Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-03-08
y SUBTYIEA ASUkES
\ DEFENDED BY WARE
!s19ressman Protests Plan TO
Abolish Them After
War
NEEDED IN THIS CITY
oNotcs Letters From Business and
Banking Interests Objecting
to Abolition Here
By a sag Correspondent
WASHINGTON. March s

~ uentntive association OF bdnkeIS' Hlcl-
s chants and manufacturers of the city
Of Philadelphia. Congressman william
h s. Ware today presented to the House
the defense Of the Philadelphia Sub
treasury, which would lie abolished six
months after the conclusion of the war
" the provisions OF tho legislative APP
tpropriation bill now before tho House.
The report of tho bureau of efficiency
4 made. recently recommended that the
y aubtreasuries in Philadelphia, Baltimore
and Cincinnati be abolished. This was
defeated before the committee and the
abolition OF all subtreasuries six months
SITTER the war substituted.
This met with a storm Of opposition.
as the statement Of Representative Ware
Illustrates He quotes from communi-
cations received by him from some of
the largest business men OF the city,
The provision will come before the
House this afternoon. \ concerted cG.
Z fort to retain the subtrchsurv win he
made by the delegations from virtually
every city affected, there being nine
In ALL
Representative Ware sid:
I'm behalf Of the merchants busincss
men and bankers of the city Of Phila-
delphia ! desire to enter protest
ktainst the provision that the sub
treasures In, the nine different sections
of the United States he abolishd SIX
months after the conclusion OF the war
BASED on their knowledge of the
service OF this time-honorcd institution
the various interests In Philadelphia
which go to make up the industrial life
OF the community and the prosperity OF
the surrounding territory. every busi.
ness man whom | have approached,
every commercial organization to whose
attention this matter has been brought,
has been loud in denouncing movement
to destroy the subtrcasury system Of
the United States.
TOO MUCH LEGISLATION
This bill provides that the action
should be taken six months after the
conclusion of the war, anu that the ac-
tivities Of these Institutions should be
transferred to Washington. II is true
that the nation is looking to the CEN
tralization of authority and manage
rnent. but Is II well to make provision
for such action In matter where q
broader scope OF activity will he needed
at the conclusion Of the war? We might
devote our attention TO n better work
ing order of things during the present
era of commissions, boards and COM
nnittees than to scatter broadcast the
duties OF our well established Govern
rnent. It seems to me that there is too
much legislation to hamper and inter-
fere with business
II have in my possession a letter from
the Philadelphia Chamber Of Commerce
p IN which Earnest T. Trgg, the president
81 that body. declares the philadelphia
Subtreasury performs important func.
uons In the commercial, industrial and
banking life Of this community.
Il have another from Alfred T. Burke
chairman OF the finance committee o.
ts the Manufacturers Club of PHILADELPHIA
n which he says that the 'Subtreasur,
has been OF immense value to the bust
ness and banking interests CT the city
OF Philadelphia, and that the remova
OF the same would be nothing short OF
. calamity.
fs Il could mention another from Emf
Albrecht. president of the Philadelphia
Bourse, who says the Subtreasury here
is of great assistance beth to the Gov
ernment and the Federal Reserve banl
IN the operation Of Government work.
Ana. mark you, gentlemen, the member
OF these great commercial institutions
and associations in the city of PhiladeI
pha are doing Government wCrk secont
TO none In any city in the United States
Is their opinion to he set aside for tn
Ol tO1lmllIef on III
vestigation whose very report shows
narrow view OF the subject at its best
MANY BANKERS PROTEST
ut is useless to go through the larg
list of banks and bankers who have pro
tested against this provision as it In
clude virtually every bank in Philadel
phia. The Philadelphia Clearing House
at it's meeting last week. an organiza
ton In which the large banks of Phila
delphia are represented, protests agains
sF the removal of the subtreasury by
tf unanimous vote
edwin s Stuart. former Governo
0f Pennsylvania. and one of the mos
able and respected business men o
Z the city, writes, you can do no bette
service to the business aIterests o
Philadelphia than making the effort {
: prevent the removal of the subtreasur
from this city
"Fred II. Chandler, president of tn
Philadelphia Stock Exchange, assure
me that the subtreasury Is OF grea
benefit TO Philadelphia, as well as il
neighboring communities.
The removal OF the subtreasur
would cause confusion and delay. an
cannot see why the present syster
should be disturbed. II it is becaus
some sections of the country canno
share In the benefits derived enIarg
its scope, do not destroy it, The sub
treasury in Philadelphia operates a
the cost Of about j0,00O a year to tn
country. and 1t handles more than
billion dollars a year In receipts an
payments. This work must be don
somewhere, and ] fail to see where
s. could be done with less cost or wit
y as little confusion.
The Importance OF the subtreasur
cannot be overestimated II occupIe
position In our financial structur
which is of great Importance IL is In
IS medium through which gold exchange
III IRE made and ] understand that Il is
s. Iues certificates for gold payment
which under certain conditions. cannc
|zI< ~ issued by the Federal Reserve Ban
~ smother agency under the preser
{1 ~ rCondisions will be very different ST
months after the war Is brought TO a
s Ind than they are at the present tim,
n We cannot estimate the relative yall
a ~ Dur financial institutions for that tim
"a w. present conditions even II the sui
< trtasury was doing little or no 'servlc
how
ri T feel that the prompt and unhau
.N 1&fed transportation OF all business A
ffi11nnf time, when we again enter into cor
tofiflou with our present allies, Will b
q 2{11of0 necessary then than now ana
1oayor to legisiate for period sI
nihs from an unknown date is nc
lpesslike and unreasonable. tru,