Jasper County Democrat, Volume 2, Number 41, Rensselaer, Jasper County, 13 January 1900 — GAGE MAKES REPLY. [ARTICLE+ILLUSTRATION]

GAGE MAKES REPLY.

TREASURY’S HEAD ANSWERS INQUIRIES OF CONGRESS. Gives Him Reasons for Placing Public Moneys in National Banka-Says He Simply Followed Law and Custbm Set by His Predecessors. Secretary Gage on Wednesday sent to Congress his replies to resolutions recently introduced in the Senate by Mr. Allen of Nebraska, and in the House by Mr. Sttlz<>r of New York. The text of his reply, which is an exhaustive exposition of the management of that branch of the treasury finances under his administration relating so national bank depositories, contains about t);OOQ words, supplemented by special reports from department officials relative to special inquiries iu the resolutions, including <-opiea of over 1,000 letters on the subject under consideration. The reply seeks tv exonerate the Secretary of the Treasury from every charge laid at his door, and endeavors to show that he has observed with rigorous fidelity the letter and spirit Of the law in the handling of public moneys placed under his direction. The history which he gives of the tnmsiiry practice with regard to the de]x>.siring of public moneys when the vaults become glutted, his friends say, is information that Congress should have presented to it every two or three years. The Secretary endeavors to be especiaL ly clear in his statement, of every detail

connected with the sale of the New York custom hmisJe site to the National ( ity Bank and to the disposition made of the prm-eeds. By the acts of his predecessors and the rulings of the Comptroller of the Treasury he would show that he had a perfect right to deposit the proceeds from this sale in qualified government depositories and that moneys so deposited to the credit of the treasurer of tly United States are iu the.treasury, just as much as though they were actually on deposit in the vaults at Washington.

The legal prohibition against depositing public funds in bank depositories secured by government bonds, the Secretary deciares, applies only to customs receipts. This statement Mr. Gage tries to strengthen by letters, opinions and memoranda showing that for thirty years the Secretary of the Treasury has exercised the right conferreti upon him by the law of placing any such part of public receipts, except customs, as in his discretion he might deem best, with duly (ptalified government depositories. The Secretary tails attention to the fact that tinder his management the Treasury Departme'nt has received since June. 1898, SLI(KhHH»JMMI ami distributed it xvithmit . disturbance to the financial or commercial, equilibrium of the country.

SECRETARY GAGE.