The herald and news. [volume] (Newberry S.C.) 1903-1937, 1912-11-19
Z. s. TREASURER RESIGNS
Taft's Private Secretary Slated for
Position.

Tafts Private Secretary Slated for
Position.
Washington. November 14.-Ar-
nouncement of the resignation OF Lee
McClung as treasurer of the United
States was made by President Taft to-
day. Mr.. McClung rendered his ,reslg-
nation to the president at conference
at the executive mansion early today
and its acceptance was later announc-
ed by the president from the executive
Offices, with the explanation that Mr
McClung resigned voluntarily 1t IS
believed that Carmi Thompson, now
private secretary to the president, will
succeed him.
Mr.. Meetings. resignation becomes
effective as soon as his. succ"ssos is
appointed. The treasurer declined to
discuss his retirement in any way to-
dav hut it was rumored that his res
ignation came as the result OF con-
tinued friction with secretary Mac
Veagh.
Mr.. McClung was one Of the treasury
officials named by Assistant Secretary
A. Piatt Andrew as having beel IN
continuous controversy with the sec
retary of the treasury when Mr.. An
drew, in a letter accompanying his
RESIGNATION, declared that the secre-
tary and his associates were not IN
harmony.
Talked with MacYeagh.
Mr.. McClung had conference with
Secretary MacVeagh yesterday and it
is understood the result of that con-
ference was the offer of his resigna-
ton to President Taft to-day. He was
appointed treasurer of the United
States November l, 1909 Before that
Mr.. McClung, who was noted Yale
football star, had been identified with
the Southern railway and from 1904
to 1909 had been treasurer Of Yale
University.
The appointment of Carmi Thomp-
son to succeed him would be followed,
it is believed, by the immediate return
of Charles D. Hilles to the White
House as secretary to the president.
It has been understood in WashlAg-
ton since Mr.. Hilles became chairman
of the republican national committee
that the president hoped to rejnstate
him at the White House after election
The treasurer of the United States is
not appointed for fixed term. Ac-
cording to his, commission he serves
until his successor is appointed.
Great Finincial Transaction.
The resignation of McClung means
that the money and securities for
which the treasurer is responsible
must be actually counted and receipt
ed for. This will be the greatest single
financial transaction in the history OF
the world. When Mr.. McClung assun-
ed the duties of treasurer he gave a
receipt to hispredecessor for $780,
134, ,946 ss 2-3.
This was the largest single transac-
tion from man to man on record. While
the exact amount of the treasurer's
fund is not known, it is expected 1t
will exceed those figures by many mil
lions.
1t will require probably three months
to count the money and securities.
This creates a remarkable. situation,
because, presuming that Mr.. Meetings. 5
successor will retire on the 4th OF
March with the incoming of Woodrow
Wilson, the count must be made all
aver again for the new treasurer.
While responsible for over billion
dollars, the treasurer Of the United
States receives salary Of SS,G90, and
is bonded for only S15O,O0O
Change this Week
The change is expected to take place
early next week The bond OF the new
treasurer must be approved by the
comptroller of the treasury. 1t will
reouire several days to perfect that
formality.
~ had very pleasant interviews with