Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-09-26
IN WASHINGTON TODAY.
Suspension of FAINT. washington d Co.

This morning, the folloging notice appeared
on the doors of FAINT, Washington & Co.'S pri-
vate banking house, on Pennsylvania avenue,
between 9th and It'll streets:
thanking House Of FAINT, Washington d. CO.,
WASHINGTON, ID. c., Sept. %, 1873.
TO our DepositorS We are compelled to sus-
pend pay ment for the present.
FAINT, WASHINGTON & Co."
The reporter OF THE STAR called on Mr.. F ant,
whom he found suffering with headache, and
considerably depressed by his misfortune. He
stated that he did not anticipate suspension until
after the close of banking hours yesterday,
when he found that he had been almost en-
tirely drained of currency, and that it was i'm
possible for the bank to realize on their assets.
1t was therefore deemed expedient to suspend
temporarily.
&" The trouble is" said Mr.. FAINT, "that de-
posters n almost every bank want their money,
OWING TO the prevailing excitement. They may
have great faith in the repositories, but still
they like to handle the currency, and there is
no bank in the United States that can afford to
pay on every depostor in currency, for they
havnt got it. 1t the bankers ana brokers OF
Washington would only follow the example OF
bankers and brokers elsewhere, and give GER
be no trouble"
Reporter Of THE STAR.-"Whyi is not such an
arrangement made?"
Mr.. F.-"Becausec certain banks would refuse
to corsent 70 such an arrangement"
R-"What is the nature OF your assets; have
you any amount of government bonds?'
Mr.. F.-"No; our assets are mainly bills and
preSent."
R.-"How long do you think you will remain
MIR. F.-"I am confident that as soon as the
panic is over we shall be able to resume busi-
ness, and faithfully meet every obligation"
This banking house was established by Mr..
FAINT and others in 1852. During the panic of
1857 it sustained heavy run, and again in 1861
when there ives heavy run on ali the banks
throughout the country for specie. this house
mand. The house received deposits and
did general banking business, under special
contract with depositors, paying Interest and
exacted. While there has not been what might
strictly be called +" run" OH this bank, a lar &c
number OF heavy depositors have recently
drawn their money, which reduced the cur
rency in possession of the bank TO SO low a
figure that it was compelled to suspend.
ssLet ms have Peace.'
prominent bank official said this morning
that he was Of the opinion that if the newspa-
pers would only stop publishing SO much about
the panic, the trouble would soon be over, and
that, he said, was also the opinion of Secretary
Richardson. "Why, a few years ago." said he,
.'when panic occurred, it was over In day or
two, because the newspapers didn't make 50
as now. Pray don't mention the name Of this
bank at all. We have had no run, and don't
fear any; but don't say 30, for the mere mention
OF the name OF bank, even in favorable con-
nection, adds to the excitement. Let US have
peace!'"
No More Aid from the Government.
About O'Clock last night Secretary Richard
son called upon the President, and after a con-
sultation Of more than an hour they came to
the CONCLUSION, and ii is announced as their de-
cision, that all the relief necessary to be afforded
had been afforded by the Treasury for the le-
gitimate business OF the country, and that the
Treasury will pay out no more currency than
may be required in its ordinary disbursements:
that is, it will buy no more bonds at present,
nor sterling exchange.
The Government will not Again I'm.
terferc.
No formal session of the Cabinet was held to-
DAY, although Secretary Richardson and Attor-
ney General Williams we're closeted with the
President. The former stated in conversation
With a STAR reporter, that the position of the
government was now as firm as q rock, ard that
gency of the money market, having gone in that
direction az far as 1t proposed to do.
Liabilities Of the First National Bank.
The statement Of the condition Of the First
National Bank will be furnished for publica-
that the liabilities Of that bank will reach about
81 900, $500 900 Of which Is due to about 600
national banks in various parts of the country
When last examined by Treasury officers its
condition was considered In no wise impaired.
other Banks.
Matters ct the Washington City Savings Bank
were about the same to-day a. yesterday. Quite
Q number Of persons were present during the
day to give the sixty days notice required by
the bank and no money was paid to depositors
national and other banks AL is tranquil and
the suspension Of FAINT & Co., does not seem tC
have any visible effect in creating uneasineN.