Evening journal., 1912-06-21
NEW NEWS NEWS OF OF YESTERDAY YESTERDAY
The Bank That John JOCOb
AStor Helped Found
By Holland

In 1923 Albert Gallatin, Secretary
of the Treasury from 1901 to 1913,
the real author Of. the Treaty OF
Ghent which ended the War Of 1872
Minister TO France from 1915 to 1928
and after a lapse OF three years Min
lister to England for one year. re-
movd 10 New York city from Penn
sylvania, where he had located
shortly after coming TO this country
from Switzerland in 1880 Three
years later when Mr. Gallatin was
40 years of age-he lived to be SS-
he called on John Jacob Astor, at the
latter's request The founder of the
Astor fortune and Mr.. Gallatin had
been friends for years and this bond
was greatly strengthened by reason
Of Mr.. Astors admiration for the
manner in which Gallatin had man.
aged the Treasury Department in
the administrations of Jefferson and
the first administration OF Madison.
"Mr. Gallatin," said Mr.. Astor,
after he had welcomed his guest,
"some of my friends are talking OF
organizing a new bank here They
haven't got yet all the money they
need for the capital They wanF
seven hundred and fifty thousand
dollars more. have said to them
that / will subscribe that seven
hundred and fifty thousand dollars IL
you will accept the presidency OF
this bank"
1T seems to me-" Mr. Gallatin res
piled, that | may be too Old
IF | thought you we're too old I
should not have made the PROPOSE
ton" Mr.. Astor replied 81 am anx,
ious to have you take the presidency
of this bank for two reasons. First,
because if you are president the
hank will be a success. Second. be.
an object to you"
Mr. GaIlatin hestated until Mr.
Astor said to him
May I ask you one or two ques-
tions; first what is your yearly in
Gomez"
1T is about twenty-five hundred
dollars" Mr.. Gallatin replied.
twenty-five hundred dollars"
Mr. Astor exclaimed, in amazement
Il thought you had no great wealth
but I had no idea that your income
was as small as that You have Civ
en- nearly thirty years of service to
the United States loan with which
we paid France for the Louisiana Ter
ritory You brought the country out
Of debt: when Secretary Of the Treas
ury YOU handled millions with grea,
sagacity. You negotiated the Treaty
of Client by which our war With
Great Britain was ended. and yet
YOU have today only an income of
TWENTY-FIVE hundred dollsrsl
Yes, that is my income, Mr.. As
tor"
well sir. I tell you that II you
had devoted your energy and ability
to the making OF a fortune instead
Of the service OF your country, your
wealth today would compare with
mine How does il happen that you
have never made any more money!
"Mr Astorn replied Mr. Gallatin
81 never had the time to make money
for myself"
you created 4 great fiscal system
you taught this country the lesson
that expenditures should never eX.
ceed appropriations, and yet you arc
today a poor man. ! again urge you
to accept the presidency of this
bank
When. finally, Mr Gsllatin said
that he would accept Mr.. Astor al
once subscriber the needed sever
hundred and fifty thousand dollars
with which to complete the capita
Of the bank. which began it's highl,
influential eighty-year career as the
National Bank and recently ended II
as the Gallatin National Bank. when
IT was absorbed by another New York
city banking institution
Copyright, 1912, by p. J. Edwards
All rights reserved.l
Tomorrow Mr.. Edwards will tel
Of "The CannOnade That Gould No
Make Fremont Break His Promise