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Updated: May 1, 2025
The first measure resorted to was the enforcement of the rule requiring savings-bank depositors, at the option of the institution, to give sixty days' notice before withdrawing deposits. The second expedient was one which had been resorted to during former years of financial unsteadiness. "Emergency currency" was issued. This currency took various forms.
Of course, we all knew the consequences, and that every other bank in San Francisco would be tried. During the 22d we all kept open, and watched our depositors closely; but the day was generally observed by the people as a holiday, and the firemen paraded the streets of San Francisco in unusual strength.
Forthwith the other two depositors brought an action against the landlady, and were on the point of gaining a decision in their favor, when young Egerton, who had been taking notes of the trial, rose as amicus curiæ, and argued, "This money, by the contract, was to be returned to three, but two only sue; where is the third? let him appear with the others; till then the money cannot be demanded from her."
In every instance the model of the Ruthwell parish bank was followed; and the self-sustaining principle was adopted. The savings banks thus instituted, were not eleemosynary institutions, nor dependent upon anybody's charity or patronage; but their success rested entirely with the depositors themselves.
An effort was then made to obtain subscribers in the Provinces, but with little or no success. Some depositors were frightened and took bonds, others declined to do so. Then came the blockade of Manila and all business was practically suspended. No printed report has been made concerning the debt, and I was unable to obtain any satisfactory statement of the matter from the treasury officials.
Considering the fact that the stockholders had been assessed dollar for dollar of their holdings, and that, even with this assessment added to the assets, the depositors would get back only a fraction of their money, Vaniman could scarcely marvel at the hard looks and the muttered words he met up with on the street.
At nights he went to the country with his concertina and played for dances, making two dollars a night, and General Hendricks for years pointed with pride to the fact that when the Exchange National Bank of Sycamore Ridge opened for business the first morning, standing at the head of the line of depositors was John Barclay, with his concertina under his arm, just as he had returned from a country dance at daylight, waiting to be first in line, with $178.53 in his pocket to deposit.
It maintains specie payments and transacts a profitable business only by the confidence of the public in its solvency, and whenever this is destroyed the demands of its depositors and note holders, pressed more rapidly than it can make collections from its debtors, force it to stop payment.
This sum is distributed among 2,710 banks and protected tinder the law by bonds deposited with the Treasurer of the United States. Under the method adopted for the conduct of the system certificates are issued as evidence of deposits, and accounts with depositors are kept by the post offices instead of by the department.
It proposes to limit the issues to an amount not to exceed $15,000,000 without the express sanction of the legislative power. It also authorizes the receipt of individual deposits of gold and silver to a limited amount, and the granting certificates of deposit divided into such sums as may be called for by the depositors.
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