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The Daily Gazette
Wilmington, New Castle County, Delaware
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Judge Kelley introduces a congressional resolution seeking details on U.S. loan funds deposited in non-official banks since 1874, criticizing the practice as risky and calling for legal changes. Objection raised but expected to pass Monday.
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Judge Kelley, not satisfied with the answer of the Secretary of the Treasury to his inquiry as to the amount of funds of the loan accounts on deposit in banks not United States depositories, to-day introduced another resolution asking for a complete statement of such deposits from 1874 until now. Mr. Kelley says that the previous resolution shows that on the loan account there were sixty-four million dollars deposited with such national banks, including Farnstock & Co. and banks having relation to the syndicate, and that that sum was large enough to supply considerable business capital. He said that such practice ought not to be allowed, and that if it is in accordance with law the law should be changed. He thought that the government risks too much to entrust such vast sums in private hands, practically without security. He intends to call attention to this alleged abuse until he can correct it. Objection was made to the resolution to-day, but it will doubtless pass on Monday.
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Domestic News Details
Event Date
From 1874 Until Now; To Day; Monday
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Outcome
objection was made to the resolution to-day, but it will doubtless pass on monday.
Event Details
Judge Kelley, not satisfied with the answer of the Secretary of the Treasury to his inquiry as to the amount of funds of the loan accounts on deposit in banks not United States depositories, to-day introduced another resolution asking for a complete statement of such deposits from 1874 until now. Mr. Kelley says that the previous resolution shows that on the loan account there were sixty-four million dollars deposited with such national banks, including Farnstock & Co. and banks having relation to the syndicate, and that that sum was large enough to supply considerable business capital. He said that such practice ought not to be allowed, and that if it is in accordance with law the law should be changed. He thought that the government risks too much to entrust such vast sums in private hands, practically without security. He intends to call attention to this alleged abuse until he can correct it.