Albuquerque morning journal., 1915-05-04
VITAL QUESTIONS
ARE INVOLVED IN
RIGGS BANK SUIT
important Legal Points to Be
Settled by Most Sensation
al Case Since Day of
Jackson.

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ESPECIAL eoRsssrosnrnes TO soeAfso JOURNAL
Washington, May 3.--The most
sensational financial battle in which
the United states government has
been engaged since Andrew Jack.
sons war on the old United States
bank--the contest opened in Wash.
ington between the Kisgs National
bank of Washington and the present
ruling powers of the United States
treasury-promises also to mark q
new milestone In the financial history
of the country.
1t win be war OF real giants, in
volvlng numerous highly important
legal points in which the federal
courts, and finally the United States
supreme court, acting as umpire, VIII
be called upon to interpret the legal
functions of the comptroller of the
currency and his tremendous power
over the affairs of the great national
banking system of the country. The
officers OF the RIGGS National bank,
the strongest in WASHINGTON, assert
they We're forced into this great bat
tie with the financial arm of the fed
eral government by an attempt OF the
treasury to wreck the bank.
Bailey and Brandcis Direct Battle.
Lined up on the governments side
of the new financial war zone are
William Gibbs McAdoo, the secre-
tary OF the treasury, who is a son-in-
law of the president; John SHELTON
Williams. the comptroller of the
treasury, and inferentlally the
president and his entire administra-
tion. ON the opposing side, the Riggs
bank has not only the moral and
financial support OF its American and
foreign affiliations. but also that of
the National City bank of New York.
with which it is so intimately identi-
fed The legal generals and strate-
gists commanding the ranks of talent
that will be employed in preparing
and handling the fight before the
courts are two of the ablest and
most astute lawyers OF the country.
Joseph w. Bailey OF Texas. who
was United states senator for two
terms, conceded to be at the date OF
his retirement from that body the
best authority on constitutional law
on the democratic side, is chief coun-
sci for the Riggs bank. Louis d.
Brandeis Of Boston, whose most note
worthy employment in recent years
have won him the sobriquet of 'the
peoples lawyer who conducted the
case against Richard W. Ballnger so
skilfully before q joint COMPRESSION
al investigating committee that he
forced the former secretary of the in
terror to retire from the Taft cabi-
net, has been specially employed TO
represent the government
On Site of Old United States Bank.
The Riggs bank is national insti
tuition. More than that, il has for
eighty years looked directly across
Pennsylvania avenue at the United
States treasury building Before that
IT was the old United States bank,
abolished by Andrew Jackson in
1896, that cast its eyes across the
avenue at the treasury. The struggle
between "Old Hickory" and the
United States bank was the fiercest
and bitterest in which the federal
government had engaged with any
financial institution since the forma-
tlon of the union. Official and politic- |
al Washington is convinced the con- !
test between the United States treas !
ury and the Riggs bank Will rank in |
political and financial importance
with the war of Jackson against the |
old United States bank, which had I
established q branch in Washington |
on the site of the present Riggs bank. |
1t was in 1886 that the charter of
the old United States bank expired I
by limitation. after President Jack /
son vetoed the bill by congress for
rechartering the bank. Chartered in
1916 for a period of twenty years,
the United States bank thus went out /
of existence in 1896 And 1t was in
the latter year that the banking firm
OF Corcoran < Riggs was organized.
For sixty years-from 1886 to 1896
lit was private banking institu-
tion, and since the latter date ii has
been a national bank
Handled Accounts of Presidents.
Every president, Van Buren to
Taft, has deposited his pay warrants
from Uncle Sam and kept his Wash
ington accounts at the Riggs bank.
President Wilson established a pre-
cedent when he became a depositor
in the Commercial National bank of
a strong rival of the in
terests identified with the Riggs Ma
tional. Webster and Clay kept their
funds at the old Riggs private bank,
which has had the call among diplo-
Nuts officials and army and navy
officers for three-quarters OF CEN
tury. Recently, officers of the Riggs
found a yellow slip Of paper
bearing THE words:
PAY colored man with one
leg five dollars.
"A LINCOLN"
This was in the original handwrit-
ing of Abraham Lincoln, who had
casually met q lame negro on the
streets of Washington one day whom
he had concluded to befriend, and
wrote the check in this form to make
easier the Identification of the negro,
who was unknown at the bank.
Naval officers in all parts OF the
world kept their accounts at the
Riggs National bank, which looks af-
ter their exchange arrangements and