USA > Pennsylvania > Montgomery County > Historical sketches : a collection of papers prepared for the Historical Society of Montgomery County, Pennsylvania, Volume I > Part 9
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The first national bank organized under the national banking act was the First National Bank of Philadelphia, whose charter will expire in a few months. The last one is the Peoples National Bank of Norristown. There are over two thousand of these national banks now in successful opera- tion in the Union. The New England States are largely in advance of other portions. For instance, the little state of Rhode Island has twenty millions of capital; the great state of Georgia, two millions; South Carolina, two and a half mil- lions; Rhode Island has fifty-six savings banks; South Caro- lina, thirteen; New England has five hundred and sixty-three national banks; the Southern states four hundred and ninety- eight.
The Bank of Montgomery County was chartered in the year 1814, was the first one we had in our county, and for more than forty years did all the banking excepting what was done through brokers. In 1857 the Bank of Pottstown came into existence, and now we have, in less than a quarter of a century, eleven banks; and from one bank, with a capital of
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$400,000, we have an aggregated capital of $1,370,000, with a line of deposits, at this date, of more than $3,383,000, and a discount line of $2,760,600. This increase would be beyond our belief were not the figures actually before us, showing that we are advancing with rapidly increasing steps.
But one systematic and desperate attempt has ever been made to rob any of the banks of our county. We remember Mr. Wm. H. Slingluff telling us that, many years ago, an attempt was made at one of the shutters, as was supposed, to bore into and slide the bolt. It was when the bank was in the dwelling. Mr. Slingluff heard the noise and quietly went out of a back door and around to the side of the house, where it was supposed the thieves were at work, but they had fled. Mr. Slingluff's courage and daring, combined with his being a "dead shot," would have sealed their doom if he had " drawn a bead" on them. I well remember, in this connec- tion, although now more than thirty years ago, the "arsenal " at my disposal, for I acted as watchman as well as clerk, and slept in the bank. It consisted of two flint-lock shot-guns that always went off when an explosion was not expected and failed when you thought you had a " sure thing " of it. Then there was a pair of the old-fashioned horse-pistols, almost as long and quite as heavy as a carbine, without any of the cer- tainty of a carbine. With these, so steady and true was the eye and nerve of Mr. Slingluff, that he could bring down a bird from the top of a tree. I tried to shoot cats with them, and sometimes when I thought the muzzle touched puss, would draw the trigger, supposing that she would be blown to atoms. But to my surprise puss would "skid " along the fence and squint one eye around to see if I was alive. Then there was a French blunderbuss, with a brass barrel about two feet long, wide at the mouth and closing up at the breech. Into this you might put a handful of powder and a pint of shot. The object of this kind of ordnance was to shoot all around the sky. I once stood near and aimed at a barn. What was hit I never knew. The shot went flying through -
the air like hail stones. In addition to the weapons named
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was a double-barreled pistol. The first time it was dis- charged the barrel went flying off into space, whence nobody knows, and perhaps by this time it is revolving as a meteoric object through the upper regions. A few years ago a " kit" of tools was intercepted on their way to " crack " a bank safe, as was thought. In this " kit " were wedges, bits of the finest tempered steel, and a crowbar which could be put together in sections. This lot of tools was valued at one thousand dol- lars. A gang of robbers made an attempt upon a bank in Wilmington, Del., some years ago. The leader was the famous " Big Frank," who was a graduate of Yale College. Two persons from Conshohocken were present and saw them whipped and put in the pillory. They recognized "Big Frank " and an associate as having spent three nights in Con- shohocken, and who visited the bank there on trivial business. One of our youngest banks, situated at Pennsburg, was broken into. The following graphic description of that at- tempt is from the pen of Augustus F. Day, the cashier, with whom I was associated for twenty-one years :
The Farmers' National Bank of Pennsburg was attacked by burglars about two o'clock on the morning of November 22, 1879. They entered the banking room by forcing the front door, and, as there was no watchman in the building, at once proceeded to open the safe. This is of large size and good make. It consisted of an outside safe, as a protection against fire, and an inside one as a protection against burglars. The outside, or fire-proof part, they soon blew open with a charge of powder inserted in the joints of the door. After waiting about half an hour they put a blast in the burglar-proof part. and set it off. The noise was terrific and awakened the neigh- bors. But they did not succeed in opening the part that con- tained the valuables of the bank, and, with one hurried view, left the premises and sought safety in flight, leaving behind all their implements, consisting of jimmies, sledge, wedges, pow- der, brace, bit, etc. By this time the officers of the bank and neighbors began to arrive. Upon investigation it was found that nothing had been stolen. The loss was about two hun- dred dollars damage done to the safe. About daylight the re- port of the attempted robbery began to spread, and people commenced to come in. The room presented a bad appear-
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ance from the explosion. The fire-proof doors had been filled with lime and plaster, and this was scattered over the room. The front windows were broken, and confusion and disorder prevailed. The people of the town came to see the terrible sight. Then the people from the country came-men, women, boys, girls and babies. This living tide kept coming on from early dawn through the live-long day; they came two, three, five and ten miles; they came to see the strange sight; they kept on coming until ten o'clock at night, when the doors were barred and they could no longer get in. It was an event long to be talked about and long to be remembered.
There has been but one defalcation in all the history of the banks of this county. None of the funds of these institu- tions, and many millions have passed through them in all these years, ever stuck to the hands of the officers.
The forgeries have been quite insignificant, notwithstand- ing all the great business done. In one instance of which we have knowledge, an officer of one of our banks exhibited re- markable skill in hunting a forger. The criminal escaped arrest only by dying, just as the officers were upon his heels. So sudden was his death, too, that there was strong reason for believing that he had committed suicide. That officer proved to possess detective qualities of a high order, and forgers would do well to keep clear of that gentleman.
The ten-dollar note of the Montgomery County Bank was counterfeited something more than twenty years ago. The bank had just made a new issue, and the first passing of the counterfeit in any amount was at Reading. Two men made their appearance there one evening for the purpose, and were arrested before they could leave the place. Both of them were from Norristown.' The signature of John Boyer, the President, was well executed, but that of W. H. Slingluff was not so well done. It was said at the time that the signatures were written by a woman. The counterfeit was thought to have been gotten up by a party in Montgomery county, who had a rep- utation in that line. A package of about a thousand dollars was found in one place. I spent a week at the court in Read- ing as a witness. The counsel in the case was the then Dis-
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trict Attorney, now Judge Hageman, of Berks county, and Judge Strong, late of the Supreme bench. Both of the accus- ed were convicted. This counterfeit necessitated the issue of another note.
But one "run" has been made on any of the banks of our county. That occurred February, 1857. The facts and results of that attack are told in the statement appended hereto, furnished from the books of the Montgomery County Bank by John Slingluff, Esq., the President.
No one event proved the solid strength of the " old bank" as the trifling effect this "run" had upon it There was an amusing side to it as well as a serious one. Some of the points I will give you. I was teller at the time, and I shall never forget the night on which it started. One of the strong- est houses of brokers on Third street, Philadelphia, and a bank, telegraphed to the cashier that he could have a hundred thou- sand dollars from each if it was needed. A cashier in Bucks county stated publicly that his bank would redeem in coin the notes of the Montgomery County Bank if any one felt a fear of loss. Only a single bank officer, of all our knowledge, gave any "aid and comfort" to the scared people. The "run," that is, depositors and note-holders demanding coin, began on a Monday noon. The previous Saturday a mill in Bridgeport had paid their employes in five-dollar notes. The same even- ing some of the working people went visiting towards the upper end of the county. Here they attempted to make some purchases of a man who had been refused a discount. He became very angry when one of the notes of this bank was presented in payment. He said he would not take that kind of money, for the bank would not take his note, and remarked, " It was not good for anything anyhow." This incident was talked over and discussed until it was believed. At noon came a host of women, all for "specie." We had great quan- tities of silver, so I paid it out freely, for all silver, down to the smallest coin, was legal tender. When Mr. Slingluff returned from dinner, I gave him the facts of the case. A lull then took place until almost three o'clock, when long lines of
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women came pouring in; and, as an evidence of the self-reli- ance of Mr. Slingluff, and the confidence he had in the institu- tion, without advice or consultation he decided to keep the bank open. This intensified matters. The news went through the town, "The bank is open after three o'clock!" "Run on the bank!" Few came in from time to time until dark, when the rush began. Hundreds of persons were in the bank, and the steps were filled out into the street. A large portion of these were mere lookers-on. Inside the counter we were as cool as if at a feast. Mr. Slingluff and myself paid out the silver, while the other officers kept a record of the checks paid and the balances in the ledger. Efforts were made by those in the rear to reach over those who were ahead of them, fearing the money would all be gone before their turn came. We noticed that persons had money that night that we never found had any either before or since. Perhaps they were
sent by somebody else. Bank books and balances were promptly settled up. One man had seven of the new one hundred-dollar bills we had just issued. I counted out pile after pile, and when through he began stowing it away. All the pockets of his coat, pants and vest were filled, and although a large pair of gloves were stuffed full, still there was more on hand. As a last resort, he tied up the balance in a hand- kerchief, and, with the perspiration rolling down his face, made his way home. So many persons saw him carry off such a load of silver, he became scared. That night he sat all through its long weary hours, with a gun in his hands, watching his treasure. The next day he drove over to Doylestown and deposited it in the bank there. About nine o'clock the crowd still filled all the space inside the bank and way out on the steps, but none of them demanded coin for notes or deposits. Mr. Slingluff stated that if they had received all they wanted, and there were no further demands, he would thank the crowd to retire so that we might make out our account. Slowly the bank room was cleared, and we began the work of finding out where we stood. About midnight we had cleared the deck, and went home to supper. Bank opened as usual the next
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morning, and I went to the city for gold. But the storm was spent and the calm had set in. The grand old institution was firm as the rock; the waves had recoiled and confidence was undisturbed. No event in the half century experience of that distinguished bank officer, Mr. Slingluff, so proved his powers of self-possession, his resources and confidence in his position. The qualities demanded of the best generals on the field of battle and in planning a campaign were called into play by such a sudden contingency as this run. But he was fore- warned, therefore forearmed. Mr. John Slingluff states:
NORRISTOWN, November 16, 1881.
William McDermott, Esq .: Dear Sir-Replying to your postal of 14th inst. would say, the run on the Bank of Mont- gomery County commenced Monday afternoon, February 9, 1857, and lasted about three days. During the week ending February 13, 1857, the accounts show a decrease of deposits of $22,090.82 ;. a decrease in coin reserve of $26,362.09; an in- crease of Montgomery notes of $44,990, of which $36,000 was received in the usual weekly exchange and had nothing to do with the local run on the bank. On the 17th of February, 1857, the run was over, and the Directors discounted all the paper that was offered. March 13, 1857, one month after, the de- posits had increased $38,761.85, and April 10, 1857, they had further increased $87,458.96. At that date the coin reserves were $121,024.53, more than double the amount at the close of the run, which was $58,023.77. On the 10th of February $30,000 in gold was brought from the city, but not being needed was sent back in a few days. The run created consid- erable local excitement, but was confined almost entirely to small depositors and note-holders. The figures involved were so trifling, in the light of banking business of to-day, that fluc- tuation in deposits and coin reserves to that extent would create no surprise whatever.
Very truly yours, JOHN SLINGLUFF, President.
It is within my recollection when silver coin, although a legal tender, was not sought for by the banks. At one time an officer of the county, who kept a large account, took his gold and notes to another bank and deposited his silver with us. When this was discovered we refused to take his silver
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coin. The County Treasurer would come with his bag over his shoulder, with gold and silver, as he made his deposits at intervals in those "days of yore." I went five times to Phila- delphia with two-horse wagon loads of silver-four times with fifty thousand and once with thirty thousand dollars. It would take us from six o'clock in the morning until about one o'clock in the afternoon. We would take an old farm wagon, put one thousand dollars in a box, and cover all well with straw. We would deposit it with our redeeming bank. It was always a profound satisfaction when this load was at its destination and the responsibility was over. After the war we took a similar load and sold it at a premium, but it was not when the pre- mium was at the highest.
In the course of long years many strange and curious in- cidents occur in even so cold and unsympathetic a business as banking. The strictness of its duties tend to develop a sus- picion of all strangers and all acts outside of the regular busi- ness and customers of the bank. Some years ago an old lady died in the lower end of the county. She had been kept for a long time by kind neighbors. One family gave her a home, while others provided for her wants. After her death it was decided to burn the old clothes about her room. Her bed was thrown out of a window, and it fell so heavily as to cause re- mark. It was concluded to cut it open and see what it con- tained. It was found to hide a mortgage for one thousand dollars and a large lot of gold and silver amounting to several hundred dollars. But such a lot of coin-particularly the old silver-I have never seen in the past thirty years. It was per- fectly black, and represented almost all the nations of the globe. It would have done the heart of a coin collector good. The whole was deposited in the Montgomery County Bank by a gentleman who was appointed administrator of the estate. Of course, as soon as the money was found an heir was found also.
An old lady, whose husband was dead, and whose estate did not foot up as large as was expected, often came into bank. Her mind was affected, and she imagined that "Sammy," her husband, had put the money in the bank. When she wan-
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dered in and saw the piles of silver she would begin talking to herself by saying, "Yes, there it is. That money is mine. Sammy said he had money in bank." She would reason this way to herself for a while, until she was convinced the silver was her own. Then she would double her apron and proceed to appropriate it. At this juncture we always interfered, and she would go away very angry.
A poor woman, who had parted with one piece of money after another during the Rebellion, reached the last-twenty dollars in gold. She offered it to me for change. Knowing its history, I told her I would sell it for her. When I gave her fifty dollars in greenbacks for her twenty, her dismal looks broke into smiles. Gold was then at two hundred and fifty per cent. premium.
Just as Mr. Slingluff went out of the bank one day at noon a dandy-looking man stepped up to the counter and asked for change for a note. He was elegantly dressed-high silk hat, broadcloth coat, and gold spectacles. Mr. Slingluff returned and said, "That man is one of the most notorious counter- feiters in the country." He was pointed out once again, some time afterwards. Then he looked like a seven-year tramp.
During the panic of 1857, one of the mills was compelled to stop, without being able to pay their hands. Business was at a standstill, and there was no work and no pay. Men wan- dered around trying to comfort each other, but without suc- cess. Finally, through the influence of the cashier of the Montgomery County Bank, money was procured by means of which the men could obtain bread. I took the package to the mill, and how vividly I remember the anxious looks and the whispered words of the men, who stood around in squads, when they recognized me and my bundle and knew of my errand. How their faces lit up with joy at the promised deliverance.
A score of years or more ago we were in the habit of discounting for a firm in Pottsville. Once a month we sent the pay, amounting to two or three thousand dollars, in a sealed package. Once instead of arriving there at noon of the
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same day, it was put in the wrong pouch, and travelled around the country for more than a week before reaching its destina- tion. But it did arrive all right in the end.
A mess of chewed-up notes were once offered to me to have redeemed. The owner alleged that the dog "Jack" had snapped them from her lap. After getting her affidavit and sending it to Washington, I handed her in return, after the delay of only a very few days, new crisp greenbacks. She was profuse in her thanks and "God bless yees."
A shrewd farmer and tavern keeper in the " upper end," had for a lodger a young man, who, on leaving the next day, told a piteous tale of having been taken sick on his way home from California. He said he had nothing but a lot of "gold dust" which he wanted to sell, so that he could pay his bill and have something to take him home. He offered to sell it at a "bargain." The eyes of the landlord fairly danced as he saw so much genuine gold. It was the time when gold was selling at a high premium. Considerable debate was had about the price, but the farmer bought, and, with inward satis- faction, concluded he had done a big day's work. He thought the young man did not know anything about the premium. In great glee he brought it to the bank and asked me what it was worth. After looking at it for a time, I said I did not think it was gold, and advised him to have it tested. But he did not take any stock in my opinion, and thought I did not know anything about "gold dust." So off he went to the city, and, to his dismay, found "the thing " had no value what- ever. It was not gold, although it glittered.
A Norristown business man came into bank one morning in great hurry and excitement. He wanted to know if a check of his for fifty dollars had been paid. He was told that such a check had been paid a half hour before, just previous to the departure of a train for the city. It appeared that an emigrant from the " fatherland," the depositor was a German also, had called at the store and stated that he had lately arrived from Germany, and had goods in the Custom House that he could not get released, as he had not money enough. He asked
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help, and offered as security a large watch (nickel plated) and other jewelry. In fact, he offered all he had if he could only get fifty dollars. While the discussion was in progress another friend came in and spoke of the great value of the watch and the other things. This induced the business man to give the check. The watch was taken to a dealer, who said they were worth from thirty-six to forty dollars a dozen. The swindler had promised to redeem his " precious " articles in a day or two, for they were family relics and he could not think of disposing of them permanently.
An old Irishman came into the bank at Conshohocken one day, threw down a bank book and wanted his "money." The depositor had made his mark. The impersonator was asked many questions, and answered in such a way as to seem to prove that he was the owner of the deposit. He asserted over and over that the money was his, that the name on the book was his, and demanded the deposit. An impression came over me that he was not the owner, yet I had no proof. The facts seemed all against me. At last I looked him straight in the face and said : "That is not your name." To this he affirmed, and said: "Then what is it?" "Well," I said, " I do not know what your name is; I have never seen you before." I did not know who had taken the deposit as it was done by one of the clerks. I again charged him with not giving the right name. At last, seeing my earnestness, he answered : " Well, to tell you the God's truth, that is not my name. But I got the book, and as the man is dead, I thought I could get the money." I suggested that another such effort might give him accommodations at the public expense.
Of late years, the improvements and rules under the national banking system have facilitated the detection of coun- terfeits. And yet the most dangerous counterfeits the country has ever known have appeared under this system. Not long since a most dangerous note was circulated amongst immi- grants, chiefly from Germany. They were passed upon them as they were about to leave for the United States. Offices were opened to exchange German money for United States notes,
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and it was not an unusual thing for the immigrant to find when he landed upon our shore that all of his funds were in counter- feits. But this scheme of robbery did not last long.
I will now speak in detail of the Bank of Montgomery County. It was chartered by the Legislature of the state in 1814. The first election officers were Henry Scheetz, John Wentz and Samuel Brooks. The first meeting was held at the Washington House, Norristown, October 16, 1815. At that meeting an election was ordered to be held on the third Monday of November, 1815, at Jared Brooks' public house; the latter was the Washington House, and stood on Main ยท street where Quillman & Koplin's store now stands. Zadok Thomas was made Secretary of the Board of Directors, and remained in that office until his death, I think over fifty years. His appointment dated November 4, 1815. On November 8, 1815, the committee on site reported in favor of a house and lot owned by Philip S. Markley, at $5000. It was situated just above where the present bank now stands. The capital subscribed was deposited in the following Philadelphia banks : Pennsylvania, Schuylkill, Farmers and Mechanics, and Me- chanics. The first two failed and went out of existence many years ago, while the last two are among the most successful of the present day. One-third and one-sixth was the way the deposit was divided, the said banks agreeing to accept the notes of this bank for an equal amount. November 18, 1815, two plates of engraved notes were procured. One contained a twenty, a ten and two five dollar bills. The other contained a three and three one dollar bills. Of the first, $12,000 were printed. The cashier was authorized to give notice in two papers printed in the borough that the bank was ready for business. The first dividend was eight 'per cent., declared November 4, 1816. The amount paid in was ten dollars a share. Francis Swain resigned as President April 15, 1817, and Joseph Thomas was elected April 19, 1817. Matthew Holstein resigned as Cashier March 30, 1822, and David Wol- mer was elected in his place. At this writing the widow of Mr. Holstein still lives in Norristown. David Wolmer, who
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