, 1873-10-02
WASHINGTON.
Tho First National nanlt---Its R0-
maiic0 and Collapse.
Something About It's Presi-
dent, Henry D. Cooke.
Tho Cnse of 1'nylnnster Pnul(ling
---A Noted Cashier
Deft1llct.

Fs'on, Our Orn Correspondent.
WAs11NuroH, Sept. 20, 1873.
Opposite tho ono gloomy facado Of tho Troas-
ury. whore row Of plaster columns stand enl-
Datt.ol, lil,o dirt supporting splondor is build
ing Of two stories. 10 white and poat M to up
pear recont tombatone. It Is
THE r1nsr NATIONAL nANK,-
Henry D. Cooko President, which oloacd ita
doors just ton ycarH after thoy wore opened ;
md now Edwin L. Stanton, son Of the ox-scote-
tary Of War, is Receiver within. Tl,o great pan
clod doors aro cloHod lights lurn by duy within
tie roomy interior clorks count up tho losses
whore they used to figure tho discounts md
only tho Bpaco before tho counter ia empty,
where customers mud suppllauts wore wont to
stand.
Tho house Of Jay Cooke t. Co. owned this
amongst other banks detached from tl,oir b,lHi-
ness, yet tributary to 1t. Tic building was
erected out Of tho proceeds of salo Of stock In
tho first street. t.paBsongoy-railroad Of Washing
ton City,-a road which Horny D. Cooke main!y
carried through. Tho real estate, furniture, md
fixtures Of Tho bank aro Ret down i'll tho Comp
trollor's report as worth &15l,000.
This bnnl has n1nny
"REMINISCENCES
in it's short careor, only few Of which I can
mention.
Amongst its incorporators wero William
Sprnguo, John Sherman, and, think, Schuyler
Colfnx. Tho latter deposited thorc md all
three woro Stockholders at somo time. Tho Inst
Cashier, Swayuo, o nativo Of Cape May, r., ac-
companiod to tho Polanl Committee tho books
which showed tho An,oa and Ncsbitt chockg, and
crowned with martyrtlom, rs 1t wero Chris-
tim statosman's career.
1Ioyo WAS deposited, also, much Of tho money
to do 1obbing iu Congress- and nlnny purchased
CouS7 cssn1on Lopt tho sa,no money there after
it was paid them. It was mainly the bnnling-
house OF tho now regime, and most Of tho rop-
utationB OF tho war-ridden years hayo passed its
threshold, ,-aono to mako thoir first, many thor
habitual, resignation with Manmon.
Lot mo first indicate tho rank and position of
tho bank:
THE FIRST NATIONALS STANDING.
This tin,o one yoar ngo, tho First National
Bank Of Washington bad duo to National Banks
100000, to stato banLH and to banlora s2O,-
OO0, to the United Stntos as depository $40, 1000,
ind to individual dopoBitorH the largo sum of
S1,000,000. It bad surplus Of 100000, an
outstanding circulation Of 9l4800 and its capi-
tai stock waB 100000. It's condition was sound,
and its management in improved hands over the
previous year. The Comptroller Of tho Currency
himsolf, IN old Dank-oNicor and conservative
otilce-ho]der, deposited in it. It was the general
place Of discount for persons with c1aims,
spccinl appropriations, nu1 warrnnts for
pay. Men Of tho old stylo of
=ity-merchanta patronizod It; but it reported
limo Of lonns mud discounts amounting to
a775,000, and its aBsets, real and assured, wcro
nearly 81, 100000. AS banli, it was NJ good
piece Of property, por'apo the best. that jay
Cooke & Co. possessed; for they owned it, or 4
majority Of itu stock, aud could, therefore, have
is Directory and olllcors This bank, 80 fur
from being n drag upon tho general house, WA
eyon sharplJ.-so,ne Haid scrupuously-nlan-
nged; for its former Cashier, Henry Hunting
ton, WIS WHY, active, insinunting man, who
made few mistakes, aud oflen oxtricated himself
by syatonl of sha1p practicee, as shall pros
emily rolato. hIs. Horny b. Cooke, In lia
cartiestnoss to forward moro Northernly char-
actcr Of intorcsts, nsatlo some poor Investments
here, mono Of which, however, could materially
infect bank like tho aboye, which had more
than olle-thirl Of tho buhi1oas and asaots Of ali
tho National Banks Of tho District tivo in mum
bor. You have but three National Banks in CHI
eago with larger capital.
AZ the time OF closing the doors, it ID now said
TINT tho First National Of Washington City lad
ss50,O00 on deposit from tho National Banks,
slooooo Government deposits, md $3.50, ,0o2 indl.
ydual dopoaits If this be truo horo is 81 400 900
due somebody, enough to startlo Q little func-
tionary city lko ours worry much. How did the
money got away3 There wnB no dofalcation
the baak was In extra-honeBt hands, its now
Cashier, formerly clerk in it, possessing un-
bounded respect. Simply because Jay Cooke L.
Co., in t4eir STRATA ut Philadelphia. drow away
from tho horao several thousand dollars {a820,-
quo T.? neyor, perhaps, to DO returned, to curry ON
tho speculative enterprises Of tho general firm.
Beneath tho bank was tho branch house Of Jay
Cooke Il Co., Oh the first floor. 1ts accounts
we're, Of course, separately kept; and it had
largo number Of official, military, and other do
Ariea and warriors long retired from actiyo lifo.
REFLECTION.
Heroin lios the essential honor md trust
worthiness demanded of banker. Ho is tho
accumrlationH Of such diverse lives! Depositora
OF tho ofiice-llolding, md military, aud cretlu-
lou6-clti1an class confound the essential safety
q II clearinghouse with its patriotic history:
Tho Scripture docs not Aay: Where nlalH henrt
is, there should his treasure be but, Where
man's treasure ia, there shall his heart bo. Tile
two things do not read backward aud forward
tho Rane Because man fought for Lis ooun-
died saying "fell motlor I died for my com.
try,"--or saved his country, a8 they SOY Jay
CooEo and 'nallY others did, that is no foglcal
ronson for trusting him in every other particu-
lar. Ilore is tho sy}logisnl
To DO a wIso patriot, one must be m honest man.
IIurhco Grcclay IL I'LL honest man.
Thcrefore, Horace Greeley is Wise patriot.
When you atriko the balanco-sl,eet Of the
rral occaHionH was unsouna Oh tho one groat ot-
:asion. L proves less frequently to bo tho caae
that many mou great Oil ono OCCASION nuycr
show any conbta,cy or reliability afterwards.
Ihoro wea Bon Wade. ll!oro waa Boston Cor
hctt. TIlcro waH Flora Mcdonald. Thoro was
Lnfayetto. Thore WIS Daniel O'Connel. I'horo
WAS John @. lIoonan. Shall wo bank with q
try ne supporter Of her loanA in 1902 Doos
Lhe one thing 0NB,so tho other, Nov probably