The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-03

be too careful The inhabitants OF the
district are poor generally: they have
houses, lots, property and pride. prefer
| always going to law and litigation 10
paying their debts and using economy
They are. in fact, extravagant on other
peoples property, and the property ss
the District depreciates yearly. and debts
that were considered good three years
ago are now-of no value In this matter
l have confided much"
Here the destroying finger Of time has
crumbled away a portion of the letter
When it again becomes luegible it con-
tnues:
If you are satisfied It will realize a SUI
ncient compensation to the purchaser If
you make any bargain you should get
two. four, or eight months for one-third
OF the purchase money, and one, two.
three and four years for the balance.
think you ought to get the property for
$4,000 or $4,000. It is a large sum TO
get out of the district<at any tire. Tho
inhabitants are poor, extravagant and
proud: bad debtors to get more of. 1
prefer workers. Should you do anything
let me hear from you Yours respect
fully, E. RIGGS"
This property included not only the
banking building and adjuncts, but tracts
Of land in Washington, Georgetown and
Alexandra, besides old accounts due the
Branch Bank of the United States. A
final purchase was made on November
a, 1916. The deed was from Joseph Dun
das ct al to William W. Corcoran and
George W. Riggs Soon after the pur-
chase the new owners moved into the
building.
In those early days there were vaults
| Of peculiar construction, the most for
! midable part of which were the massive
keys which now occupy a case on the
wall of the banking room. These safety
deposits were constructed of masonry
which would give but little inconvenience
to modern burglar The old bank safe
| is also curiosity. It is a trumpery iron
affair, most Of the ingenuity OF the maker
having been expended on the key. This
key consists of several joints fastened
| together. When it is inserted in the lock
these joints unwind in diverse ways until
| the spring in the lock throws out The
key after opening the safe. Another
| curiosity IS the old clock which did duty
in the United States bank, but which will
The elder Riggs was a wonderful char
aoter. He was a gentleman by birth,
| hut for all that hard-heaied old bust
| ness man, who always insisted On having
| half Of the profits Of any deal which
| Ccrcoran and Riggs made with his
| money. In his youth he amassed a for
tune in the mercantile business. a fer
| tune tfa- would be considered large IN
these days. He removed to New York
shortly after his marriage the second
time as his Dung wife was fond of So
ciety and preferred the gay metropolis.
From this point he directed the opera
tons of Corcoran/ & Riggs. The latter
| often took advantage of the old gentle
man, for which he scolded them roundly,
and wrote them many a fault-iinding
letter, but they minded this but little,
as these seedlings were at a long dis
lance, and he never failed to come to
their assistance financially. He writes
them under date Of January %. 1913:
''Messrs. Corcoran & Riggs, Washington
City:
Gents-I will accept and pay your
drafts on me fer any sum you may draw
on me, not to exceed 100000. Yours
obett, E. RIGGS"
On another occasion he wrote them I'M
der date of March %, 1872:
II notice your observation respecting
your obtaining further loan on my paper
by hypothecating or selling your requsi-
tons in the treasury and c. What
amount of these claims have you, and
what is their situation? Are they ac-
cepted by the treasury department or
not? Let me know precisely their situa-
ton, and the kind of claim they are and
the certainty of their being paid when
the appropriation bill pays. What is the
state of that bill at present, and when
will it pay. and after it pays what has
the treasury to pay you in until they
loan. Their credit is getting more loose
every day, and unless they make a speedy
provision TO pay their large amount of
treasury notes falling dues in April, no
body will buy their stock or treasury
notes.
THE conduct of congress is calculated
to ruin the credit of the United States
both in Europe and the United States
Any honest merchant would feel dis
graced and mortified if he did not meet
his engagements with more punctuaity
~
American feels the disgrace that Is now
hearing up on the whole country by SCH
neglect OF duty on the part Of those
at the head of the government"
M. Riggs further warns the firm
against rash speculation and the disabuse
of their credit. not considering with favor
the issuance of paper, a custom that was
practised by many business men at this
time.
1t was from this bank that Daniel Web
ster obtained a loan under peculiar cir
cumstances. His impecuniousness was
always a subject of jest among those
who knew him. One day ne met his
friend Choate on the street, and saying
he was hard up. a condition that was
chronic with him. asked his friend TO en-
dorse note for 1900 for him. This Choate
agreed TO do, but as he himself was in
financial difficulties, he had Webster
make out the note for SGoe and they d.
vided the proceeds. This note has nerer
been realized upon by the bank to this
day.
Nearly I'll The presidents ot ths co1n-
try have had dealings. With this banking
house. An autograph letter from PresI-
dent Tyler. written March II. 1912, reads:
"Gentlemc Here IS a draft in favor Of
A. L. Jones. payable al sight. for se3
on the Insurance and Trust Company OF
Nashville. Tenn. which am DESTROYS TO
cash If Il be not paid I Will be response
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