Evening journal., 1910-05-26


The most famous president OF the United
States Bank, which President jackson
forced out OF business, was Nicholas
/ Biddie Of Philadelphia, who after being a
director of the bank for a matter of four
years. became It's president i'm 1893 and re-
maiucd I'm that post until the bank went
ont OF business in 1896
"Nick Biddlo. as he was known to his
associates both in finance and society
ho was member OF Philadelphia oXolu-
sive set-kept "a firm grip upon the affairs
of aH the branches of the United States
Bank from his desk i'm the banks head
'uuartors in Philadelphia. lie was very
careful To get reports from the branches
regularly and ass speedily as the mail facil-
itcs OF the time could deliver them 10
him and he studied these reports with
minute care.
one day ne noticed that a report from
the Savannah branch did not show the av-
crage redemption OF hank notes. and
each subsequent report showed a constant
falling off in redempuons so that Mr
Eiddle became very much disturbed. AT
Hast he said to himself. There's going TO
he trouble OF some kind at that branch
Somebody is collecting savannah branch
bank notes and they may offer them all
Iof sudden for redemption. But [ will
see to that" Thereupon he caused large
Iamount of silver money 90 he collected
land shipped TO Savannah. Then he waited.
A few weeks after the silver had reached
the Savannah branch "a stranger called at
iit and stated that he had some bank notes
which ne would like to have redeemed at
once in silver. lie was asked what was
the value Of the notes. Two hundred
ff..
Very we'll" said the official of tho bank.
who was acting under instructions from
President Biddle. bring your bills here
so that VIC can count them" Whereupon.
the strange protested al the delay.
What. exclaimed the bank official
"you surely do not think we are going to
redeem notes until we have counted them
and seen that the amount YOU give us Is
Irght?" So the stranger went away re-
turning speedily with hand barrow filled
with notes. and all the rest of the day the
bank force was occupied i'm counting them.
That task over at last. the manager or
the branch turned TO the stranger. "The
amount you stated Is correct. sir ana
your silver is ready. Can We help you i'm
sending it anywhere"
you've got the silver here?' gasped
the stranger. You're going 10 pay me In
silver on the spot?"
Certainly" said the manager. "Isnt
that what you asked for?'
But -" began the stranger.
yes" smiled the other. 1.-TWO hundred
thousand dollars i'm silver does make a
very bulky parcel, l suppose you will take
IL to a vessel?'
Tho stranger hesitated. doubtless reflect
ling that 90 ne took the silver it would cost
him "a pretty penny for insurance and am
other for freight. At last nc said: well
I think I will take drafts ON New Orleans.
on the whole. they will do just as good.
This time a grim smile came to the
bankers lips "You will not take drafts
on New Orleans" nc said. You will take
the silver. and youl take it at once
There was no other way around it; the
stranger had TO lug off his two hundred
thousand dollars i'm silver. and pay nsur-
ance and freight charges on it TO it's des-
tnation in the North For he was an
aeent Of a group of state bankers i'm the
North who had combined to break the
credit of the United states Bank. II possi-
BILE They hit upon the plan of getting
together lot of the bank notes Of the
Savannah branch and suddenly presenting
them i'm a lump for redemption, feeling
reasonably certain that tho bank would
not have on hand sufficient silver with
which to redeem at once word would 20
throughout the country that the United
states Bank at Savannah had failed ant
the other branches and the headquarters
itself would be imperilled II not ruined
But I'm building their beauun scheme thu
Jealous state bankers failed to take into
consideration President Biddles pains
taking study Of the reports Of his bank
branches. and so they were confounded
and not he
Three men vouched TO me FOR this hith
erto unpublished story of the old United
states Bank. the late Commodore Alfre'
Van santvoord. who when he was younl
man. knew Nicholas Biddle; the late Ash
bel Green. who also knew Mr.. Bddle. an'
who could have been Governor Of New
. Jersey i'm 1877 had he not advised hi
friends 10 support the candidacy Of Gen
George b. Mcclellan, and the late Georg
S. Coe OF New Jersey, whose hnancia
knowledge was Of material help to the ma
ton during the civil War.
Copyright 1910 by e. J. Edwards)
, Tomorrow Mr.. Edwards will tell o
I "President Lincoln and Fee nance"