The Washington herald., 1915-10-02
Indictment of Bank Officials.

! Indictments for perjury against three of Wash
| Ington's best known and most respected citizens
officials Of the famous Riggs National Bank wouls
have shocked the community profoundly were i
not that such action by the grand jury pre-
dicted days ago and the people of this city ar,
thoroughly familiar with all of the circumstance
which brought it about, beginning with the bank.
suit against the Secretary of the Treasury and the
Comptroller OF the Currency to protect its funds
in which suit persistent persecution was alleged
against those officials of the government 1t is o
| course perfectly apparent that the indictments
were procured through the efforts of the Treasury
officials who made defendants in the suit
brought by the bank. They based upon the
sworn statement OF the bank officials that the bank
had never engaged in stock speculation. The pub
lie is permitted know the nature of the cvi-
dencc that was placed before the grand jury to
justify its conclusion that this statement not
the exact truth but bearing in mind the high repu-
tation of the bank, which has before been
assailcd and the long and honorable record of the
men named in the indictments the confidence of
their fellow townsmen will not waver for a mo-
They will wait for the trial to disclose the
whole truth and supply the explanation.
The Herald early in the progress OF the de-
plorable and unprecedented litigation, called atten-
cia institution and the relations existing between
it and its clients, the growth of long custom and
usage A great many of the banks customers de-
pend upon it to administer all of their financial
affairs, including the buying and selling of securi-
ties. This has been done through the banks Of
cals in their individual capacity for the account
of its patrons. 1t is wholly legitimate proceed
ing and there has never been any secret about the
performance of such service. In the purchase or
sale of stocks and bonds for customers, through
brokers Office, the names of those customers were
of course frequently withheld; it would in fact
have been a breach of confidence to disclose them
without permission. 1t is not to be imagined for
however, that these transactions through
individuals connected with the bank for the &C
count OF its customers have been construed as
speculation on the part of the bank itself; pre-
'umably there is some other explanation of the
indictments, which is not yet rthconing. Until
he truth is established there will be no haste to
orm conclusions.
1t is fortunate indeed that the high standing |
If the bank and its officials is proof against this
proceeding by administration officials A weaker !
Institution might easily have been very seriously !
injured by such attack through the courts, but |
n the face of it all the business of the Riggs is
growing, the strongest proof of the confidence
eposed in it by the public. For the government
o be party to such litigation, the outgrowth of
feud with the end in view more or less obscured, ,
the less deplorabe
President Glover is perhaps not in need of
ympathy in having such charge brought against
I'M at this period OF his useful career in the
,apital. He has done big things for Washington,
nd he has built reputation for integrity on
oundation SO solid that it cannot be successfully
saslled except by weight of incontrovertible evil
ence. 1t is to be regretted that the trial cannot
c held at once. The friends of Mr. Glover and ,
associates, however, await their vindicaton with
atient confidence