The Republican journal., 1896-12-10
Her Dream Dissipated.
Gail HamiltOn's Idea OF WOman's Bank Prov.
ed (hmeFical.

ed (himef1Cal.
sGail Hamilton said PHILADELPHIA
banker to a Philadelphia reporter recent
ly, twas very able woman, but, like a
good many other women, and men, too,
for that matter, she didn't understand
finance. Her ignorance on this subject
led her into a grave mistake at one time
and thereby hangs one OF the most curl
Gus tales of human credulity that ever
came to light.
''About IS or 20 years ago a woman
named Howe opened bank of deposit in
Boston. 1t had several peculiar features,
among which were: 1t was owned and
operated by women; the accounts only of
women were solicited, though there was
2 proviso that the sterner sex should be
allowed the privilege of depositing money,
but under no circumstances would they
ever be allowed voice in the manage
ment; no limit was to be made, as in ordi-
nary savings banks, as to the amount that
would be secured on deposit.
''This was all very we'll. and if there were
nothing more than that the innovation
might do-for Boston. But the circular
wound up with the startling announce
ment that the rate of interest would be s
per cent. a month. Not only that, but
this rate of interest was in all cases to be
paid in advance!
''One would think that such an absurd
proposition would be laughed at in any
Intelligent community, but it WASH t, and
the bank was actually in operation in
Boston for over a year. The concern was
located in fashionable quarter of the
city, and did a rafting business. The
Howe woman, if she didn't understand
banking, as she afterward acknowledged
at her trial, certainly understood the bus
lness she was engaged in, which was sim
ply 10 get all you can and keep all you
get The bank was patronized by high
and low, rich and poor, and bore every
outward evidence of prosperity. A few
OF the knowing ones, who got in on the
ground floor, made money out of it, for
it was only necessary for any one to de-
posit 81 900, say, and get back 81 4S0 in
SIX months.
1T was only by accident that the con-
Germ was exploded. A servant girl in
the family Of a banker had an account in
the woman's bank, and her employer saw
1t and began to investigate. The story
got into the papers, and the bubble burst.
Grea as the constrenation among the
women folks, and Mrs. Howe came out
with pronunciamento saying the bank
was all right, and would continue to do
business, but in three days the concel4
was closed by the sheriff, and Mrs. Howe
was arrested.
"Gail Hamilton was among the WON
ans dupes. She wrote two column ar
ticle in defence of Mrs. Howe, in which
she intimated very plainly that the failure
of the bank was entirely due to the
jealousy of the men; that Mrs. Howe and
her system was all right, and that all
bankers could pay per cent. month if
they wanted to.
''Of course, there were lots of people
who could see after the bank failed that
no one could pay s per cent. per month,
and she was mercilessly ridiculed in the
press, and from the fact that she never
retorted, as was her invariable custom on
the slightest provocation, | guess her
friends got hold of her, and kept her
quiet
How much did Mrs. Howe get away
with9'
Il forgot the amount; but it was some
thing over half a million.