The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-11
FISRT WASHINGTON BANK.
II Was Established In GeorEctown
in the Year 1?03.


) 1t Was Establi.hed In Georgetown
in the Year 1783.
The first banking institution within VIII Il
afterward became known as the District
OF Columbia was established at Georgetown
in 1893. by Samuel Blodgett, assisted by
Mr.. Stoddert. and Governor johnson, OF
Fredericktown. Samuel Harmon was cash
Ter from its establishment UP to 1901. when,
notwithstanding his earnest protest, he wes
superseded by William Whann. When the
Bank OF Potomac was established in 1904,
severe criticisms were Immediately made
on banks as institutions, and Mr. Blodgett,
in September of that year. made an elab-
crate defence of them and Of his own course
in connection with them. II trust he
said, at is now universally known that the
invariable and only effects Of the American
banking system, as it has been hitherto
practiced, with astonishing success, have
been almost immediately to extend the
commercial and mechanical operations OF
every eligible place where these institu-
| tions have been formed. and, finally, on ac-
count CT the great profits attained to the
stock and realized in semi-annual divi-
dends. TO draw foreign capital for the pur-
poses thereof, and often at an advanced
premiIm-a clear gain to the community"
He also said:
An ignorance of the effects at tic time
occasioned the exclusive monopolizing
clause IL The constitution Of the Bank OF
the United States. Congress, seeing how
that foreigners, by holding almost the
whole Of this bank, are benefited, against
the principles of equality which We cher
ish in our commercial regulations for the
general benefit of our fellow citizens. they
will therefore repeal the injurious clause in
any application for a renewal OF the char
ter now nearly expired. They will then
grant the same privileges, not only to the
Bank Of the Potomac. but to several others
hope to see instituted in the Territory Of
Columbia In due time We have now about
S39 1000 Of banking capital in the United
States. England alone has about $500, 000,-
GOO of banking capital. and to equal her
beneficial experience we might for six mill
lions OF people, II more compactly situa-
ted, carry our banking capital to at least
seven times its present sum, and to the
same advantages etc.
On March 20. 1909, directors Of this
bank were elected as follows: John Ma
son. c. Worthington. William Marbury,
John Cox. John Threlkeld, Walter Smith,
Henry Foxall. Marshall Warning. James
Dunlop. Philip B. Key. jeremiah Wins,
elected president and was continued in
this office until 1916. n. Frye. jr.. sue
ceeded General Mason, and was himself
succeeded in 1928 by Richard T. Lownde5,
who continued to serve until 1897 Will
liam Whann served as cashier up to
within a few months Of his death on Feb
ruary 5, 1922. in Cecil County. Maryland.
whittier he had gone in hope of recovering
his health, but in vain. Mr.. Whann was
succeeded as cashier by d. Kurtz, who
served until 1928, when he was succeeded
by Richard Smith.
II is not known whether anyone sue
ceeded Mr.. Lowndes as president or Rich
ard Smith as cashier as no record of such
appointments exist. Even the precise date
of the failure of the bank is involved in
obscurity, Notwithstanding
the fact that more time was spent in at
tempting to obtain such knowledge than
was. perhaps, warranted by its intrinsic
value.
The last legislation by Congress relating
to this bank was approved February 20,
1889 1t also provided that no discounts
should be maze except such as might he
deemed proper to renew such notes as
had already been discounted. and that
no more promissory notes should be put
in circulation. This legislation also pro-
vided that instead of a president and nine
directors, as then required by law,
BOARD should be elected on the first Thurs
lay in March. 1886, and each year there
lfter, so long as the law itself remained
N force, who should elect one Of them
selves president and the stockholders
we're authorized to choose trustees TO
wind up the affairs. 1t is therefore alto
,ether probable that this bank ceased to
.xist about 1899
On February 4, 1896, at meeting OF the
PRESIDENT and directors OF the Bank OF the
United States. the following gentlemen,
rom Washington. Georgetown, and Alex
ndria were elected directors of the office
# discount and deposit fer the District OF
Columbia for one year: Joseph Carleton,
-homas Tinsey, William Brent, James d.
larry John P. Van Ness, Caleb Swan,
'homas Munroe. Joseph Nourse. David Pc
err William Stewart Lewis LeblOis. Ben
amin Shreve. jr, and Phineas Janney.
IN the Cd Of March John p. Van Ness was
lected president Of the board. February
1867 the same gentlemen were again
lected directors and Mr. Van Ness presi-
emit. February q 1905. the same board
las again elected. with the exception that
ohm Tayioe was chosen in the place OF
oseph Carleton. February Z. 1909, the
blowing gentlemen were elected members
this board: John p Van Ness. William
tewart, Thomas Tingey, Caleb Swan. Jo-
eph Nourse. James ID. Barry. Thomas
iunroe Lewis Leblois. Elias B Caldwell.
Walter HELEN. William Brent. David Pc
ar, and John Tayloe. February 6. 1910.
ne same gentlemen were again elected.
kept that James Sanderson was chosen
1 place of Caleb Swan.
This appears TO have been the last cleo
on OF officers for the branch Of the Bank
7 the United States In the District of
ol,imbia, and the bank itself soon became
Stinct through the failure of Congress to
new its charter. The main reason for
lis refusal was the fact that the directors
Id a majority of the stockholders were
ederalists. and hence the institution itself
as looked upon as Federal concern But
this feeling of prejudice,
hich should not have actuated any MEN,
n qualified to be Congressman, the bill
DIVIDING for the recharter passed the
ouse Of Representatives and In the Sen
e received seventeen votes to the same
lmber against it. The adverse vote Of
ce President Clinton decided the fate OF
e measure