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Updated: May 1, 2025
It was but natural that questions concerning the stability of other banks should be asked, and it was not long before many wild, disquieting reports were afloat. Anxious depositors rushed into the big banking institutions and then rushed out again, partially assured that there was no danger. The newspapers sought to allay the fears of the people, but there were many to whom fear became panic.
Now the Federal Government stepped in and Secretary of the Treasury Cortelyou came in person to New York and deposited $40,000,000 of the surplus from the United States Treasury to be used for the aid of beleaguered institutions. For more than a week the crowds of depositors sought their money.
Public confidence is shaken and the house of cards falls, carrying with it the fortunes of all. The depositors lose their money, the bankers lose their money; and thousands of other people in nowise connected with it are ruined by the failure of one bank. Hence the committee of Blackwater citizens, with blood in their eye, which called on John C. Calhoun.
Compared with the practice in other countries of entering deposits in pass books and keeping at the central office a ledger account with each depositor, the use of the certificate has resulted in great economy of administration. The depositors thus far number approximately 150,000. They include 40 nationalities, native Americans largely predominating and English and Italians coming next.
Forty-five banks and trust companies were treated to a "raid" made by suffrage depositors, who gave out literature and held open meetings afterward. Brokers were reached through two days in Wall Street where the suffragists entered in triumphal style, flags flying, bugles playing. Speeches were made, souvenirs distributed and a luncheon held in a "suffrage" restaurant.
How many of the ten millions of depositors in the savings banks have considered that their rulers at Washington give away every year in military pensions a sum equal to all, and more than all, the income earned by the four billions of dollars in the banks?
When the fortunate depositor has reached the limit with one savings bank, there is no law to prevent his opening another account with another, or with any number of similar banks. Remember the savings banks are not meant for capitalists, but for small depositors.
The dishonest clerk had employed several methods in his operations; but the particular incident read Auntie Sue which had led to the exposure of Kent's stealings was the theft of a small sum of money in bank-notes, which had been sent to the bank in a letter by one of the bank's smaller depositors. The newspaper fell from Auntie Sue's hand. Mechanically, she fingered the garment lying in her lap.
It was well enough to delegate this business to a stranger, one impartial between the lines, but they could not be expected to turn their weapons on their fellow-townsmen and depositors in the bank, no matter how their money came, no matter how much the law might lack an upholding hand.
"The daughter of my old friend, Will Fulton! Fulton, one of our depositors!" He was reduced to silent horror. Braceway took advantage of his condition and outlined the circumstances in considerable detail. "If he's short in his accounts," he concluded, "the motive for the murder is established. And, if he's been stealing from the bank, you want to know it." Mr. Beale pushed a bell-button.
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