The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-03-04
RIGGS BANK HAS
INTERESTING
HISTORY
institution Played important
Part in Financing War
4 With Mexico
Rx RICHARD HATTON.

eThe place which the Riggs Ma
fional Bank holds in American H.
nance is unique. It is not only
the largest bank in the National
CAPITAL. but it's depositors come
from every corner of the country
and from every country in. the
world. 1t is particularly fitting to
publish some of the long and hon.
orabIe history of this institution On
the day upor which a President OF
the United States is inaugurated rs,
with but two exceptions, every
CHIEF executive from Abraham Lin
coin to the present day has kept
his personal account with the RIGGS
National Bank or with the banking
firm which preceded 1t. Likewise,
the accounts of many foreign ambas-
sailors, as well as of great American
statesmen have been handled by
this institution.
No bank could have been in more
intimate touch with those who
shape the laws of the country and
those who determine its relations
with foreign countries than has
the Riggs National Bank.
How Firm Started.
In 1886, when the United States
Bank was staggering under the
| blows of President Jackson. is
Washington branch had in it's en-
sssoy young man by the name of
william w. Corcoran. who later
became the founder of the institu-
ton known today as the Riggs Ma
tionaI Bank. William Corcoran be-
gan his banking career with a small
brokerage business. later taking mo
partnership George W. Riggs. The
firm. Of Corcoran 6 Riggs in 1S45
purchased. the property and effects
of the old United States Bank.
whose charter had expired in 1897.
leaving the Federal Government
without adequate means of distribute
ing its fiscal obligations. Nearly
all Of the loans made by the Unit ed
States at this period of its history
were taken by the firm of Corcoran
4 Riggs for its own account
Ia 1S4S the problem Of financing
the war with Mexico arose. The
Federal Treasury was practically
bare OF funds and there was prac.
tically no market for the "stock
certificates" as Government bonds
were called in. those days. Mr..
Corcoran, however, had great faith
in the Federal Government; and
Corcoran & Riggs found them
selves with about $12,000,0 OF the
S per cent loan Of 1848 on hand.
This sum was not large, as sums
90 in these days. but in 1S4S it was
large undertaking ror any bank.
This bold action on the part IF
0orcoran & Riggs drew the atten.
ton not only of financiers through
out this country, but foreign bank
hers as well, and won for the firm
q high position in the estimation
OF bankers everywhere.
Corcoran Retires
After Mr.. Corcoran retired from
the firm in 1S45 the business was
continued by Mr.. Riggs under the
name of Riggs and Company. In
1856 Mr.. Charles C. Glover. a young
man still in his teens, entered the
employ Of the bank, and a few
years later was taken into partner.
ship by Mr.. Riggs, who turned over
to him the direction and manage
meI1t of the bank.
This occurred :, in 1873 when a
severe financial panic was in full
progress. Hundreds of banks were
compelled to close their doors. while
others were compelled to suspend
payments. Under Mr.. Glover's
management. Riggs and Company
not only paid promptly and in
full every check presented, but in
the first two years Of his manage
ment its deposits doubled. In 1881
Mr.. George Riggs died, and since
that time Mr.. Glover has been the
directing head of the bank. which
was nationalized in 1896, under the
title of the Riggs National Bank.
In the business world Mr.. Glover
Il regarded as an eminent financier,
and a remarkably successful banker,
who from a small beginning has
built up one of the strongest and
most respected banks in the country.
When Riggs and Company en-.
tered the national banking system in
1896 as the Riggs National Bank