The National tribune., 1900-06-28

Elliott, in his "Ten Miles Square,"
Bays: THE branch institution of the
United States Bank in Washington is To-
Gated opposite the northern corner of the
Department of State and near the Treas
ury Department" (The State Department
In that day was small building, occupy
ing the ground now covered by the north
wing of the Treasury Department.
The banking house is commodious and
convenient, with a neat and comfortable
dwelling attached to it for the residence
of the Cashier. Richard Smith, ESD, who
holds that appointment, at present occu-
pies it" This was 1880.
The part Gen. Jackson played in the
overthrow Of this bank is record in his
tory.
He was opposed to the institution be
fore he was President and soon after his
Inauguration he managed to involve him
self in an unenviable controversy with the
management Of the United States Bank.
Nicholas Biddle was then President of
che Bank. jeremiah Mason was Presi-
Gent of the Branch Bank at Portsmouth,
". d., and was not a Jackson Democrat /;
Sherefore not an agreeable member of the
household of Jacob and his resignation
was asked for by the Secretary Of the
Treasury. AS the request was not accom-
panied by any evidence of misconduct OF
tncompetency in President Mason, he very
firmly declined resgning
Nicholas Biddle, the President of the
United States Bank, through all the con-
troyersy stood by President Mason. which
was quite reason enough for President
jackson to make war on an institution of
which Mr.. Biddie was President. No man
OF institution could stand between him and
his new doctrine, TO the victor belongs
the spols."
The bank up TO this time was in a most
prosperous condition. and was great tri-
umph for the friends Of sound cur
rency, for II gave to the country the best
currency that the world had ever seen. 1t
gave currency far more uniform between
the extremes of the country than was
dreamed of by its projectors. When the
bill came up and was passed for rechar
tering the bank, Jackson vetoed it. An
attempt 10 pass it over his head failed of
the two-thirds vote.
Had it required only q majority vote
the United States Bank would have been
recharercd, and the arrangement OF the
currency that followed aud the widespread
distress in business would have been
avoided
In the crash era the Government itself
was forced 10 suspend specie payment
The removal Of the Government demos
Its from the United States Bank by Presi-
dent Jackson Is another leaf in history and
met with unrelenting opposition in Con.
gresS. but his greatest triumph after q
long three years effort by his friends, was
the passage OF q resolution by the Senate
expunging from IFS journal resolution
censuring Gen Jackson for the removal
of the deposits from the bank.
In the general destruction of the
United States Bank in consequence OF the
strange policy OF President Jackson, the
branch banks also went down in the gen
eral crash.
In this eventful year OF financial dis
tress, 1887, w. W. Corcoran commenced
the brokerage business at the corner of
Pennsylvania avenue, near Fifteenth
street. n small n~1E -,
size lie was very successful here and in
1883 he moved to the old Metropolis Bank
building, on the corner OF Fifteenth and L
streets.
In 1910 he took into partnership George
w. Riggs, son Of Elisha Riggs, Of New
York, broker. the firm name Being Cor
coran d Riggs" In 1S45 the firm pur-
chased the old United States Bank build
ing, at the corner of Fifteenth street and
PENNSYLVANIA avenue, with all its prop
erty and effects uncollected. About this
time the firm of Corcoran & Riggs took
On its own account nearly all the loans
made by the Government of the United
States. In 1S4S Mr.. G. w. Riggs retired
from the firm, and Elisha Riggs, also a
son OF Elisha Riggs, of New York, by an
other wife, was taken in as junior part
ner. He remained in the firm until 1854
Mr.. Sorcoran withdrew from the firm on
April l OF the same year, and the bust
ness was carried on by George w. Riggs
unuer tne nrfn name of Riggs x Co. until
bis death, Aug. "a, 1881, since which time
the same name has been retained and the
business conducted under it by f. Francis
Rigss, Thomas Hyde, Charles C.. Glover
and james NJ. Johnston.
In the early days George Peabody and
Elisha Riggs Were associated in the bust
ness Of diapers in Georgetown.
ELISHA Riggs, father Of the Riggs Broth
ers, always had the position of a silent
partner, at least, in the banking firm. for
1t has ever been acceded that his money
and his credit. combined with strong busi-
ness qualifications, gave the ground work
Of solidity to the bank.