Putnam patriot., 1915-04-16
BANK ACCUSES
TREASURY HEADS
IN Suit, Riggs Institution Of
Washington Attacks Officials
RESORTS TO Al lRJU8CTl0N
Declares Hehssa a7s Williams Tried
to Week It's BasressRs7y
- CaHufF8f 5z4s s
Were Guilty 81 uu.zvfll
UHa-L H1e4.


Practices.
Tae RIGGS National
nauk. QUE u ITO r5ag d lie ln-
eafaaas ISIS SIS aI a5.ad a.h
fae SatlaaIl cay BANK q SOW I9rz.
8sas ap3eased te a4e eaara = protect
81 against ahe alleged malice Of Sec.
aetaly MeAdoo aud John skaHon
Williams Comptroller Of the Currency.
The officers Of THIS powerful bank
charge MeAd95 and Williams in effect
with attempting To wreck he banks
business b order to vent their per.
s0ual v.ndletl4enesa. The officers
further aver mat Government and
other deposits have been forced rom
them as result d rHe MeAd0O-
Williams campaign and they declare
thai they nave been i4arassed beyond
further endurance.
The bank shortly after tAe fling Of
us remarkable petition IL The supreme
Court oi tbe District of Columbia got
a temporary injunction granting the
relief asked pending argument.
john sketoH Williams. Comptroller
OF the Currency. Issued a statement
making sensational charges against
the officers OF Tue Rigs National
Bank lie accused them Of .rregUarl-
lies and unlawful practices and do
scribed their court action IS an effort
- pose Is martyrs
He announced that the practices
complained OF we're of sufficient i'm.
portauce 10 warrant thair reference to
the Department Of Justice He ADDED
that the Department had engaged
Louis % Br1nJeis, The Boston lawyer,
as counsel In the case. probably for
fhe purpose of ascertainIng whether
or moi the facts warrant prosecution.
Comptroller Williams Is careful to
point cut that the Riggs National
Bank Is entirely solvent, but charges
that II the practices Of the officers had
been permitted TO continue the results
would have been serious. He accuses
she officers OF the bank OF making
dummy loans to themselves and other
parties OF conducting a stock broker
age business anu Of making false
statements in reply to his inquiries.
In the Williams statement was this
extraordinary announcement.
I'm view Of The unsatisfactory and
dangerous conditions which have come
10 light as The reuIt Of the insesu-
cations Of fine bank BY this office and
fhe naiioaa1 bank examiner ga view
al the uHHe ability OF the statements
AIDE by sHar officers under oath or
otherwise and yeur long continued
defiance 81 ihe law and disregard for
the instructions of this Office, You arc
hereby notified that the Comptroller
81 the Currency viii until further no
fiee refuse TO approve The RISES Ma
fional Bank as depository for the
reserve Of other national banks
The officers aud directors Of the
niggs bank are among the most
powerful financial factors In this olty.
The hostility Of the Treasury Off
ciaIs 70 the Riggs bank was apparent
almost from the day that Secretary
McAdoo entered the Treasury Depart.
ment.
one OF the FIRST things that Secre-
cary McAdoo did was to issue state
ment denouncing the Riggs bank for
obtaining information which was open
90 all at the office Of the Comptroller
OF the Currency Since then II has
been a matter OF common comment in
Washington that Secretary MoAdoo
and Comptroller Williams were sub
Jecting the Riggs National to a grill
ing examination covering many years
before they entered office.
TIE significance of the court action
Is regarded here as going beyond the
Riggs National Bank. Other banks
have. Il is understood, been sub
ieetea to a somewhat similar expe'
rsenee. The complaint g believed here
to mark the beginning Of a Eight in
the open between the present regime
IN she Treasury Department and the
p.1zxs Nationals allied interests.
The complaint hicd in the Supreme
sogrs 81 the District Of Columbia
charges that MeAdoo and Williams
have conspred to iajure the bank IT.
reparably and have aagrantly exceeded
ehedr powers.
1t accuses McAdoo and Williams 81
having rprvsttuted their high offices
~ their personal malice, seeking un-
lawfully 20 destroy and unconstitn-
saonany 10 oonhscate the property Of
the bank"