486 THE IMPENDING REVOLUTION. 



the .treasury has sent in an item showing a deficiency in 

 the telegraphic expenditures, and he states in his letter, 

 that the deficiency is solely owing to the large amounts of 

 deposits placed in the national banks. That is to say, the 

 cost of telegraphing, both to and from the banks that are 

 using this government money for nothing, is paid out of 

 the treasury of the United States; and in order to meet 

 the expense, an item has been allowed in the urgent 

 deficiency bill, which passed this House. What excuse is 

 there for this? 



Mr. Bayne What is the date of the letter just read 

 by the gentleman? 



Mr. Weaver October 8th, 1887. 



Then we have also the Third National bank at 

 Buffalo, New York. Whose bank is that? It is a bank 

 controlled by a gentleman prominent in the Standard Oil 

 trust. Yes, the Standard Oil Company has its hand in the 

 treasury also, through this and other banks. Think of the 

 shame and disgrace of such a transaction. No wonder the 

 people are losing confidence in the government. 



This Standard Oil bank, the Third National bank 

 of Buffalo, has $165,000 of the government money; and 

 the Sea-board National bank of New York, in which 

 Daniel O'Day, the general manager of the Standard Oil 

 Pipe line, and J. J. Vandergrift, the president of the 

 Standard Oil Pipe line, are prominent stockholders, has 

 $515,000 of the government money. 



The president and treasurer of the American Bankers' 

 association are presiding over national banks which have 

 been designated as depositories, and twelve out of the 

 twenty-one members of the executive council of that 

 ' ' trust ' ' are also connected with banks that are deposito- 

 ries, and are using government money. 



Mr. Chairman, it is true that one and all these u trusts'' 

 that are to-day choking the very life out of the people of 

 this country are, through their national banks, using to a 

 greater or less extent the government money, and are using 

 it to oppress the people. I say this is a public outrage and 

 a villainous shame. Here Congress has been sitting for 

 nearly three months, and not half a dozen voices have 



