The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1915-04-22
RIGGS BANK ROW
IS FAR REACHING
Is Fight Between Standard Oil
interests and Present Ad-
ministration, Is Claim
Opposed to Williams.

Washington. April 2O.-Politicians
predict a far reaching effect in the
presidential campaign mex year Irom
the row between the controller of the
currency n the Riggs National bank,
Of Washington. They say the fight is
only specifically between Controller
Williams and the Riggs bank. AS a
matter Of fact, 1t is asserted, it Is q
battle royal between the Wilson adj
ministration and the Standard Oil in
%terests, having its inception in Presi-
dent Wilson's antipathy toward GER
tain Standard Oil methods.
Already it is announced that a west
ern democratic United States senator
who is closely allied with the Rookie
ton has agreed at the opening Of con-
gress in December to introduce a bill
abolishing the office of controller Of
currency. in order to get rid of John
Shelton Williams, who is making things
uncomfortable for banks which are en-
gaging in speculation and acting as
agents for marketing the water-logged
securities Of great corporations under
written in Wall street.
5000 In Combination.
Why bankers throughout the United
States should stand behind the Riggs
bank is explained by the fact that more
than 5000 of the national banks are
ny 49, u iei6SS poiih- ollu llS wa
tional City Bank, of New York, both
known as the strongholds of the stand
ard Oil company and it's great and
varied interests.
1t is explained that some years ago
every national bank had in its employ
a Washington agent who looked after
the business of that bank with the
treasury Of the United States. The
Standard OIL banks took into their en-
ploy several of the brightest employees
or the treasury department, the present
president and two of the vice presidents
Of the National City Bank and one Of
the vice presidents of the Riggs bank
having been assistant secretaries of
the treasury Immediately preceding
their employment by the STANDARD Oil
institution.
About this time the National City
Bank offered to have the Riggs bank
act, free of charge, as the Washington
agent Of any national bank which made
the National City Bank it's eastern re-
serve depository. 1t Is said to have
built up connections by this means so
thoroughly that there is now no city of
any importance in a business way, no
matter how small it is, which has not
it's Standard Oil bank.
In taking away from the Riggs bank
all government deposits and in other
ways breaking the hold of that insti-
tuition in the treasury, the controller
has lone considerable to interfere with
the serenity of the Standard Oil bank
ing machines operations. There seems
to be little doubt that the retaliation
against the administration will be as
severe as the affected banking interests
can make it. The politicians here en-
terrain no doubt that the matter will
be carried into politics.
Had Right of Veto.
AS to the influence of the Riggs bank
in government financial affairs it is
pointed gu that until the present adj
ministration came into power the Riggs
bank or its parent, the National City
Bank of New York, always had its
friends high up among the officials OF
the treasury-no matter from what
part Of h country they came. The
bank always had the right to appoint
mentor the right Of veto on the APP
pointment of the controller Of the cur
rency.
Among present officers Of the Riggs
bank, or the National City bank, who
were formerly with the United States
treasury in some capacity, are Frank A
Vanderbilt. president of the Nationa
City bank and director in the Riggs
bank. Mr.. Vanderlip was form crlJ
assistant secretary of the treasury. He
occupied hat position when the Ma.
tional City oar negotiated the dea
by which it came into possession of thu
custom house property in New Yorl
under most favorable terms--to thu
National CITY bank.