davidaulloa/AmericanStories huggingface dataset:
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

Hon. Lyman j. Gage. Secre-
tary Of the Treasury at din
ner In his honor in Boston last
Tuesday evening said before the most
prominent, professional, commercial
and moneyed men OF the New Engiano
metropolis who had gathered TO hear
the distinguished guest on finances.
that opposing forces met In November
last and contended bitterly over the
most vital OF economic questions.
.'The ballot, magic exponent OF the
popular will, recorded it's imperative
voice for honest money, and II now re-
mains 10 be seen whether from that de-
cision there is to be any successful aps
peal.
Upon the possible doubts involved in
this question, men OF enterprise still
hesitate and the columns OF industry
march slowly with ranks not yet COM
pletely filled.
Is there room for doubt on so plain a
proposition? There ought TO be none.
The administrative branch OF the gov
ernment has been and will be for
prompt and judicious action. The evil
dence OF this fact Is fresh at hand in
the message just now submitted TO Con-
gress by the President.
Nothing was settled more clearly at
the national election than the determi-
keep their currency stable in value
EQUAL TO THE BEST
and equal to that of the most advanced
nation OF the world.
The administration cannot make
laws. 1t can only execute them after
they are made.
Ii Is then to the legislative body that
your thoughtful attention is to be given
AZ you desire financial reform"
In a community honeycombed with
banks like Rhode Island and especially
Providence, and the vast industrial en-
terprises depending upon them 10 n
large extent, the matter OF currency IL
of prime Importance.
II, as Secretary Gage suggests, the
bankers and business men are to point
the way for the law makers 10 act wise
ly in currency laws, then the opinion or
banking and industrial Rhode Island
Is OF some consequence. and acting on
that belief the POST has been talking
with leading bankers and financiers OF
the city and they have freely given
general views on the subject.
Before presenting their opinions. q
brief interview of banking and banking
establishments may indicate the i'm.
portance OF money questions in this vi
cinity.
WHAT is MONEY?
A distinguished American has said: :
money is that which passes freely
from hand TO hand throughout the COM
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

ties cause a degree OF competition for
deposits that the profits 10 the stock
holders are comparatively limited and
the greatest advantage is offered to de-
positors and borrowers. The keen COM
petition for business may act TO the dis
advantage of stockholders and the price
OF bank securities, but IL is "a benefit TO
the business OF the community, because
OF the accommodation IL offers TO busi-
ness interests.
There are now i'm active operation In
this city 25 national banks, two State
banks, five trust companies and FIVE
savings banks. There are therefore 81
banking institutions. including the trust
companies. and omitting the private
banks which handle deposits, In this
city which has a population in round
numbers OF 10000 persons.
From these figures IL will be seen that
the statement that Providence is the
best banked city in the country is no
exaggeration.
THE TOTAL CAPACITY.
The total capacity employed is s17.-
662, 300. OF which sii.62l 800 are distrib-
uted among the national banks, $780,
900 between the State banks and ST.
6Sl, 500 among the trust companies.
The American National bank is To-
Gated I'm the Banigan building. II was
incorporated in October, 1888, and re-
organized as a national bank, August,
1865. Nearly all the banks were made
national institutions in 1853 It's capi-
tai is 81 .437 $50. According to the last
annual report it's surplus and profits
were s15s, 1881. The president is f. w.
Carpenter, and the cashier Horatio A.
Hunt. The bank recently moved into the
Banigan building and its quarters are
among the handsomest In the city. The
cut presents an interior view OF the
banking room which, for cosiness and
neatness is not surpassed in the city.
The Atlantic National is at 73 Weybos-
set street 1t was Incorporated in May,
1853 and reorganised as a national bank
i'm April. 1883 It's capital is 1925. 900 and
it's surplus and profits last year were
81 .337 The president is Henry +. Rich
ards, and the cashier William r. Greene
It's banking room is old fashioned and
comfortable and suited TO It's business
demands.
The Blackstone Canal National is one
OF the old institutions and for years its
home on Market square has been a
land mark for citizens within and with
out the city limits. To that large class
OF people who believe that old things
are best the Blackstone bank is always
a reminder Of stability. 1t was incorpor-
ated in January, 1881. It's capital is
100000. and its surplus and profits last
year were s159.212. Gen. William Ames
is president and III. +. Hinckley, CASH
fer.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31
GROUP OF OLD TIMERS.

The National Eagle Bank was ncor-
| porated in 1918, and IL has capital of
| $780, 900. 1t paid a dividend OF per
| cent. last year and had a surplus and
| profit of $11531S. Its old fashioned
| banking room is at SO WeybosSet street.
Robert B. Chambers is president and
Charles +. Sampson, cashier.
The National Exchange Bank at 63
Westminster street was incorporated in
1901 It's capital is $500, 600, and it's sur
plus and profits were $685.. .462 1t paid
the high dividend of s per cent. last
year. It's president is Nicholas Shell
don and cashier. &. H. Sheldon.
The Old National Bank, % Weybosset
street was incorporated in 1892 It's
capital is 100000, and its surplus and
profits were $119,2 233. Julius Palmer Is
president and Francis a. Cranston,
cashier.
The Phenix National Bank is located
in the Narragansett Hotel building. Ii
has fine quarters and a large patron
age. 1t was Incorporated in 1885, and
has q capital of $3.50 900. with surplus
and profit of $431, sos. Its dividend last
year was 7 per cent. Jonathan Chace
is president and George Il. Martin,
cashier
THE OLDEST BANK.
The Providence National 7S South
Main street. is the dean OF the banking
in 1871. and from that time 10 this ii
has been looked upon as one of the
most reliable institutions in America. 1t
has a capital OF $780, 600. and its surplus
and profits last year were $454 641. It's
dividend was s per cent William God
dard is president and Andrew II. Mat
teson. cashier.
The Rhode Island National, 81 Gus
tom House street. was incorporated in
1881. It's capital is s600,O0 and its sur
plus is $166, 700. Ex-Gov. Charles War
ren Lippitt is president and +. A.
Chase. cashier.
The Roger Williams National, q Mar
ket Square, was Incorporated in 1903
It's capital is $499 95O and it's surplus
and profit We're Sl23,537. Gorham p.
Pomroy is president and NJ. h. Torrey,
cashier.
The LIMERICK National, one Of the old
and reliable banks of the city, is To-
Gated at AZ Weybosset street.
The Second National Is at S4 West
minister street. James Kimball is pres
ident and William w. Paine, cashier.
The Third National al III Westmin-
ster street. was incorporated in 1864
Albert l.. Sayles is president and Frank
w. Gale. cashier.
The Westminster Bank is at 56 Wey-
bosset street. A. b. Chase is president
and A. w. Simons. cashier.
The Weybosset National, 61 West
minister street. was Incorporated i'm
1881 1t has capital Of $500, 900. George
II. Calder is president and Ollys A. jill
son. cashier.
IMPORTANT TRUST COMPANIES.
The Industrial Trust Company, 49
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31
THE AMERICAN BANK.

ent time. He did not think the Gov
ernment ought TO be in the banking
business either with greenbacks or sill
Yer certificates. but ne preferred the sill
Yer certificates TO greenbacks. The ma
tlonal banking system is all right for
the necessities OF trade because Il is
elastic and that Is something the green
back can never be- Under the national
bank system. currency can be controlled
to meet the demands OF trade. When
trade is good and there is a demand,
currency can be issued, and when there
is no demand II can be redeemed with
ease and facility. The action is quick
Mr.. Hunt said he was heartily opposed
TO the Government having any part Of
the banking business because its notes
were not the best kind of currency
National bank currency or something
equally as good Is what is wanted.
Cashier George r. Martin of the
Phenix National Bank would like to see
a division of the National departments
The Government treasury should not
be allowed TO use gold only for the re-
demption OF Government notes. The
Government expenses should be paid by
revenue and the gold should not be
touched for that purpose. That would
be long step toward currency reform
THE PRINCIPAL THING TO DO.
President Gilbert A. Phillips OF the
Manufacturers National Bank said
that the currency was difficult sub
ject to talk about off hand. but I'm a
general way IT seemed TO him that the
Government ought to go out OF the
banking business. The currency should
come from another source. If the Gov
crnment stepped out, he was OF the
opinion that a long step would then be
taken in the right direction. That
would be the principal thing 60 do and
then other reforms would follow natu-
rally. When the men elected TO the
law making branches OF the Govern
ment had the courage and strength TO
put the Government out OF the business
the prime movement would be made for
the general reform that would fol-
low.
Joshua Wilbour OF the Providence
Banking Company remarked that the
first thing to be done was the abolish
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

munity. in final discharge of debts and
full payment for commodities. being
accepted equally without reference to
,he character or credit of the person
who offers II and without the intention
of the person who receives IL to con.
sumo IL or enjoy 1t. or apply it to any
pther use than in turn TO tender IL To
Nhers in discharge OF debts or payment
for commodities.
Money which in its primary function
renders exchanges possible by acting
as an intermediate term in each ex-
change, also makes exchanges easier
by making them definite.
IL engenders a tendency to make per-
sons trust each other.
The functions of money are three in
number:
l. The common medium by which
exchanges are rendered possible.
2. The common measure by which
the comparative values of those ex-
changes are estimated.
3. The standard by which future OBJ
Ngations are determined.
The factors which determine the va,-
ue OF money within n given time are ,
rhe amount OF money in circulation
and the amount of goods to be sold
WANT AN ELASTIC CURRENCY.
The bankers OF this city are OF the
opinion that elasticity in currency is a
md they want enough currency i'm cir
culation to meet the demands of trade
at all times This can be done best by
leaving the currency in the hands Of the
national banks TO be issued when IL is
needed and to be redeemed when trsde
conditions are such that IL Is not want
ed.
According 10 the records banking ap-
pears 90 have reached high state OF
development among the ancients. The
bankers OF Greece and Rome exercised
nearly the same functions as those OF
the present day. except that they do not
appear 20 have issued notes In general
they were highly esteemed and great
confidence was placed I'm their integrity.
The fair name OF the ancients las
been handed down and no class Of men
employed i'm n certain calling enjoys
to-day a greater measure Of confidence
rom the general public than the bank
YRS.
THE BEST BANKED CITY.
II has long been the claim Of Provi
dence that IL is the best banked city I'm
the country and the claim is probably
true It has been truly said that SO
many banks and such extensive facln-
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31
THE MECHANICS BANK.

The City National, 9S Weybosset
street, is another old stager and it's
banking rooms speak of the years this
institution has held the confidence of
its patrons. 1t is not gaudy but il is
sufficient for the needs OF it's business
It's capital is 100000, and the surplus
and profits were S192,355 Edwin A.
Smith is President and Frank Il. Cha
fee, cashier. 1t was Incorporated in 1888,
and made national bank in 1865.
The Commercial National has cosy
quarters at 80 Westminster street. It's
capital is $1.000,O00, and it's surplus and
profits last year were $15S.3 1t was
incorporated i'm 1893. It's President is
Andrew Comstock and Abram Barker IN
cashier.
The Fifth National moves on the
even tenor Of its way in old fashioned
quarters. 81 North Main street. It's
capital is $300000 and its surplus and
profits last year were S49,S04 S. NJ.
Lewis is president and w. r. Dunham,
cashier.
UNCLE SANS BANK.
The Government deposits a part OF
it's wealth in the First National. 100
Westminster street. and It's banking
rooms are particularly well fitted for
business. Its capital is $780, 600 and it's
SUI BiuS anu DAbltS Ntlt 200 lts btOI Be
l.. Littlefeld is president and c. L. Lap
ham, cashier.
The Fourth National has convenient
and we'll equipped banking rooms at
20 Westminster street. Its capital IS
$500,0 and its surplus and profits
were s204.414. James Tucker is presi-
dent and Thomas Boyd, Jr.. cashier.
The Globe National at IS Weybosset
street. was Incorporated January. 1881.
IL is one OF the old stand by'S and Ii
does business with a capital OF $500 900.
Its surplus and profits were s99 53S.
Marsden j. Perry is president and
George G. Noyes, cashier.
The High Street Bank Is one OF the
landmarks Of the town and It's history
Is synonymous with the development OF
Christian HILL" Its capital L. $4,000
and It's surplus and profits were $40. 800.
The dividend last year was per cent.
John Austin Is president and T.. Allen.
cashier. IL was Incorporated In June.
1928. The Citizens savings bank Is also
located In the same quarters.
HANDSOME BANKING ROOMS.
one OF the most elegant banking
rooms in the city is occupied by the
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

tary of the Peoples Savings Bank said,
either let the Government issue all the
currency or the national banks. A
national bank note is good all over the
world. 1t is good currency. What is
needed is more elasticity In times OF
panic or threatened trouble similar to
that which happened in 1S93 depositors
rush in for their money. Banks, TO
meet the demand. sometimes sell good
securities at a loss. and after the panic
or trouble the very same bills are
brought back to the bank for deposit.
The currency should be fixed so that
unusual demands could be met easily.
When the unusual call was over the
banks could retire the surplus easily.
The national bank system is good
enough and the present system OF cur
rency is good enough II there was a bet
ter provision for more elasticity. The
national bank issue is backed by assets
in Government bonds. There can not
be anything better. Now the President
has asked for a commission. II should
lS composed of the brightest minds;
men who have had large experiences
with currency matters.
THE FUNDAMENTAL THING.
President George l.. Littlefield Of the
First National Bank said: The funda-
mental thing 10 do is to retire the
greenbacks. Let the Government go
out of the banking business. As II is
now the Government handles green
backs and gold and there is great fiuc-
tuation. The retiring OF the greenbacks
is the first thing to do. and then the rec
form would begin i'm the right way. Men
differ as to details. Some want the
greenbacks retired all i'm a bunch and
the national banks TO issue currency
IL hi al IAsa hD-
lieve a gradual retirement OF the green
backs would be the best way. He said
he was I'm favor OF a gradual retire.
ment. There are n good many differ-
ent opinions. but the one general opin-
ion Is that the great currency difficulty
lies i'm the Government being a banker.
Ex-Governor Charles Warren Lip
pitt. president Of the Rhode Island Ma
tionai Bank. hadn't giyen much con-
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

1929 Its capital is $500, 900. and it's sur
plus and profits were $132,174. James
II. Chace is president and Samuel II.
Tingley. cashier.
The Merchants National at 20 West
minister street, began business almost
with the beginning Of the town. Ii was
Incorporated in February. 1918. Its
capital is sl,000000. and its surplus and
profits were $357,2S9 Royal c. Taft is
president and John w. Vernon. cashier.
The bank owns the building in which It's
fine banking rooms are located and II Is
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

at As Weybosset street, has been a
familiar spot to every man, woman and
child for more than two generations
It's capital is s1.000,00O and its surplus
and profits were slS6,797. Charles III.
Merriman is president and S. IL. Car
penter, cashier.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

21 Exchange street. has a capital OF
100000 1t also has a savings bank de-
partment.
THE SAVINGS BANKS.
The Mechanics Savings bank at the
corner of Peck and Weybosset streets,
is among the first in the matter of ele-
gance of surroundings. A view OF the
interior OF this beautiful banking house
is presented i'm the illustration. In
the general accommodations and ele-
gance OF equipment this institution
stands in the front rank and its head
quarters are a tribute TO the fine man
agement that has kept the prosperity
of this old and popular bank free from
the slightest blemish.
The City Savings Bank is located at
q Weybosset street, and IL enjoys a
full measure OF confidence from the
general public
The Peoples Savings Bank, at the
corner of Canal street and Market
Square is another institution that is
eXcellently managed and it's popularity
has gone far beyond the limits of the
city.
The Providence Institution for Saw
ings on South Main street is almost as
well known as the steeple on the First
Baptist Church IL is part OF the town
and has been for genera tons. 1t is as
BOOu as tne Bank or England ana a
heap more convenient In short time
| this institution will occupy its hand
| same granite building which is now in
| process of completion. When the work
is all finished this institution will have
| quarters that cannot be surpassed in
| the country
AN ENORMOUS SUM.
After reading the roster OF the banks
| IL will be seen that many of them. in
| deed the bulk have been established for
| more than so years and that prosperity
| has been the good fortune OF all OF them
The banks OF this city can furnish
| 800. 000. 600 for use in business. 1t can
| be made available at any time there is
| a demand for ii in legitimate trade. II
| Will be seen also that the statement
| that Providence is banked as we'll as
| any city in the country is not careless
or injudicious one.
| Ii is not to be wondered at that the
men engaged in this enormous business
| should be deeply interested in the cur
rency question and that upon II rests a
| large proportion OF the prosperity OF
| Rhode Island.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

England. Its beautiful granite struc-
ture is an ornament 10 lower Westmin-
ster street and IL is a monument to
sound business principles. The capital
or this popular end widely known insti-
tuition l. Sl,O00 600 and il has a surplus
OF $150.C00 and undivided profits of SOL
900. It's president is Herbert j. Wells.
vice president, Samuel r.. Dorrance, and
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

surroundings. 1t is one of the oldest
banks in the city. being incorporated in
1913. Its capital is $4,000 900 and it's sur
plus and profits are 1912, ,73S
The Mechanics National at 46 Wey-
bosset street. was incorporated June,
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

Westminster street. an interior view Of
which is herewith presented has
the handsomest banking rooms
in the city and they are not surpassed
in New England This institution is
credit 20 the city az 90 has pointed the
way 20 the most modern way OF doing
bantirg business from the popular point
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

Manufacturers national at 73 Westmin-
ster street. The bank recently moved
into its elegant quarters which are fitted
up i'm the best OF taste. and IL can be
truthfully said that few banks in this
section of the country can show more
modern conveniences or more attractive
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

pany has the handsomest building from
an architectural point of view in the
city. It's banking rooms are models OF
the up-to-date idea and ii enjoys a
measure of prosperity that is not sur
passed by a similar institution in New
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

one OF the up-to-date houses OF the city.
The National Bank OF Commerce is
AZ 4 Market Square. It's capital is ST.
tO9 goo. and It's surplus and profits were
s241.535. Robert Knight Is president and
John Foster. cashier.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31
WHAT THE BANKERS SAY.

Cashier Horatio A. Hunt of the Amer
lean National Bank said that the pres
ent system OF currency was sufficient
for the needs OF trade. He thought,
however. that the Canadian system was
one Of the best in existence at the pres
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

OF view. IL has a capital OF 81, 900, 900
and a surplus OF 100000. Samuel T..
Colt is President. j. NJ. Addeman, vice
president, Cyrus +. Brown, treasurer,
and Waldo NJ. Place, secretary.
The Rhode Isand Hospital Trust Com
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

secretary. Edward $. Clark.
The Union Trust Company. located In
the west corner OF the Narragansett
Hotel building. has a capital OF $3.50 600.
William $. Heyward Is president. II. l..
Greene. vice president and a G. Tour
tellot. secretary and treasurer.
The Mercantile Tsust Company, 10 and
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

The National Bank Of North America,
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

Continued on Page 81
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

one OF the most elegant banking
rooms in the city is occupied by the
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

21 Exchange street. has a capital OF
100000. 1t also has savings bank de-
partment.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-07-31

It has long been the claim OF Provi-
dence that IL is the best banked city I'm
the country and the claim is probably
true. IL has been truly said that so
many banks and such extensive facin-
Zgoda = Unity. [volume] (Milwaukee, Wis.) 1881-1901, 1897-03-25

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