Jasper County Democrat, Volume 23, Number 77, Rensselaer, Jasper County, 22 December 1920 — CLOSE NOTED SUBTREASURY [ARTICLE]

CLOSE NOTED SUBTREASURY

New York Federal Institution, Linked With Financial History, Is Hit by Law. HAS HEO BILLIONS OF DOLLARS Will Cmm to Exist at End of Year, ■nd It* Function* and Power* Added to Tho** of Local Federal Reaerve Bank Z New York. —Pursuant to an act of congress which provides for the abolition of the various subtreasuries scattered throughout the country, th* United States subtreasury in this city will cease to exist at the end of the year, and Its functions and powers will be added to those already delegated to the local Federal Reserve bank. Many of the employees of the subtreasury, now numbering less than 100, will be taken over by the Federal Reserve bank, which win occupy the treasury building until Its own new home In this city Is completed, and other employees may go Into the customs service.

Linked With History. The local subtreasury, for generations an integral part of the financial history of the government; oocupies a commanding position in the heart of the financial district and Is on the site of the seat of the federal congress where George Washington took the oath of office as first President of the United States. Its Grecian facade and broad approach have been the scenes of some of the most important and Interesting events in the annals of this city and country. From its steps, standing In the shadow of the bronze statue of the "Father of His Country," have spoken some of the most distinguished statesmen of this and foreign lands. Many political demonstrations of deep significance have taken place there, Including those held.during the Blaine and Cleveland campaigns, and Roosevelt* made his first open-air speech from Its steps when be ran for governor of New York. During the World war the subtreasury was the center of numerous Liberty bond rallies and other similar gatherings. Only recently its steps were thronged while speakers representing various patriotic organisations voiced their protest against the mysterious explosion of. September 16, which occurred within fifty feet of the Washington statue and caused serious ‘damage to the new assay office building next door.

Has Held Billions. In Its many years of service the subtreasury has been the repository of well-nigh countless billions of dollars in gold and silver and paper money, and its chiefs have included some of the most notable flures among the finarfeiers of the city, Martin Vogel, now assistant treasurer, will rettfrn to the practice of law as soon as he is relieved of his duties. This will not be possible, however, until an official count has been taken of the vast sums of money still reposing in the underground vaults of the building.