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Show THE CRITICISM TTNFAIR. It ' was inevitable that the portion of tho lato currency legislation which offered some advantages to the public would bo attacked by tho monopolistic interests of tho East. Thus, wc find certain newspapers in New York City objecting to and quibbling about that section of this law which provides that tho banks where Biirplua National money is doposited shall pay interest to tho National treasury for special do-posits. do-posits. Tho section is as follows: Sec. 15. That all National banking associations as-sociations designated as regular depositories deposi-tories of public money shall pay upon all Bpculnl and additional deposits made by the Secretary of tho Treasury in such depositories and all such associations designated des-ignated as temporary depositories of public pub-lic money shall pay upon all sums of public money deposited In such associations associa-tions interest at such rate as tho Secretary Secre-tary of the Treasury may prescribe, not less, however, than 1 per contum per annum upon the average monthly amount of such deposits Provided, howovor, that nothing contained in this act shall bo i construed to change or modify tho obll- ' gation of any association or any of Its officers for the safo-keeplng of public money. Provided, further, that tho rato ot interest charged upon such deposits shall bo equal and uniform throughout the United States. Upon this tho quibblo is raiBcd, what constitutes "special and additional deposits" de-posits" as distinguished from ordinary Government deposits? And the declaration declara-tion is mado that no clear distinction distinc-tion can bo drawn between these and the ordinary deposits by tho treasury. treas-ury. But wo do not imagine for a moment that the Government officials will have tho loast difliculty in making the distinction. The Government has for some years had considerable surpluses of money. In order not to constrict tho currency, tho Soorolary of the Treasury has deposited litis surplus money in tho bunks, in order that it might bo used in the ordinary business of the country and circulate in commerce. The banks gave ample security for tho safety of this money, and its return on demand. Thcso monoys form the "special and additional deposits" meant by the law. Tho usual or regular deposits am mado for the purposo of paying the Governmental accounts from time tu timo, all over the country; tho expense" of tho Federal courts, of tho land offices, tho survoj's of the public do main, tho expense of tho reclamalion service, and in general tho running expenses ex-penses of tho National Government in tho various localities throughout tho county-. Tho deposits for this purpose rarol- amount to any great sum in oxcoss of current demand, and on them no interest is ever paid, or will bo paid under this now law. Tho "special and additional deposits" de-posits" rof erred to in tho law amounted not long ago to close upon '$250,000,-000. '$250,000,-000. As shown by Secretary Gago, a tax of two per cent on such doposils would by this timo havo netted tho Government upward of $70,000,000 in tho conrso of recent years. Tho new law requires interest at but 1 per cent, 3'ot it is objected to I So far as this part, of tho law is concerned, tho onl3 fault to bo found with it is that tho interest rato is too low. 11 ought to bo at least 2 per cent per annum. |