The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1921-02-14
Frederic Hasldn's Lett,
Covernn snt Gold.

these men. and that one "a, . =
contrived to stick some q 49,
OF the worn money into his ~
when the other two were .not -
Ing.
That was a very upu.u., "a.
ton. In most of the im,s.se
places Of the treasury erss
guards are guarded. and WI.
man will have the key to M -
bination to open an outer az, - !,
other has to come to open ths ~
door,. 'A' 'aas
Counting . Nations CA,.
Because the treasurer "a 49,.
stble for the contents Of thu rssss
when he resigns, as Mr.. Burhs ~. =!
! last month. there has to b. ! w w
counting OF the treasury ss.."s
This time, some twenty-five o. ~.
ty persons were detailed IA ~. ~.
vault to make the count. ana y, as
Is days they did nothing hut ch. W
lup on coin. bullion. notes Ana :.
curities. The total they found = =
the building was ilsSS,S,s
1856 20. ''''''''
This does not represent m ~.
governments money. Washir,,as
Is considered sufficiently far NJ s
from the coast to be q safs ~.
for federal vaults, but even 70 ~
government does not put ali o. n
eggs into one basket. There !.
the minis and the assay ONCE, ana
the federal reserve banks.
The sub-treasuries, too. -ve,.s.
part Of the system of SCATTERING i.
stead OF concentrating public INA.
When they we're established M
sub-treasuries undoubtedly VA.
needed. Transportation Of curren.
cy over long distances was uncsr,
tain and dangerous, and in a conn.
try as large as ours so much tran,.
portation OF gold and silver would
have been a serious drag on an
finance. Then there was an eari,
law that the public moneys cop'1
not be deposited in banks. and u,
sub-treasuries provided a len
| place or deposit. This law has Ion,
since been altered, so the fedefsl
reserve banks can take the plan
Of the sub-treasuries as depositor
les for government funds.
! Soft Salaries Slashed.
In fact. since the federal reserv
banks have been established it ha
become more and more appareu
that these banks could perforu
nearly all the functions detailed b
the sub-treasuries. and only II
unsettled conditions due to the VI
have delayed the transfer Of busi
ness and duties until now.
A further, minor, objection to u
sub-treasury organization has bee
that the heads of the nine suh
treasures we're appointed by Ii
president and confirmed by Ii
senate. and there. many peopl
claimed, their activities cease
The house subcommittee on apprt
priations disposed Of these assist
ant, treasurers Of the United STATE
by the following dialogue:
Representative Wood: III wer
abolishing the assistant treasurer
1t would not be because Of anythin
touching the persons now occup,
ling those positions, but because {
their absolute uselessness as funt
tionaries."
Representative Davis: What q
/ they do?'
Representative Wason: AS
matter of fact. are their sallrie
not sent to them?"
= A representative Of the treasur
department objected to this hsfs
summary of the duties of the sul
treasury heads. and held that th
good ones found something to do
keep busy
The committee finally decided
do away with the sub-treasurit
anyway. The clerks were provide
fog by transfers to other ofics
but the bill left the assistant trea
urers to shift for themselves at
saving to the government Of abo,
| 5000 a year.