Democratic Sentinel, Volume 17, Number 48, Rensselaer, Jasper County, 15 December 1893 — WORK OF HOKE SMITH [ARTICLE+ILLUSTRATION]

WORK OF HOKE SMITH

REPORT OF THE SECRETARY OF THE INTERIOR. He Offers Defense for His Coarse In Pension Matters—Starvation Stalks Abroad In Michigan and Wisconsin—Comptroller of Currency Makes Report. Interior Department Report. ■Washington dispatch: Hoko Smith, Secretary of the Interior, in his annual report reviews the work of all

branches of the department during the last year. He comments on tho inadequacy of legislation thus far enacted to ' provide for the . legitimate procurement of public timber to supply the actual necessities of the people dependent upon It, to pro-

mote settlement and develop the natural resources of the public lands. Legislation providing for a wise and comprehensive forestry system is recommended. The Secretary discusses at length the opening of the Cherokee outlet. He says the hardships incurred by applicants was an unavoidable result when so largo a crowd, far in excess of the land to be obtained, was preparing to rush madly upon it. Referring to the Cherokee Indian allotments, the Secretary states that he sought unsuccessfully to dissuade those representing the Indians from seeking to select town sites for speculative purposes. In order to defeat the plans of the Indian speculators he approved the allotments made, but fixed town sites in such a way as to thwart their schemes. The Secretary recommends the passage of legislation to protect the people not settled in those towns from this discrimination. The work of tho Indian Bureau shows that they are steadily advancing in civilization. Tribal wars and wars with the whites having ceased, they aro increasing, and there are now more than 250.000.

The payment of Indian depredation claims is deemed a subject of grave consideration. Under the existing laws the appropriations intended for the support of these Indians will he consumed by the payment of these claims, and a second appropriation will bo necessary to meet their needs, so that the payment of these claims will eventually devolve upon the Government. It is estimated that these claims will absorb many millions of dollars, and the policy of subjecting the Treasury to this strain is questioned. The recent troubles in the Choctaw Nation are touched upon at length. The Secretary urges the prompt passage of the bill now pending before Congress extending tho jurisdiction of tho United States in Indian Territory in order to include the right of removal of all cases, where local prejudice is shown without regard to citizenship. Upon the subject of pensions the Secretary calls attention to the great amount saved to the Government by the stoppage of payment of pensions in Norfolk, Va., New Mexico, and lowa. Where it was, thought that the pensions could not be sustained, and another medical examination was necessary, payment of the pensions was suspended pending the investigation. “This,” he says, “was dono by the Commissioner of Pensions in pursuance of the uniform practice of tho bureau, existing almost from its early organization. It was found that many thus suspended W’ere able to supply the proof when notice to that effect was given. Payment to these was at once resumed.” :

Referring to the work of thf,Census Office, the Secretary states: “I now feel all confidence that every effort is being conscientiously made to bring the census to a close and to render it as useful as possiblo when finished.” It is intimated that the appropriation now available will be sufficient to meet the expenses up to Feb. 1, but that additional appropriations to the amount of $500,000 will be necessary to continue the work from that time In closing the report the Secretary stated that in the estimate of expenditures for the department a great majority of the proposed improvements were rejected, only those actually necessary for tho conduct of public business being adopted.

ECKELS MAKES REPORT. What tho Comptroller of the Currency Says to Congress. The annual report of the Comptroller of the Currency, which was submitted to Congress more briefly than the report usually mado by that officer, differs from former reports in that no tables appear in the "body of the taxt. It shows 3,790 national banks to have been in operation at the close of the report year, with a capital stock of $095,558,120, represented by 7,450,0C0 shares hold by 300,000 shareholders. At the last report of condition the total resources of the banks then in operation were $3,109,503,284.36. The total amount of circulation was Oct. 31, $209,311,993, a net increase during the year of $36,886,972. During the year 119 banks were organized in thirty-two States and Territories, with a capital stcck of $11,230,000, distributed as follows: Forty-four, _ with a capital stock of $5,135,000, in the eastern States; fortyone, with a capital stcck of $2,340,010, west of the Mississippi River, and thirty-four, with a capital stock of $3,770,000, in the central and southern States.

Within the same period 158 banks suspended, with a capital stock of $30,300,000. Of this number eightysix. with a capital stQck of $18,205,000, resumed, and sixty-five passed into the hands of receivers, with a capital stock of $10,885,000. At the close of the year seven remained in the charge of examiners pending resumption. The aggregate liabilities Oct. 3, 1893, the date of the last report of condition, compared with those of Sept. 30, 1892, were $400,531,613 less. The shrinkage in liabilities is accounted for by a decrease between the dates mentioned in the following items: Capital stock. $8,032,677; individual' deposits, $314,298,658; and bank and bankers’ deposits, $181,338,125. The decrease in resources is as follows: Loans and discounts, $327.406,926; stocks, etc., $5,965,564, and due from banks and bankers, $132,054,654. Cash of all kinds increased $36.,968.606, including $8,410,815 in gold. United States bonds held for all purposes increased $40,601,250. The Comptroller reasons from the changes in these conditions that the business depression of recent months was occasioned by the action of depositors withdrawing so much money from the banks, which caused a sudden contraction in the volume of money needed cr employed for business wants. The banks, being compelled to call in loans and discounts to meet the demands of depositors, were prevented making new loans, and it was rendered hazardous on the part of the banks to grant renewals of credit or extensions. The suspension of national banks during the year is discussed, and alsa

that of resumption. Upon the question of resumption the Comptroller says: “With a full knowledge of the general solvency of the institutions and the causes which brought about their suspension, the policy was inaugurated of giving all banks which under ordinary circumstances would not have closed, and whose management had bean honest, an opportunity to resume business. This policy was one which seemed to commend itself to the Comptroller as proper to pursue under the circumstances, and it is believed the results have justified the experiment of its adoption. “In view of the fact that there is now a very great abundance of unemployed currency in the country, as is shown by the daily money returns from the commercial centers, it would seem that whatever needs appeared some months since for enlarging to any marked extent the circulating medium have now ceased to exist, and therefore Congress is afforded an opportunity of giving to the whole subject that careful research and investigation that it 3 importance in all of its bearings demand.”

HOKE SMITH.