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As to the Pole—if Mr. Peary has a prior lien on it—it is there still.

The Treasury is secured against loss by the bonds deposited, by the 5 per cent. cash reserve, by its prior lien on the assets of the banks, and by the personal liability of the stockholders for an amount equal to their stock investments.

It is true that the Treasury would still be able to recoup itself for this loss in the value of the bonds by exercising its prior lien on the assets of the banks.

The notes are to be a prior lien on the assets of the issuing banks, and there is, therefore, no possibility of loss to note holders, nor any to the Government on account of the obligation which it assumes.

The Brothers Drake and their wives also went to court, arguing that the contract was an operating charge and therefore a prior lien on the property.