The Hays free press. [volume] (Hays, Kan.) 1908-1924, 1916-09-02
A BUSINESS CHANGE
E. H. Speer Purchases the First
National Bank OF this City.
AN IMPORTANT FINANCIAL CHANGE
A Short Sketch On the Evolution of
Banking

Banking.
/ Commerce is the mother of civiliza-
ton, and the greatest nations of antiq-
uity have been distinguished for the
extent of their trade. Methods of ex-
change have vastly altered from ancient
to modern times; and in no features so
much as in manipulation of Individual,
corporate and national credit. A bank,
as it exists today, receiving deposits,
issuing its own paper in circulation,
drawing bills of exchange, making col
lections of drafts, discounting notes
and placing loans, was an institution in
ancient times. The convenience and
cheapness of modern methods of ex-
change were not only unheard of, but
it is very doubtful if they could have
been possible without a greater meas
ure of security and interstate and na-
tional peace than were then possessed.
The Venetians were the first modern
nation to establish bank, and accord
ing TO the best authorities, it was or
ganized in 1157.
The bank of Venice was next estab-
lished, which retained its character for
six hundred and fifty years, and until
the French army under the first Ma
poleon, took possession of the City of
Venice.
Subsequently, as time passed and the
ever changing needs of humanity neces-
STATED, various changes were made
Coming down to our own country and
after the eight years of revolutionary
war with Britain, which had largely
been maintained by the wealthy citizens.
of the colonies, this country was nearly
bankrupt, but through the energy and
patriotism of the people, the industries
Of the country were sustained. In 1882,
the bank of North America, was estab-
lished with capital of S4OO, 1000.
Alexander Hamilton who was strong
Federalist, and accused of being Eng
lish in his methods, and always work
ing for Capitalization of power, pro-
posed the United States Bank, and it
went into operation with SIC, 900, 900
capital in 1871, but twenty years later
expired by term of limitation in its
charter. Three years later Third Ma
tional Bank was proposed, bat Pres
ident Madison vetoed the bill after its
passing both houses Of congress for in
corporation; but in 1917 the bill was
passed the second time and the Bank
of the United States went into opera
tion with a capital of $35 200, 900. This
was the bank which President Andrew
jackson in 1882 opposed, and refused
to endorse with his signature, saying,
t'I'n take the responsibility of with
drawing its charter" which act with
similar democratic character, gained
worldwide fame for himself as cold
Hickory" whom banks could not buy
nor war intimidate. The bank went in
to operation under the laws of the state
of pennsylvania, but suspended finally
seven years later. Boston's first bank |
was started in 1874; New York s first
bank was opened for business in 1899. |
The history of banking down to the |
twentieth century, in all its details is
wonderful and reads like fiction, but it |
is actual history, interviewer through |
and through with the interests and in
dustries of the world, and would make
very interesting reading, but time and
space forbid. The Free Press is inter
ested mostly IN the affairs of the pres
ent.
The First National Bank of this city,
has recently changed hands, and the
new owner, Mr.. E. M. Speer, took
possession Monday morning of this
week, August 9th.
The following is a partial history of
this Institution:
The Ellis County Bank was organized
in the early eighties by A. P. West, A.
s. Hall and M. G. Huntington, with a
banking house on the south side about
where Schwaller's garage is located, or
a little west. This bank was then
merged into the First National Bank
by charter dated May 25, 1888, with A.
P. West as president, and III. G. Hunt
Ington, cashier, and was taken over by
E. F. Madden, in 1898, who has contin- /
ued in control until the present time.
For twenty-three years the First Ma
tional Bank under the management of
the MaddeRs has been one of the solid,
financial institutions of
Ellis county. Many an Ellis county
man has been tided over bad year or
q series of years, and put on a safe
road to prosperity, and W. J. Madden,
the obliging CHEEKY cashier, always had
a smile and a chow are you, Bill, or
John, for the patrons of the bank or
others who might call. The Maddens
have sold their entire interest IN the
bank and sever all connection with the
institution.
The new president, E. N. Speer, has
had twenty years banking experience
and was the cashier of the Hoxie, Kan
sas National Bank for many years. He
has been eminently successful as
banker and has made OF the Hoxie Ma
donal one of the leading banks in the
northwest. H. w. Oshant remains as
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