Virginia gazette. [volume] (Williamsburg, Va.) 1893-192?, 1913-02-13
Nc VEAGH DENIES
MONEY PILOT

( WASHINGTON. d. c. Special.-A
: charge by Rudolph spreckels. the /
san Francisco sugar millionaire. 'hot |
the Treasury Department was eNerci7- /
ling it's authority 20 promulgate new
Iorder ian relation 10 Government de- /
posits ia national banks ia such
way as 70 cmbarrass the new Wilson
adm iuistratlon by precipitauns
|panic last night brought forth
|Nigorous denial from Secretary Mac
Neach. representative Garter Glass,
|of The House committee inNcsuEaunS
. lthc banking and currency sltuauon-
ISSUED "a statement in which he prom
, l-cl 3D. CONGRESSIONAL Investigation it
! hc found upon Inquiry that the cnar 90
, was sustained hy the facts.
Air.. Glass had long conference
with Assistant Secretary OF the treas
Hurry Robert Cd. Bailey. AZ 'ue emu ne
iaupareutly had NOT collected any M
formation Co sustain Air. SprccNel7
Irnarges. In hls statement Air. N-AHs
casts doubt upon che legality OF tne
order and sharply questions the pro-
Iprlcty Of thc TAFT administration. az
Ifemptinc 20 folst this so-callcd zee
form upon the incoming admlnistrt-
ID tion.
MIR Glass reframed from moldne
an. charge that the order had leei
issued for the purpose OF emborrass
- fue the new President but he reLerf 90
All 10 the fact that Mr. Sprechcls dot
%, make the fiat charge and mat man
at persons viii Doe ready To accept t""
ag view OF the situation.
Isl Secretary OF the Treasury Mac
,isl Neagh hurriedly drafted letter I
Ne / Representative Glass, emphaucau
isl denyinar the Spreckels charges, an
ne coutendiug that the new order vi
.at make an Increase OF only about Sa9v
OOOO in the GONcrnm deposits
en- national banks. IL was acknoWledge
ICE that the increased balances I'm Ne
ed York city IS a result OF the oru'
ms would amount 10 about $Z.U6S.VV
ad distributed among twenty -four bank
of The order which Secretary Ma
to Neagh issued was Intended. accoroii
lex 10 his own explanation, was oesign'
He To- allow the Governments COLLECTOR
ers and disbursements to clear each Otn
in the necessity rs at present or nr
he converting the receipts into actu
lot cash at the subtreasurlcs. ana IN
the making the payments Tor GoNefhile
ing expenses over the counters ~ .@ss'.
RepresentatlNe Glass. IA a stateme
which ne issued last night. acknoN
edges that he has been inNestisaJ
this order for several days, with Z
purpose OF projecting congressloI
Investigation III IL should seem a
III visable. Mr.. Glass quotes Assiste
Secretary OF the Treasury Bailey
having assured him that the incrci
in deposits on account OF the or
will not exceed S2.OOO,OOOs ana u
Re the additional amount OF deposits
laU the New York Government
'h' positories VIII not excel Ia the agg
gate $500. 900 a year.
Spreckels contends that the or
which provides for the deposit OF e.
toms receipts direct in national bal
TO the credit OF the United states
al illegal and calculated to initiate
Ber- deposits OF these Institutions TO
cling extent of $500. 100000; that this IN
acks tion will go mainly 10 New
and banks, that after Mr. Wilson en-
y Of office ne Will be compelled 20 reese
kept this order and withdraw the MOI
) on and that the withdrawal VIII caus
is a serious money strinSency-