000.
Discontinuance of hand weighing o
gold and silver coins and the adoption
of automatic feeders on coin presses
and other readjustments at the mint
! saving 1880
i g. NTH tho
| portation of fractional coins. savin
$125,OOO.
Installation of improved machiner
and introduction OF new methods Il
the bureau of engraving and printin
the saving being 100000.
Elimination OF unnecessary pos
lions and reductions in appropriation
for the current fiscal year. savin
$3OS. 900.
Improved method In administratio
of the revenue cutter service, life ga,
ing service and the abandonment Q
old and unnecessary quarantine Sta
lions, $3OS. 600 being saved in this di
rection.
Sending cancelled notes by register
1 ed HAL IuSlcdu VI Wy SAPASSo SOAA
panies effecting an annual saving c
100000.
In spite Of movement said to b
on foot to cause the resignation {
Secretary Mcveagh. he is still goin
on with the improvement OF his d.
partment- Almost weekly he Is cal
ed on to deny stories of his intende
resignation emanating from some {
those who dislike his economic met
DDS. He doesn't suit the class Of PEI
pie who think 1t best to leave We
enough alone" but his good work thu
far has been satisfactory to PresideI
Taft, hence. those in a position
know. say that the mild mannere
cabinet officer from Chicago will NJ
leave his present office until he has a
tanned even greater services for th