Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-02-27
CAREER OF q. NJ. FIGGAT THE DE
FAULTING CASHIER.

Lie OChUTluR0 N6CCS gives Tile Cd
reer of G. M. FIggat, who wrecked the
Bank of Lexington, as follows
"Charles NJ. Figgat was raised in
Came to Lexington about
forty years ago and began life as a
clerk in the store of the late John II.
Myers. In 1858 he was made teller in
the Bank of Rockbridge the first regu
Iai bank ever organized in Lexington.
In 1862 he entered the Confederate SER
vice as clerk of the End army corps OF
the army of Northern Virginia and
served in that capacity under Generals
Jackson, Ewell and Early until the
close of the war. In September 1866
the Lexington Savings Institution was
instituted here and he was made
cashier. About two years later the
name of this bank was changed to the
Bank of Lexington and until the time
of bis departure Thursday he has held
che responsible position of cashier of
that bank
He was an excellent bank officer, Il
man of fine ability. in his better days
OF Il very pleasing address and attrac
tive qualities. His capacity the his
tory rccounted to day abundantly
restities to.
He was never satisfied with devoting
himself to his duties at the bank, ardu
GUS though they were, but for twenty
five years has devoted much attention
and much money to outside interests
and it was in this direction the money
of the bank went. For some years be
fore the stage line was taken off from
Goshen owing to the completion of the
railroad in 1881 he owned and operated
the line. He managed building assO-
Citations, administered estates. He ell
gagged in farming, furnished money to
farmers and dealt in cattle on the
shares, bought and sold real estate in
Lexington, dealt III West Virginia coal
interests. When the boom started he
went in very largely and it is estimat
ed that the extent of his transactions
at Buena Vista alone reached in the
neigh borhood of $4,000. He was reti
cent ABOUT his affairs and of his bust
ness people generally knew little. In
letter to Professor Nelson, eX-presi
lent of the bank, he said his robbery
IF the bank began when he took posses
sion of the stage line to Goshen. that
was about twenty years ago. He be
anne security for the Harmans TO the
bank for 81, 200 and they failed. He
took some property from them but it
lid not reimburse him for his loss and
mis- whole estate was then swamped.
ae started in then to get even by use
of the banks money.
He has for many years been known
as drinking man and gradually the
aabit grew upon him. He doubtless
drank deeper potions to quiet his con
science He was always more or less
lnder the influence of liquor in recent
wears and during the past two years his
incapacity for business was visible at
he bank counter as well as elsewhere
The board of directors through the
president, Mr.. Nelson, warned him last
Spring that his habits must change
and he promised amendment. Since
January the board took the matter
Il hand and ten days before his flight
he was called before the board and re
rrimanded. He gave them solemn as
.urance that they should never have
occasion to speak to him again on the
subject"
How did he ever make away with SO
much money? 1t is a mystery. Sure
iy not on family or personal expenses.
No family in Lexington of the same
position lived more plainly or unosten
ratiousIy than his. Speculation at
6uena Vista and elsewhere will &C
,ount for some of it. Much of it
doubtless went in bad management of
business affairs to which he could not
give personal attention for lack of
time or gave careless attention through
lis destination. His salary never ex
.eeded $1,000. His business enter
prises took much money. The story
If it all can largely be traced to petty
differing at the cash drawer from day
20 day through a number of years.
OF late the man has presented a pitt
al picture, the marks of dissipation
tud its effects were visible in his per
'on and the sense of his guilt was so
great that in conversation he looked
10 one in the eye.
In spite of the money he took from
che bank he was always apparently
iard up. He borrowed here and there
rom unsuspecting people who trusted
nm, and they and his friends. who en-
dDrsed for him, are among the losers.
Another class that lose are those who
-Cnfidingly left their money with him
to invest.
HOW COULD THEY TRUST HIM?
How could we have trusted him?
Every man now asks his neigh Dor that.
And yet all trusted him. During the
,anic twenty months ago, the bank of
Lexington which must have been then
totally bankrupt, was one of the few
oanks i'll the country that never closed
IT'S doors or announced a limitation on
he amount of Withdrawals by check.
The ability of the man and the con-
idence of the people in the man then
vas absolutely wonderful. He took
the situation in hand: the directors
practically left it all to him. He stood
vt the cashiers window. He knew
very man that came up and all about
1iin. If it was a man that simply
rushed there to draw his savings and
ave them from impending loss, he
daily refused to give him a dollar and
ike a tribune of justice scornfully and
bitterly denounced him for thus self
'shly seeking to bring disaster upon
the community by closing up the safe
and solid banking institution in which
all trusted, and brow-beaten and
FLASHED and without his money the
man went off. If, however, it was
some one who needed dollar or two to
supply pressing necessities, some bust
cess man who required cash to keep
us UuslutSS going, lSSdt dlT WAS tIi
benignity, the money was forthcOm
ing. And that shell of bank at times
when SO many solid ones went down,
Veathered the panic No personal in
convenience was suffered by the PEG
pile, no interruption was given to bust
cess and as much, if not more, money
during that period was deposited than
was withdrawn. Patriotic men in their
loyalty to the bank and their admira
ton of and confidence in the cashier
gathered up cash here and there, drew
It from other banks where they had il
deposited if they could, and placed it
a this bank under the watchful eve of
}. M. Figgat. Recently there was talk
# his being removed. The mere whis
per of it aroused protests from the very
oest citizens. Why did they thus
trust? 1t was simply the wonderful
trust which without reason man some.
times forms in man and which cannot
be accounted for. The bank of Lex
Ington was in some respects a peculiar
institution of its kind. In most banks