National Republican., 1873-03-12
TIE CITY SAVINGS BANKS.

The publication OF Comptroller Knox's re-
port upon the condition Of the city savings
banks, holding charters from Congress, made
decided sensation in the city yesterday, and
caused 90 great feeling Of unoaslncss
among tho small depositors Of the Washing
ton City Savings bank that there was run"
upon that establishment. In thus laying the
important information contained 10 tho re-
port before the public tho REPUBLICAN only
discharged tho duty II owes othe people, to
print the news as speedily as possible.
Although the report Of tho Comptroller OF
the Currency recommends the amendment Of
the charter and the reorganization Of one
bank and the repeal Of anothcr--that Of tho
Washington City Savings bank--lt is highly
gratifying TO know that his recommendation lons
are bascd purely upon technical grounds.
Tho two institutions principally concerned,
although they have not been doing n strictly
legitimate business, are In excellent condition
Their Investments arc all reported TO be nrst
class. Mr.. Mcigs, the bank examiner, who eI-
amlucd the large national banks In New York
some years ago and upon whose report those
institutions were thrown into liquidation,
declares that the Washington City Savings
Bank rs rell-orgdniIed and safely, care
fully aud probably pr-irdte banking
and brokerage estdbIiSAmcntR Mr. Ruff
Yesterday fully showed that his establishment
deserved tho high encomlums Of the bank
examiner. From the hour the bank opened
In the morning until nearly 0 clock every de.
mand made upon the Institution was promptly
paid. This tended In great measure
to allay the anxiety OF tue small dcposltors
and to restore the high degree Of confidence
which the bank has always enjoyed. During
the day q large number OF our leading busl-
ress meu testified their faith in the ability
and financial soundness Of the establishment
by not only not Withdrawing their large de-
posits, but by offering Mr.. Ruff whatorcr
money be wanted to meet immediate and uner-
pected demands. We have not the sliEhtest
hesitation In declaring 1t as our belief this
morning that the bank Is perfectly safe; that
there Is no cause for apprehension whatever
among deposltors, and that 1t Is more than
able to pay every cent Of Its deposits. It Is as
sound not only Us any bank In the District,
but In the country.
There Is another point TO which It may be
no harm to call attention. When the cxamI.
nation In question was made tho Washington
City Savings bank was operating under lis
old &c. IF incorporation from the General
Government Since then 1t has fully compiled
with the requirements Of the law, and oh.
talned an act Of Incorporation under the gen
eral incorporation act for the District, 30
that Congress next December will havo no
Jurisdiction whatever over It, aud cannot
take away It's charter for tho reason that
there Is none that 1t eau take away. The
bank has been doing strictly legal business
for nearly two months, and the change was
Just about TO be announced. Its new act has
been on ale in the proper office In this city for
nearly eight weeks, As wo said above, there
Is no cause whatever for the slightest uneasI-
ness so far as the safety Of the deposits Is
concerned