The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-02-07
FINANCIAL STORM
AND ITS POSSIBILITIES

OF the wealthy sugar family Of Cali
fornia and millionaire himself. He /
personally financed the famous graft
prosecutions In San Francisco.
i shall go to Washington very soon
to see that the facts are presented to
prominent members Of congress, ii |
congress does not act of its own In
itiative at once said Srreckles to-
day
Treasury circular number five is i
addressed to the disbursing officers,
assistant treasurers and designated
depository banks and begins as fol
lows:
For the purpose Of bringing the
ordinary fiscal transactions OF the
federal government more nearly into
harmony with present business prac-
tices, It has been determined that
the daily receipts Of the government
shall be places with the national bank
depositaries to the credit Of the treas.
urer OF the United States. Disburse-
ments will be made by warrant or
check drawn on the treasurer, but
payable by national bank depositar-
les. as well as by the treasury and
sub-treasuries."
/ Then follow eleven paragraphs deal
ing in minute detail with the manner
| in which checks and other disburse-
ments shall be drawn and paid, and
pointing out that the regulations do
not apply to pos.office or court funds
deposited in the national banks under
prior statutes.
All MoonshIne Says Mcveagh.
/ WASHINGTON, Feb. Z. "The
! whole fear Of any such result is alb
! surd, was the declaration Of Secre-
/ tary Of the Treasury Macveagh to-
1 day when shown copy Of Rudolph
Spreckles' statement on treasury
order number five"
It's all moonshine,' Macveagh as
serted. Banks under the order will
i merely have a working balance and
] will not be crowded with gold, sub
j ject to call by the government and
\ subsequent hardship to anyone.
'sThe intfmation made by Mr..
4 Spreckles that there might be pos
i sible plot on the part of the outgoing
republican administrator: Is utter
1 bosh. The banks will merely have
J, working balance and no morc
3 money under the new plan will be in
their vaults two months from now
than at the presen. time. The as
sumption Of a plot was evidently
made with but little information Oil
!, the subject
Attorney-general Wickersham who
, twas with MacVeagh when the secre-
| tary was asked concerning the mat
ter at the white house, also insisted
Spreckles was talking moonshine."
a President TAFT Discusses Matter.
!, WASHINGTON Feb. 7.-Presiden'
: Taft discussed with his cabinet to
: day the possibility CT Secretary Mac
| veagh's recent order bringing about
panic While all scoffed at the as
+ sertion that the order might have
! this effect, there was discussion as te
r the alarming possibilities should the
order be taken from another view
/ point than that Of the treasury de
y partment law officials.
d At have not seen the order" sais
g Attorney-genera Wickersham. THE
e talk of plat to dynamite the Wilson
I, administration with panic bomb, Il
g nothing more than hot air"
a Flooded With Requests.
i. WASHINGTON, Feb. lit becam'
/. known today that the treasury de
nartment has been flooded with re
!. ouests from national banks and treas
d ury officials all over the country 10
l. COPIES Of treasury order number fiv'
a and also for complete explanation
v OF what 1t means-an official inter
a pretation. The order was mimeo
graphed and sent out. and only
: few "file'' copies retained. Demand
! have already exhausted all but a fey
d of these.
h Sub-treasury officials and collector
i. of customs desired to get one-sy
q liable explanation of the order. whic