That there may be no possible doubt in the minds of those of my readers who are unacquainted with such matters that I am citing every-day, actual happenings, I will tell just how the Daly-Haggin-Tevis-Anaconda-Amalgamated transaction was worked out, showing that but for the existence of the National City Bank of New York, or a like institution of the people, it could not have been brought about.
When Mr. Rogers and William Rockefeller "traded" with Messrs. Daly, Haggin, and Tevis for the Anaconda stock, and with others for like stock or other properties which I have already named, the price agreed upon was $24,000,000 to Daly, Haggin, and Tevis, and $15,000,000 to the others, or $39,000,000 in all. This was to be paid by "Standard Oil" and received by Daly, Haggin, and Tevis, and the others, but one of the stipulations in the "trade" was that instead of the money's being paid to Daly, Haggin, and Tevis, and others direct, it was to be credited to them on the books of the National City Bank of New York and was to be, by agreement, not withdrawn from the bank before a given time, the bank agreeing that the new owners of this money should receive interest at a low rate upon it while it so remained deposited. At the same time the bank agreed to loan Mr. Rogers and William Rockefeller the $39,000,000 at the same rate of interest upon the collateral which the $39,000,000 was used in purchasing. Therefore the first part of the transaction was as follows:
The bank, having $39,000,000 on hand belonging to the public in the form of savings deposited, or having a fictitious $39,000,000 in the form of book-keeping accounts made possible by the deposits of the public and the manipulation of the funds in other banks and trust and insurance companies belonging to the public or the Government, caused an entry to be made in its books showing that this $39,000,000 had been loaned to Mr. Rogers and William Rockefeller, and that they, having transferred it to Daly, Haggin, Tevis, and others, were, upon the books of the bank, the real owners.