People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1894-09-21
The National Bank Picnic--ssA Well
Deserved Testimonial"

| ton of the very great financial abll1ty,
| constant watchfulnesS, and perfect
fidelity with which he managed the
| bank during She fifteen years of his
presidency. The proceedings upon
the occasion of Mr.. English's reslgna-
ton We're not given in full to the
| press, but were sent in circular form TO
all corresponding banks. One OF these
circulars falling into the possession OF
the News, takes the liberty of copying
MIR. English's letter of resignation,
which, although little late, will no
doubt be read with interest. In vol
UNFAIRLY retiring from active business,
| when at the height of success, Mr.. En-
glish is but repeating what he did
many years ago in politics. 1t is not
every politician or business man who
voluntarily retires in that way, The
following is the letter:
ITO the stockholders and board of di-
rectors of the First National Bank of
Indianapolis
GENT life of unceas-
ing labor from earliest boyhood and
the great care and responsibility of
presiding over this large institution
since its foundation fourteen years ago
feel it duty I owe both to myself
and an invalid wife, whose condition
requires.my special attention, to take
season of rest from all active business,
and must therefore beg you to accept
this my resignation as president, to
take effect from and after this date.
In severing this connection and taking
my leave of you | can truly say there
are but few partings in this world l
should feel more keenly than this. 1t
may well excite tender feelings to re-
tire from an institution which has been
under my special care since its founda-
ton, and to sever the confidential bust
ness relations which have so pleasantly
existed with its stockholders and Oil
GERS for over the third of a generation.
What important events have trans
pired within that period We have
passed through one of the greatest
civil wars of modern times, and are
now, trust and believe, beginning to
emerge from d long and disastrous
period of financial distress the legiti-
mate sequence of events growing out
of the war. 1 can conscientiously say
before God that all these years l have
earnestly endeavored to faithfully and
efficiently discharge my duties as your
president, with what result the record
can best testify.
The bank went into existence at the
time of the nations greatest peril,
when it most needed the financial aid
the very sinews of war-Which the
organization OF national banks was
then best calculated to give, The ma
tional system of banking was untried
and at that time was viewed with dis
trust and disfavor, not only by those
who had no sympathy with the govern
ment in her struggle for existence, but
also many others, especially those al
ready established in banking under
other systems, VINO very naturally did
not care to encourage rivals in business.
This was to some extent, true of In
dianapolis, where the field had already
long been occupied by bankers who de-
servedly possessed the confidence of
the public in the highest degree.
Our bank was among the first organ
lied in the United States and the very
first, believe, to get out its circulation.
1t was several years before another
was organized in Indianapolis, AMI that
was the period of our greatest prosper-l
ity 1t was an untried experiment, aud
was told over and over again that l
would probably lose all put into it !;
but had faith and went in at the start
as a volunteer without waiting to be
drafted, and so think we are justly en-
titled to all the success we have
achieved. From the beginning the
bank was a government depository and
it has transacted untold millions of
business for the government free of
CHARGE without the loss of dollar.
For the first twelve years our aggre-
gate losses from bad debts and every
other source was under 81 900, which !
think has but seldom, if ever, been
equalled considering the volume of
business transacted.
Gin tho meantime it has voluntarily
returned $500, 900 of capital back to its
stockholders, besides paying them in
dividends, 81, 196, $50, part of which was
in gold, and | now turn it over to you
with a capital unimpaired, and 1927, 001
of undivided earnings on hand, To this
may fairly be added premium on U. S.
bonds on hand, at present prices
amounting to $50, 600, besides quite
large amount for lost and destroyed
bills. May l not safely leave these
grand results as permanent testimon-
ial of the fidelity and careful and judi
cious management of my administra-
ton? 1t is but just to my successor as
wen as to candor that ! should add
that the danger of loss from bad debts
and otherwise is much greater now
than heretofore, and the profits of
banking very much less. 1t would not,
therefore, be reasonable to expect in
the future as great success as has been
realized in the past IT is reasona BILE,
however, to expect that this bank will
continue to prosper and hold its high
position with the leading financial in
situations of the country. | shall ever
take the greatest possible interest in
its success, as shall in the success and
happiness of the stockholders, and all
the officers and employees who have so
faithfully aided me in the transaction
of its business. Very respectfully,
WIN. IL. ENGLISH.
Copied from the indianapolis Daily
News of September II, 1877, and a copy
of same is published in the Indianapo-
lis Daily Sentinel of September ~, 1877,
both of which papers are gold bag
organs.
Let us now sum up the elements
of the ''picnic" enjoyed by the Ma
tional Bank of which that good dem
ocrat, w. A. English was President
1t will be remembered that the dem
ocratic party ran him for Vice. Presi-
dent of the United States a few
years ago.
In addition to the income speci-
fed in the report above given the
following items should be considered ;
Rent Of Bkg. Hso. A yrs, S $4,000
Presidents salary " 10000
LIST Cashiers sally. 4" $4,000
2nd {" {" $4,000
8 Blerks' /" f" 10000