The times., 1901-06-09
A DEPOSITORY OF THE PAST
The First Banking House Located
in This District.
Established in Georgetown Soon
After the War of the Revolution
It's Officers Mt Different Periods
Andrew Jackson Deposition.

After the War OF the Revolution
It's officers Mt Different Periods
Andrew Jackson IL Deposition.
TT may not be generally known that
the first banking institution located in
/ these parts,'' said an old inhabitant re-
Gently, was established at Georgetown
/ in 1893 by Samuel Blodgett. assisted by
Mr.. Stoddert and Governor Johnson, of
! Fredericktown. Samuel Harmon was
cashier from its establishment up to 1901,
when Notwithstanding his earnest pro-
test, ne was superseded by William
Whann When the Bank of Potomac was
: established in 1894 there were imme-
diately made severe criticisms on banks
/ in general. Mr.. Blodgett replied in de-
fence of banks using in the course of his
argument the following language:
g I trust it is now universally known
| that the invariable and only effect 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 institutions have been formed, and
/ finally, on account of the great profits at
/ tained to the stock and realized in semi
annual dividends, to draw foreign capi-
!
an advanced premium-a clear gain to the
community. He also said: AN igno-
rance of the effects. at the time, occa-
stoned the exclusive monopolizng clause
in the constitution of the Bank of the
J United States. Congress, seeing how that
! foreigners, by holding almost the whole
of this bank, are benefited, against the
! principles of equality which we cherish in
| our commercial regulations for the gener
al 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 Potomac. but TO several others
| l hope to see instituted in the Territory
| of Columbia in due time. We have now
about S39 600,00O of banking capital in the
| United States. England alone has about
| 5000, ,000,O coo of banking capital, and to equal
her beneficial experience we might, for
six millions of people, If more compactly
situated, carry our banking capital to at
least seven times lis present sum, and to
| the same advantages etc.
| The directors of this bank elected
| March 20 1893, were as follows: John
! Mason. c. Worthington, William Mar
/ bury, John Cox, John Threlkeld, Walter
Smith, Henry Foxall. Marshall Waring,
| James Dunlop, Philip b. Key. Jeremiah
! Wins, and Thomas Peter. John Mason
was elected president, and was continued
| in this Office until 1916. N. Frye, jr.. sue
| ceeded General Mason, and was himself
! succeeded, in 1898. by Richard T. Lowndes,
who continued to serve until 1881 VIII
liam Whann served as cashier up to with
in a few months of his death, on Febru-
ary 5, 1872, in Cecil County Maryland,
whittier he had gone in hope OF recover
ing his health, but in vain Mr.. Whann
was succeeded as cashier by DR.. kurtz,
who served until 1925 when he was sue
ceeded by Richard Smith.
THE ultimate fate of this bank, as re-
CARDS details, is shrouded in a myster,
which battles Investigation. 1t failed,
however, it is supposed, about the year
1893.
ION February 4, 1896 at meeting of the
president and directors of the Bank of
the United States, the following gentle
men from Washington, Georgetown, and
Alexandria were elected directors of the
Office of discount and deposit for
the District of Columbia for one year:
Joseph Carleton, Thomas Tingey, William
Brent. James d. Barry, John p Van Ness.
Caleb Swan, Thomas Munroe, Joseph
Nourse, David Peter, William Stewart,
Lewis Leblois, Benjamin Shrieve. jr.. and
Phineas Janney. On the Sd of March
John p. Van Ness was elected president
of the board. February 3, 1907 the same
gentlemen were again elected directors
and Mr.. Van Ness president. February 2,
1903. the same board was again elected,
with the exception that John Tayloe was
chosen in the place of Joseph Carleton.
On February Z, 1909 the following gentle
all I,f-
John p. Van Ness, William Stewart.
Thomas Tingey, Caleb Swan, Joseph
Nourse, James d. Barry, Thomas Munroe,
Lewis Leblois. Elias 3. Caldwell Walter
HELEN William Brent. David Peter, and
John Tayloe. February 6. 1910 the same
gentlemen were again elected, except
that James SandersOn was chosen in
place OF Caleb Swan.
SO far as can now be aScertained this
was the last election of officers for the
branch Of the Bank of the United States
in the District of Columbia and the bank
itself soon became extinct through the
failure of Congress to renew it's charter.
The main reason, il is said, for this re-
tusal was the fact that the directors and
majority of the stockholders were Fed
efal1stS, and hence the institution itself
was looked upon as q Federal orga MIA
tion. But notwithstanding this feeling of
prejudice the bill providing for its re
charter passed the House, and in the
Senate received seventeen votes to the
same number against it, it's fate being
decided by the adverse vote Of Vice PreSi-
dent Clinton, who had been opposed to
the formation Of the Federal Constitution,
and. indeed, to any institution more ma
tioual than those Authorized by the old
Confederation, and 1T the time of voting
against the recharter Of this bank still
practically cherished the same tendencies
'On the expiration Of the charter of this
bank, in 1911, the business of the Office of
discount and deposit in Washington was
conducted for a time by temporary
board Of agents, of which John II. Van
Ness was chairman. Still later, a commit
tee was appointed consisting of MesSrs.
TaylOe Munroe HELEN Peter, SandersOn,
and RoWieS, 10 manage the business
with a view toward winding mp its affairs
This end having been attained, II was
soon found necessary to make an attempt
to establish another bank la Washington, |
there being at that time but one little
bank on Capitol HILL which had not suffi-
clent fundS Tor the canal, road stock, or
even for the business houses in the vicin-
ity Of its own property. The extension of |
the Bank OF COlum ia in the Treasury De- |
partment had been felt only as nuisance, |
stimulating hope with the certainty of |
ending in disappointment, as has been re-
marked Of it.
THE people Of the District were distress
ed for want of hank accommodations,
the commerce Of the Potomac being near |
" at a standstill in consequence of lin |
tied bank facilities. After several inef- !
fectual efforts a bank was at length es- |
tabllShed, located at the corner Of and |
Fifteenth Streets. John Z. Van Ness was |
made president OF this bank and Alex |
auder Kerr cashier. Toward the close of |
the war of 1Sl2-l5 when General jack |
son made an appeal for funds with which !
TO pay the American soldiers, this bank |
loaned largely to the Government and |
after Jackson became President of the |