Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-11
by /, A. FLEMING.


In the early days of Washington
and the District of Columbia money
was not as plentiful as it is today.
There was some gold and silver, the
former weighed and silver counted,
and there was also a large amount of
naper currency of doubtful character,
40 there was all over the United States
even ND to the establishment of the
national banking act
Alexandria, then in the District OF
Columbia, was an active, busy export
and import city before the removal OF
the National Capital from Philadelphla
TO Washington. Georgetown was
rival of Alexandria, while Philadel-
nhia. Norfolk and Richmond were
keen competitors Of the other towns.
The currency problem of the coun'
try was the source OF grleVous
troubles. and the charterirg of the
Bank of the United States, in 1871, TO-
Gated in this city, was welcomed as
certain to be q great Improvement.
Tmmediatelys after it's organization
public spirited people in the old Vir
ginia town made application for
branch bank, and urged it strongly.
but without effect, so that appeal was
made to the General Assembly of Vir-
cinia for a charter for the Bank OF
Alexandria.
This was granted in 1892. the sec-
ond hank ever chartered south of Phil
adelphia and destined to become one
of the leading factors in the upbuild'
ing of the trade of this section of the
country.
About the same time an unchartered
bank was started in Richmond. and IN
addition the unchartered Bank OF
South Carolina.
The Bank of Maryland in Baltimore
was the first institution chartered by
the General Assembly of Virginia.
It required much persuasion and
urging to secure the consent OF the
Assembly to the issuance OF the CHAR
ter to the Alexandria institution.
Importance in Trade.
In supporting it's claim to charter
the promoters of the Bank or Alex
andria reported duties on exports
from January to October ], 1872,
amounted to over $780, 600 and that the
value of the exports to foreign ports
was over $345. 200.
December a. 1892, notice was served
to subscribers of the stock of this
bank to be prepared to take up their
shares, paying for the same in specie
"A
from which advances might be OBJ
tanned on notes, but that did not pre-
vent a most successful sale. The CAPT
tai stock, $l5O,000, was entirely sub
scribed and paid for in two hours.
April 8, 1898, the Alexandria Bank
opened for business with business
hours from 9 to 2 and from $3.50 to
4:3O from March to October /, and
from 10 to 2 and $3.50 to 4:30, from
October TO March.
Tuesday of each week was discount
day. The ruling rate of interest was
per cent. Two good names were re-
quired on all paper offered. and notes
for discount had to be submitted under
cover before pm. the Monday before
action was taken.
No Corrections Made.
It was specially provided that pay
ments made should be counted at the
time made and that mo errors sug
gested afterward should be corrected
General rules of banking were much
the same as those OF today.
The capital of the bank was in
creas ed to $3.50, 900 by act of the AS
sembIy of Virginia in 179S.
The charter of this, the first bank
organized within the former limits of
the District of Columbia, was TO re.
main in force until 1903, but was ex.
tended until 1911.
Directors were elected as they are
now, but candidates were presented
by stockholders and there was consid.
cradle electioneering going on before
and at the time of the choice being
made.
Philip IT. Porter was chosen first
president of the bank and Thomas
Porter secretary. Gurden Chaplin was
elected cashier. The salary of the
bookkeeper was fixed at $500. Direc-
tors were elected as follows: William
Herbert, r. NJ. Scott. George Gilpin.
John Dunlop, John Dundas, Richard
Conway. Charles Simms, Jonah Thomp-
son and John Janney. S. Craig was
appointed to I'll vacancy by the ele.
walton of President Herbert.
Act Of Congress.
BY special act of Congress Febru-
airy Is. 1911, the Bank of Alexandria
was chartered, reincorporated with a
| capital of $500, 900, and the charter
was continued to March 4, 1921.
It's charter provided that the bank
should not loan more than twice the
amount of capital stock paid in: that
committee of at least two directors
should look into the cash account and
examine all notes received and issued,
noting that the accounts, ETC., bal
anced each Saturday evening.
This bank had a very prosperous
career. Trustees were appointed to
liquidate it at the expiration of it's
charter, and this was successfully car
ried out.
One OF the first instances of money
lost or stolen in the mails came to
light in 1906. Two letters mailed from
Philadelphia to Petersburg, Va, each
containing $4,000, went astray.
Branch Bank of United States.
Congress granted a charter to a
branch bank of the Bank of the
United States by special act approved
by President Washington February
II, 1891. Its capital was SO, 900 900,
of which $2,O00,0OO was to be furnish.