National Republican., 1873-03-12
THE WASHINGTON SAVINGS BANK

Renewal OF PabiIc Conndcnce-Thc
Bank EniIrciy solvent.
THE WASHINGTON SAVINGS BANK. |
Our readers will be eager this morning TO zee
all the news OF the great "run" yesterday on the
Washington City Savings Bank and TO ind out
what caused It. Primarily It must be referred
to certain reports, especially that Of the Comp
troller Of the Currency. The report Of
Mr.. Knox, after recltlng q brief history OF the
Washington city Savings bank, and including q
statement OF the resources and liabilities Of the
bank, goes TO sayi
"Tho business OF the bank has been conducted
for some yearu past by Mr John A. Run, who Is
the treasurer aud only responsible person con-
nocted with the association. No other persons
have any financial interest In the institution
The business II conducted as private banking.
house, without any regard whatever to the special
act under which II was organized. recommend,
therefore, that the charter be repealed, 10 take
eject at such future time as Congress may Ill
rect"
This report was made to congress, and bears
date February u, 1879.
on the 5th Of February, isT9, Mr.. Charles A.
Meigs national bank examiner made report
to Mr.. Knox concerning this same bank, from
which report the following extract Is taken:
''Thls Institution was formerly the banking
house Of Barron, McKelden a Co., and more
recently Barron Co., bankers and brokers,
doing promlscuous banking and brokerage
business, which business was transferred to the
books OF the new institution under tho name Of
the Washington city savings Bank, and such
business has been since continued BY the sur
vlying partner OF the house OF Barron Co.,
Mr. John A. Run, who is To-day the treasurer
and only owner OF the Washington city Saw
inea Bank. lie informs me that no other per.
sou or persons have any financial interest In the
institution, aud that II Is run for his sole use
and bencnL The charter provides that no
larger sum that tl,ooo shall Be received or held
and ally breeches OF this law appear upon the
books Of the institution. The charter provides
for the restriction Of loans or Investments TO
certain specified securities. Constant and daily
the Institution.
"Tho charter provides for annual reports In
which the character OF the securities invested in
shall be clearly specified. This provision has
not been carried out In such annual reports as
have been enable to obtain. The Institution Il,
10 fact, a well.organized and safely, carefully
and probably conducted private banking and
brokerage establ!shmenL under the gulse OF
that II be required to quit the sacred name under
which 1t II doing business, and assume title
more ia accordance with the character Of the
business now being conducted by IT,
It was ull)uotclly on the strength OF the
above statement Of Mr. Megs that Mr.. Knox
took upon himself ths grave responsibility Of
recon nenliny tn, repeal Of the charter OF the
bank. II tho bank was transacting It's business
"oareiully," but In dally violation OF express pro
visions Of law, perhaps Mr.. Knox did not regard u
a. sutllcient excuse, and thought himself just
ned 10 following Mr. Meigs' advice. Whatever
may have been his motives in making the recon-
mendltlOl fOr repeal Is hardly safe matter fol
speculation Just nowi bat tho knowledge OF such
Recommendation was irst given to depositors Ia
tbs REFrrLichS Of yesterday simply as a matter
Of news. Its publication served As another Illus
tratiun Of the eager ayillty with which the com
munlty seize upon Al exciting topic, especially
when II Is mixed up with "the Accursed thlrs
for goll." The "human breast" Of the commu
nifty at once became very human indeed, and In
stead Of walking quietly TO his bank for an
ordinary day Of pronts aud losses, and the cold
calm, mcthoilcal work Of tho bankers brain
Mr.. Run found Louisiana avenue Ant
Seventh street one angry and tempestuous SCI
OF humanity all demanding speedy admittano'
to the bank aud still speedier cashing OF checks
Tue excitement among the depositon was wa
cup In tho nlncties," aud run on the bank o
fearful proportions was already organized.
run" Is an infectious and contagious disease
It sweeps through the Inhabitants OF a town wit
tho speed OF chain lightning. The victims OF tn
dread disease commence to curse and swear
arst In tbs most Irrational manner. In their DE-
sire to get out Of tho house and to Join In tn
"rua" they Kick over chairs, knock over table,
irantlcAily call fof ghegk-books, and fTIghte
rNANhhhs Nhh VI hhNAl bNNNu bOu1tss
II their deposits amount to $3.50, they begin /
damn all mankind as set Of thleying rascal
and bank Officers In particular. II their balAnc
amounts to s5, their brows are covered wit
great beads VI sweat, their hair stands on END
their tongues cleave to the roofs OF their mouth
and they look as II about TO bid farewell TO 10
forever and pllnge into the regions Of despair
lts fearful disease among men, but, horror O
horrors! who shall describe II when II attacks
woman We saw one yesterday broken out a
over with IL. sac run" through tho Streets he
back haIf ,minus rats) streaming straight out be
hind her, hes mouth wide open and her eye
shining like balls OF DIRE. Above the noise Of tn
surglng crowd as she neared the bank nigh
have been heard her wild excIamations: az
Lord! Great heavens! what shall do: It.
my all, my all What Will my poor children do
Ny moneys gone, gone! o dear! Help, help {!
Trembling with her violent emotion, she reache,
the bank aud the counter. What was II 10 he
that Nj. Run was cool aud calm as June morn
ing aud stood like Midas amid q pile Of green
backs, imn1yaDle as Mlssouri's mountains Q
iron. She could not sec this, aud burst out again
"Oh! NJ Ruu, that Is all the money had"
my dear nadame--"
"Don't dear madame me, but give me IN
money"
"Please DO calm and wait moment. Befor
you should suffer I'd SELL
"Fbr Gods saEel Mr. Run, don't stop TO Sc
anything, cash my check"
''IJ sell the coat on my back before you shoul
suffer- aud by this time her balance was a,
Iusted, aud the money paid over to her, an
then fLlut, exhausted from excitement, she to-
tered on with sort Of mAnlacal laugh that al
nOunced the subsidence Of her complaint.
By eleven O'Clock the excitement was Of th
nercest description. Every passer-by stopped t
swell the crowd. 1t was In vain that the polio
attempted TO preserve order. The deposition
surged up against the doors Of the bank like hug
waves against a rock and then rolled back O
the sea Of spectators, only TO be hurled forwar
again by an impetuOus desire TO "draw out
Mr.. Run and his assistants presented q nrI
front, and met the excited crowd with coolnes
and even pollteness, and as each account wa
squared ur the balance was promptly forthcon
ing, tho recipient breathing deep sigh OF rele
at regllalng bis mOuey and displaying little In
terest as to whether the bank should continue Il
pay or not Some, however, were charitable II
their expressions, aud when reaching the pave
ment would remark that there were lots o
money inside ant no danger OF the bank "bust
ing"
II was also q noticeable fact that all, with on
exception, Of thOse withdrawing funds wer
small deposltors; few exceeding $50, and In on
case the Immense amount, for which one MAJ
tlol at tbs couater, WIS, after his account haS
been settled uP, ouly nfty cents. Perhaps h,
did MT get slightly bIaokgulrded by that crowd
who really hll money In bank. But the sum
drawn out rarely exceeded t5. The highes
am junt tksl out dudng the day was $50
drawn by lady, the amount Of 4 life insuranc
policy, which sh0 sad she could not Afford Il
lose, and 10 she went, regardless OF dress o
bonnet, TO get Il, and she did, but coming ou
ntber the worse for tue pressure received; bu
that was nothing to her.
Between la aud / O'Clock tho bank, stll
promptly meeting all demIuIs, decided not :,
close ut The usual hour aud the following sIRI
was placed IN front OF the building: "Will b,
open untell 10 p. IN. to pay uneasy customers.
The artist, having been little excited dl
not at nrst notice the manner OF spelun
"uutll," but bis attention being called to II, b.
nnally concluded that tho old aud general wa,
tue Oost, aud made tho chauge. While the busl
nessmen DID no checking on the bank, stll
they showed their confidence In 1t by MAXIM
deposits, although considerable diiiculty wa
eSpencncel III cIscting an entrance for tina
purpose. MI Francis PrOtt, the shoe merchant
pald dfatt tlvre about 10 O'Clock for t2,bOO
MI, Charles YUleF made leDOsit n