Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-11-15
Resigns as Treasurer Of
The United States.
Over a Billion Of Money Must
Now Be Actually Counted.
The Cause Of Resignation and His
Successor Both Unknown.

Washington, Nov. 14.-Announcement
of the resignation of Lee McClung as
treasurer of the United States was
made by President Taft, today. Mr..
McClung rendered his resignation to
the President at a conference at the
Executive mansion, early today, and
ats acceptance was later announced by
the President from the Executive Of
fees, with the explanation that Mr..
NfcClung resigned voluntarily. 1t is
believed that Carmi Thompson, now
private secretary to the President, will
succeed him.
Mr.. Meetings. letter of resignation fol-
lows:
MY Dear Mr.. President: Now that
the election is over and my retirement
can have no effect upon the political sit
uation, | beg to tender my resignation as
treasurer of the United States to be ae-
cepted as soon as you find it consistent
with the selection of my successor.
Il wish TO take this occasion to ex-
press my appreciation for the opportunity
of having served in your administration
and for the courtesies which you have
extended TO me during my official life in
Washington.
with very kind regards
Sincerely yours,
LEE MccLUNG.'
Mr.. Meetings. resignation becomes
effective as soon as his successor Is
appointed The treasurer declined TO
discuss his retirement in any way, to-
day but il was rumored that his resig-
nation came as the result of continued
friction with Secretary MacVeagh. Mr..
McClung was one of the treasury ofii-
cials named by Assistant Secretary A.
Piatt Andrew as having been in con-
tinued controversy with the secretary
of the treasury, when Mr.. Andrew, in a
letter accompanying his resignation,
declared that the secretary and his as
soeiates We're not in harmony.
MIR. McClung held two-hour con-
ference with Secretary MaeNeagh at
the latter's home. yesterday, and it is
understood the result of that confer
enee was the offer of his resignation
to President Taft, today. He was APP
pointed treasury of the United States,
Nov. l, 1909. Before that Mr.. McClung
who was a noted football star, had
been identified with the Southern Rail-
way and from 1904 to 1909, had been
treasurer of Yale University
son to succeed him would be follow
ed, it is believed. by the immediate
return of Charles ID. Hilles to the
White House as secretary to the Pres
ident. 1t has been understood in WASH
lngton. since MIR. Hilles Became chair
man Of the Republican National COM
mittee, that the President hoped to
reinstate him at the White House aft
er election.
The treasurer of the United States is
not appointed for fixed term. but
serves until his successor is appointed.
The resignation of Mr.. 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 sim
gle financial transaction in the history
of the world. When Mr.. Mcclung ass
sumed the duties of treasurer he gave
a receipt to his predecessor for 81 &c.,,
134.3i6.SS 2-3.
This was the slargest single transact
ton from man to man on record.
While the exact amount of the treasurr
er's fund is mot known, it is expected
that it will exceed those figures by
many millions. 1t will require proba bly,
three months to count the money and
securities This creates a remarkable
situation because, presuming that Mr..
Meetings. successor will retire on the
18th of March, with the incoming of
Woodrow Wilson, the count must be
made all over again for the new
treasurer.
While responsible for over a billion
dollars, sthe treasurer of the United
49, To-. -
is bonded for only $15O,000.