The Washington times., 1901-09-01
"A PANIC PROOF SYSTEM.
New York Bankers Ever Ready to
Avert Disaster.
The Government Treasure House
miniature Jail-How the Country
Is Saved From Financial CaIami-
fics-Formntion of banking Pools.

Amid the vicissitudes OF Black Fridays
and Blue Thursdays, New York has de-
| veloped a wonderful ''panic-proor' sys-
tenn for restoring confidence at times OF
| financial distrust- IL has been the growth
| of years. and more than once has saved
the country from ruin and woe. For when
banks in the metropolis become disturbed
and sound a note of alarm. uneasiness
spreads everywhere with the rapidity OF
kilograms and 1ong-distance messages.
The result is CONSERVATION and universal
distrust
To make the ''panic-proof' process ef-
fective the banks have provided facilities
OF the highest mechanical excellence. OF
these the beautiful building of the Clear
ing House stands as the fortress OF New
York's banking strength. Thither the
great banks send their millions every
, morning, effecting the exchanges expedi-
tiously without the loss of a cent In
panicky times the Clearing House Is the
centre of reiief work from which assist
ance first emanates Half a dazen aaan-
ciers. composing the Clearing House COM
mittee, with Managers Sherer and Gilpin.
supervise the system which has been re-
duced to the precision OF great machine
In the routine work between the banks
miniature .jail.' which is the most in
teresting portion of the structure. The
public is denied even a glance at the bars
OF this subterranean prison and the at
tendants themselves do not venture with
In alone. Thirty feet below street level a
grated enclosure surrounds the huge
vaults where hundred millions of gold
belonging to clearing house banks is stor-
ed These vaults are practically two
story structures representing 315 tons OF
cold steel passageway. penetrated by
peepholes. encircles all sides. Through ad-
jacent corridors watchmen prowl during
the night ready to shoot (Cthrough the
peepholes) at sight of an intruder. Steam
pipes, too. are placed over the entrance
so that burglars at work on the doors
could be put in agony at given signal
Other safeguards have also been provided,
but the attendants affect a faraway look
when you ask for particulars. For pru-
dental reasons they are not disclosed
The vaults were built In 1897 with ca
pacity for s115.oceooo (350 tons) In gold.
The doors are examples of beautiful me-
chanism. with time-locking appliances
glistening in polished brightness when ex-
posed to view. ALI the experts in New
York could not enter these vaults before
the clocks released the bolts at the hour
appointed for opening. No one is allow
ed to enter them unless member of the
clearing house committee be present
Every inch of the entire structure Is
kept under constant surveillance. At the
street doors a policeman confronts you
and a uniformed attendant learns the na-
ture of your business. Upstairs you go
through similar ordeal and enter the
managers quarters where the public en-
closure Is separated from the private off,
ces. Here one or two officers are on guard
all the time to look out for sneak thieves
and the long-haired individual who wants
million or two in double-quick timei
Such fanatics have been specially provid-
ed for. and If insistent may never leave
the building alive; they can be killed the
instant they expose their dynamite to
view. Such safeguards are essential for
the safety of men who have millions to
look after, and since anarchists are roam
ing everywhere the crank killer has be-
come an important adjunct of modern
banking equipment.
Uncle Sans treasure-house-the United
States subtreasury-at Wall Street, Mas
sau and Pine streets. is of course the real
fountain head of New York's money sup
ply. OF all Government buildings this Is
the most interesting on account of its his
tory and the safeguards undertaken to
protect it from mob violence and any 9TH
er sort of outward attack. 1t is veri-
table arsenal, equipped with ammunition
for long seige and surmounted by steel
turrets from which men could command
everything in sight for miles around A
marble canopy overhanging both en-
frances, with little holes here and there,
adds to the architectural effect and serves
an altogether useful purpose. Between
this canopy and the roof accommodation
for fifty men is provided, so that in case
of insurrection they could look down upon
those forcing an entrance and at the criti-
cal moment drop a hand grenade upon
their heads. That would end the disturb
ance and give the ambulance plenty to do.
The third story contains a first-class
arsenal, equipped with one hundred
breechlOading, +o-calibre carbines; one
hundred 45-calibre Colts revolvers. and
three five-bore and one eight-bore gatling
guns. and 22.O0O rounds of ammunition
And 1t is not show arsenal, either.
Once a week the guns are overhauied,
cleaned and oiled, and the ammunition
examined If a trigger is out
Of order it is repaired, and not left until
some harum-scarum mob is popping
away at the building. Outside the arsenal
iron shutters lead to the turrets where
loZens of men could repair at a moments
notice. The structure is fire and mob
proof throughout, and stands on the site
where George Washington took his oath
If office.
Every boom movement" costs Uncle
sam handsome sum in replacing mutt
ated currency. While a greenback gem
erally lasts three years when business is
very active. small notes may be used up
n half that time. New York banks turn
hem into the sub-ttreasury by the thou
ands, and in busy seasons Government
fficials send them on to Washington at
he rate of 100000 a week
During the prosperous times preceding
'anic days when the vaults are piled high
With valuabies, New York's financial dis
rict overfiows with detectives. They can
'e seen everywhere. mingling with bank
RS and spec 'lators, sizing up everything
4 sight. A day or so before Panic
thursday" when the curbstone brokers
'ere doing a thriving business, pickpock-
is were observed in the crowd. Some
istanee away two pairs of quick. nerv-
us. twitchng eyes were taking in their
ctions, awaiting the critical moment 1t
anne. Just as one of the thieves had
eftly put his hand into another mans
ocket there was plunge. cry. and a
hort struggle. An instant later the de-
sctives had the fellows in irons. hurry
1g them off to the police station. A
lousand passers- by. looking on learned
lat the way of the traHsgressor was
ard.
And the banks have "A detective svstep,