Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-04-13
Williams Statement

Comptroller Williams issued this state
ment tonight:
Il have not seen the bill filed nv tha
compliments. but have read the extracts
furnished the press.
Inc recent investigations of the affairs
OF the Riggs National Bank disclosed IT.
resularities and unlawful practices on
the part of certain officers of suflicien.
Importance to merit their reference TO
the department of justice and that de-
partnaent engaged the services OF Louis
u. Brandeis of Boston some weeks ago
as special counsel in the case, and it is
consistent with the attitude of these Of
Hcefs to attempt by unWarranted and un-
true statements to place themselves and
the bank in position of martyrdom at
the hands of the administration.
1t is not the practice of this depart-
heht 10 discuss IN the public press the at
1alrs OF any national banking association.
out since the officers in question have
mad the temerity to submit this matter
to the court this office is prepared TO
show condition of affairs in the man
agement of this institution which fully
warranted the action taken by this office
The bank is solvent. The interests Of
the depositors have been safeguarded bv
Tue actlons OF the comptrolIcr's office
out II the methods and practices COM
planned of had been permitted to con-
tlnue the results would have been ser;-
ous The evidence will abundantlv sbou
that it has been necessary for this Office
10 seek to terminate the reprehensib,a
pfactices o. the officers in question and
.aelr misuse OF the powers delegated to
them by the directors.
The penalty imposed for failure 70
make reports, the collection of nenaltv
they seek to have enjoined arose out
or their unwillingness to disclose the
true nature of the transactions on.
gagged in.
The whole purpose of the depsrt-
ment has been to require the bank to
give up the unlawful and dangerous
practices and methods which had bee,
IN vogue for years past, and which
mad threatened alike the welfare and
security Of both shareholders and de.
positors and to require the bank to
conform to the plain requirements of
the national bank act and to the reg
ulations of the office of the comm
troller Of the currency.
I'm its efforts to ascertain the roo,
truth In regard to the operations and
affairs of the Riggs National Bank
letters were from time to time di-
rected to the bank from the office OF
the comptroller Of the currency for
Information. These requests for data
in various refused and on March 3Osh.
the Riggs National Bank was inform
formed Of the imposing of a penalty
Of $4,000 under section 1913 of the
United States revised statutes, for its
refusal to furnish information to the
comptroller in regard to its affairs.
"Op April 5th the comptroller of the
currency addressed letter to the
bank calling its attention to various
statements which had been made by
its officers under oath and what are
regarded as deliberate efforts to de-
ceiye the department and notified the
bank that in view Of the unsatisfac-
tory and dangerous conditions which
have come to light as the result of the
investigations Of the bank by this Of
flee and the national bank examiner;