The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-06-29
TO ALTER A FAMOUS BANK.
improvements ut the Girard Institu-
ton in PhiIadeInhia

tA1E SlLS lIlE AzAE3Eu National BANK IElTU
Street. below Chestnut, viii be thorough
" remodeled during the summer under
the direction OF the board of city trusts
Temporarily the offices OF the bank have
been removed to the Bank of the Repub-
lie Building. on Chestnut Street, above
Third AT present the interior Of the
structure is exactly as it was in 1872,
| when, as the Bank of the United States,
it was purchased by Stephen Girard and
became his private banking institution
1t is not intended TO alter any of those
features of architecture which render the
bank building distiuctively colonial, and
such is the spirit of veneration in which
the improvements will be made that not
even will the outside steps. woic down
by the footsteps c a century, be replac-
ed with new stone. Indeed, the only
change noticeable on the exterior will be
the extension of the Greek cornice, now
seen on the front and south sides, around
the north vail.
Within the bank win be made to con-
form to the ideas now in vogue as TO the
best means of insuring convenience to
clerks and public alike. Instead of enter
ing directly into the centre of the first
floor. about which the offices are scatter
ed. customers viii hereafter enter aisle
tAlEINlInk dIOuUu lllItt WILLS HiiliC AlAS
Offices will occupy the centre. New plate
steel vaults viii replace those of brick
now in the building The officers quar-
ters will be to the left OF the Third Street
entrance, while to the right viii be a
private room, with desks. etc, for vault
reuters-a department not now conducted
by the institution.
Much Of the second floor viii be taken
out entirely, in order to permit a skyiisht
dome in the roof over the centre of the
banking room The directors room, now
in the southwest corner, viii be trans
ferred to the southeast corner, and the
entire north side will be used for the
storage of documents The bank cellar
now contains many documents dating
back to the period of the United States
Bank and the days of Girard. a dining
roonl-another new feature-wiil be placed
on this floor, and a kitchen viii lbe IL
stalled on the third floor The stairway
now in the front of the building will be
replaced by the public aisle. before men
toned, and will be transferred to the
rear of the building, where an elevator
viii be placed.
Throughout the building new furniture
VIII be installed. and it is expected that
the total cost of the Improvements viii
The extensive alterations contemplated
recall to mind the story of the foundation
of the bank, which for decades through
the early history of the nation was
powerful element in its financial affairs
In I790 Alexander Hamilton, in mastery
report upon the finances, urged upon Con
gress the importance of establishing a
hank of The UniteS States. His sugges
ton was speedily acted upon by the Sen
ate and House of Representatives, and
President Washington, after consulting
his Cabinet, signed the bill. The bank
received a charter which limited its ex-
istence to twenty years. Like the Bank
OF England, ii was a bank Of deposit, dis
count. and circulation. II soon went into
operation, with a capital Of so, 0j9, 900, and
became YER popular and successful. It
was an agency Of far-reaching influence
IN establishing the credit Of the new Gov
eminent. facilitating its financial opera
tions and promoting the interests Of in
dIstry and commerce The bank was
established in Philadelphia, with branches
at different points, and began business
in Carpenters Hall. remaining there until
1897, when it was removed TO the new
building on Third Street, below Chestnut
This building was begun in 1873. and is
said to be the first building erected in
Philadelphia with portfco and pillars.
AS one OF q committee which in 1903
drafted memorial to Congress in favor
of the recharter If the Bank of TIE Unit
ed States, Stephen Girard was surprised
and disappointed at. the failure of Con-
gress to continue its existence In 1910 he
had about 81 600 with Barring Brothers
& Co. in LONDON, which ne used partly
in the purchase Of British goods AID part
" by buying shares of the United States
Bank. fer which he paid $40 per share. or
) per cent advance
When he learned that Congress would
not recharter the bank. Girard determined
to purchase the whole outfit, bank build
ing. cashiers house, paper and general
para phernalia. This was accomplished in
the spring of 1872, and On May L Of that
year he began banking operations with
s. 200, coo capital. subsequently Increasing
this to $iGg9,0o0. The business Of the old
Bank of the United States was immediate
IL transferred to him. including an i'm
mense amount-pot less than 5000, eo0-of
specie
The Bank Of the United States deposited
all its funds in his vaults, thus giving
him an extent of resources and com
mand of money perhaps never before
equaled in private enterprise. The officers
! of the old institution. including Cashier
/ Simpson. were all retained, the same scale
/ of expenditure was kept up and no per
ceptible difference was noticeable. Most
( of the customers of the old bank continued
( their business with Mr.. Girard, and a
large proportion of the custom house
bonds were collected through his institu-
ton He obtained the banking house to-
/ gether with the dwelling of the cashier,
/ for only S120. Co., while the bank alone had
( originally cost over S30GO9g-
+ While new notes We're being engraved
/ and printed for him, Girard made pay
! uReufs in the notes of the State banks he
/ adopted the emblem of the nations glory,
! the American eagle, and this, with d ship
/ under fun sail, formed the coat of arms
| for his notes
| From the period of its institution up t.
] ISL when the national bank superseded
J his operations ia this direction, 'Iirard
( was of essential service TO the Govern
ment. To all OF the leans during the sec
I ond war with England he made large
/ subscriptions. The dissolution OF the old
! Bank of the United States had thrown the
fiscal affairs of the Government into great
4 confusion and embarrassment The sus-
peaSion of specie payments added TO tbs
! public perpIexities and alarm. The ext
/ geacies OF the war rendered frequent aP-
! peals to the resources OF Glrard $ bank
! absolutely necessary and unavoidable
! Frequent temporary loans and advances
| were made by the bank to the Govern
meut, unrequited by reward and independ
/ eut of Girard' s regular subscriptions L
/ authorized loans.
When in 1914 the nation seemed at th(
extremity of its resources and credit, tht
! Government attempted to feat a loan o.
/ 81 g00,000 with a 50 per cent bonus ana
high interest, only $4,000 of the amount
! asked for was taken the day before the
( closing Of subscriptions. Girard StakeC
his whole fortune in the arms Of his
-