NATIONAL BANKS. 489 



surplus money now in the treasury, and such surplus 

 money as may hereafter be in the treasury and not other- 

 wise appropriated, to the redemption of United States 

 bonds at par until all of said bonds together with the 

 accrued interest thereon, are called and paid; and from 

 and after the date fixed in the call of the secretary of the 

 treasury for the presentation and payment of said bonds, 

 all interest thereon shall cease. And in making calls for 

 bonds for redemption as aforesaid, the secretary shall first 

 call the bonds held to secure government deposits. " 



Now, sir, I have the entire list in my hand of the 

 national depositories which have been created under this 

 policy of the treasury department, and they number 208, 

 which number has probably been increased by the addi- 

 tion of eight or ten since the list was prepared. I append 

 the list, and ask that it be printed in The Record. 



Mr. Springer When was this policy inaugurated? 



Mr. Weaver It was inaugurated in October, as I 

 understand it that is, the present extended policy; but the 

 law was passed in 1864, and to a limited extent banks have 

 been designated by all the secretaries. The policy, how- 

 ever, of depositing the par value of 4^ per cent bonds 

 was inaugurated by the present secretary of the treasury 

 during the last summer or fall. The policy heretofore 

 obtaining only gave the banks from 80 to go per cent 



The above speech is part of the Congressional record, 

 and the statements therein made have never been called 

 into question. The policy of large free deposits was inau- 

 gurated in October, 1887, under President Cleveland's 

 administration, by his own appointed secretary of the 

 treasury. It will be observed that three prominent treas- 

 ury officials, Manning, Jordan and Canda, all Democrats, 

 were largely interested in the Western National bank of 

 New York city, of which they were stockholders and 

 officers, and which was using eleven hundred thousand 

 dollars of government money, free of charge. It was of 

 this bank that Secretary Fairchild wrote to the treasurer 



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