The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-11-26
sAWYER's BANK RUN.
How the Senator stopped It In the
Great Pan;o Of 1870.
An YnSerlous Scheme Wliic. Eclprd
the Do,.;a OF " Wisconsin Town
Through Worry Tight
Squeeze.

Through Worry Tight
Squeeze.
Tho panic of 1873 happened to be
mentioned in the presence of Senator
Sawyer while in Detroit lately, saws the
Free ircss. remember very we'll when
| first heard of it," he said 81 was
president of anational bank at Oshkosh,
Wis, with capital of fifty thousand dol
lars and four hundred thousand dollars
of deposits. felt assured that if the
prediction was correct there was
trouble ahead. 7 arrived horne in the
evening and ut once called the directors
together, told them the news and adj
viscd t.lat our bonds be 1T once convert
ed into currency in order to be prepared
for n run upon the bank. They agreed
to it. ! offered to loan them several
thousand of my own bonds, and SO we
managed to get together between three
hundred thousand dollars and four hun
dred thousand dollars of bonds.
packed them INTO my grip and the same
night left for Chicago.
''As soon as the banks opened in the
morning I went the rounds, trying to
exchange the bonds for currency. No
body would touch them. They were
afraid. They were in our fix exactly
They wanted all the currency they
could lay their hands on. So without
waiting any longer took the train for
New York.
81 went to the bank with which we
did business, and somewhat to my sur
prise they agreed to take all the bonds
in exchange for currency. They thought
-,
to help the country out. The bankers
were even then sending currency to
Chicago. AS it turned out, they were
not as we'll of as they thought they
were, and was very lucky in my carly
deal.
"Wcll, in less than an hour my grip
was empticdof the bonds and filled with
currency. went up to my hotel and
paid my bill. While waiting bought
an afternoon paper. The first news
struck was dispatch saying that every
bank in Chicago had suspended pay
mcnt. l knew what the effect would
be on the country banks, and made
rush for the telegraph Office.
ut had been agreed before left home
that If / could not sell the bonds I
should wire them that l was very sick.
If l sold only part. that was sick but
Should start for home. If was sue
cessful, that 1 was quite well. tele-
graphcd: Never so we'll in my life and
left for home.
81 reached homo about o'clock in
the morning. The day previous there
had been some pressure on the bank,
but depositors had been assured that
was on my way back from New York,
and that as soon as arrived depositors
would be paid without delay. On re-
ccipt of my telegram they were told
that would be in on the morning train,
and that as soon as the bank opened de-
positors would be welcome.
well, / went to the bank and made
ready. There was n narrow table in the
space behind the counter which stood
up against the wall. On this we piled
the ledgers and other big bank books,
making pile about two feet high and
as many in length. We covered these
books with the currency, and on top of
that what coin we had so as to make it
look like n solid pile of money We
had enough, anyway, to meet all clnims,
but we wanted, if possible, to prevent Il
run.
LII VIC ilcuuGlluC we ScIlU OUT some
of the bank men and friends of the
bank, who went blowing and talking
all over town that Sawyer had got
back with CARLOAD of money!
"Wcll, when the banl. opened thirty
or forty people came running in with
checks in their hands. When they saw
that pile of money it staggered them.
Some stood their ground notwithstand-
ing and got their money, but most of
them looked shccpish, chucked their
checks in their pockets, pretended that
they had come in on some other bust
ness, or sncalled out without Il word.
The news soon spread, and although
fifty thousand dollars was checked out,
the whole of it and more was rede-
posted before night. The dcpositors
at the other banks began drawing out
and putting in with lis and threatened to
run them out.
$50 we determined to put stop
to that and not have n panic in the
town at all. We conferred with the
other banks, and it was agreed that it
should be announced that Sawyer had
brought money enough home to let the
other banks have all they needed This
did the business, and no run was made