USA > Pennsylvania > Philadelphia County > Philadelphia > Warwick's Keystone commonwealth; a review of the history of the great state of Pennsylvania, and a brief record of the growth of its chief city, Philadelphia > Part 22
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Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34 | Part 35 | Part 36 | Part 37 | Part 38 | Part 39 | Part 40 | Part 41 | Part 42 | Part 43 | Part 44 | Part 45 | Part 46 | Part 47
Although the British had been repulsed at Baltimore, it was feared that this city was not quite safe from attack, for the British fleet might yet appear in the Delaware. General Gaines, a distinguished officer, established his head-
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quarters here to take charge of the militia and to provide defence in case of an attack from the enemy.
In the face of a common danger, factional spirit subsided. The whole community was wrought up by patriotic fervor. \ camp was established at Kennett Square, and here a body of regulars joined the volunteers.
Every victory on the sea or on the land was hailed with delight, and the distinguished officers who visited the city were entertained at sumptuous ban- quets and presented with gold hilted swords. But, when at last news was re- ceived of General Jackson's signal victory at New Orleans the whole town went wild with excitement. It was almost a month after the battle of New Orleans that news of the victory reached the city. In about a week later word came of the signing of the treaty of peace at Ghent, and in celebration of this event the city was illuminated, arches were thrown over the highways and the private houses were decorated with flags and bunting.
During the continuance of the war, the city, notwithstanding the constant dread of attack, had made some progress and would, no doubt, have made con- siderable more had the times been prosperous and had not the people's minds been diverted by passing events.
Following the War of 1812, the city was, in the main, inhabited by a thrifty class and to the subject of cultivating this inherent quality, Condy Ra- guet, then president of the Pennsylvania Life Insurance Company, gave much thought and study. He had read many English journals describing the es- tablishment of savings banks in that country and on the 20th of November, 1816, he introduced the matter to Richard Peters, Jr., with whom he was talking on the way to his office. On the same day they discussed the subject with Clement C. Biddle and Thomas Hale, in the former gentleman's office and agreed upon the advisability of establishing a savings bank. It was de- cided to call a meeting of a few prominent citizens to act upon the suggestion, and, responding to the invitation, twelve gentlemen agreed to unite for the purpose. On Monday, November 25, 1816, five of this number met at Mr. Raguet's office on South Second street and formulated plans for the society's formation. These were: Condy Raguet, Thomas Hale, John Strawbridge, John C. Stocker and John McCrea. At the meeting, Mr. Raguet submitted the plan for the association which after some disenssion was amended and subsequently adopted at an adjourned meeting at which time Andrew Baird was chosen first president. The plan of the Association having been acted upon, the necessary officers elected and committees appointed to conduct the business of the Association, by-laws adopted and the contingent expenses pro- vided for by voluntary contributions of the Managers, the business of the As- sociation was commenced and continued up to March 31, 1819.
On the 25th of February, 1819, an Act of the Legislature incorporating "The Philadelphia Saving Fund Society" was approved by the Governor of the Commonwealth, and accordingly the trustees under the articles of the .As- sociation-namely, William Jones, the President, and Jonathan Smith, the Cashier of the United States Bank-transferred all the assets to the incorporated so- ciety. On Monday, December 2, 1816, the office of the Society was first opened for the transaction of business on the west side of Sixth street, nearly opposite
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Minor street, next door to Rubicam's well-known tavern. In the year 1818. the office was removed to the east side of Sixth street, southeast corner of Minor street. Three years later the Society was quartered on the west side of Decatur street, a small thoroughfare between Sixth and Seventh streets and in 1826, a more commodious office was secured on the second floor of the building at the southeast corner of Third and Walnut streets. In 1827, the building at No. 304 Walnut street was purchased and was occupied by the
THE PHILADELPHIA SAVINGS FUND, 1810-1869.
Society until 1840, when it erected a new building on the site, No. 306 Walmit street. This was the marble front building now owned and occupied by the Royal Fire Insurance Company. Its erection marked an important epoch in the Society's history, and it was opened with appropriate ceremonies. Thomas U. Walters was the architect and the committee that supervised its construc- tion included Horace Binney, John J. Vanderkemp and Francis Gurney Smith. In 1869 the office of the Society was removed to the building which it now occupies, the increased and constantly increasing business making it impera-
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tive that more commodious accommodations for the depositors should be se- cured. The property was purchased and a fireproof building erected under the careful supervision of a committee of the Managers, consisting of Joshua B. Lippincott, S. Morris Waln, Joseph Harrison, Jr., Edward Shippen and Alexander Biddle. Such has been the rapid increase in the number of deposi- tors, that in October, 1882, the attention of the Managers was called to the necessity of providing additional accommodations for its office, in order to facilitate the transaction of its business and to provide for its future wants. A committee was appointed and after careful consideration the purchase of addi- tional property on Walnut street was recommended, in order that the building
THE PHILADELPHIA SAVING FUND SOCIETY As Enlarged 1898
could be enlarged and such improvements added as would facilitate the carry- ing out of the benevolent work of the Society. The Board of Managers con- curred in the recommendation of the committee and authorized the purchase of the property named. A committee was appointed consisting of Joshua B. Lippincott, Samuel Field, Edward Shippen, Edward S. Buckley and Pember- ton S. Hutchinson, to superintend the new buildings, which have since been enlarged by a seventy-five foot addition to the west, giving a total frontage on Walnut street of one hundred and fifty feet.
The Board of Managers elected January 1, 1913, includes some of the most prominent gentlemen in the professional and business life of the city. They are: John T. Lewis, Jr., Edward 11. Coates, Il. W. Biddle, John T. Mor- ris, G. Assheton Carson, Effingham B. Morris, Arthur E. Newbold, William W. Justice, C. S. W. Packard, J. Rodman Paul, Charles E. Ingersoll, G. C. Purves, T. DeWitt Cuyler, Francis I. Gowen, John W. Pepper, Charles Biddle, George McCall, Henry H. Collins, Charles B. Penrose, M. D., John B. Mor-
12
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gan, James Logan Fisher, Robert C. Drayton, Alba B. Johnson, Francis A. Lewis, James McCrea.
The officers of the Society are: President, G. Colesberry Purves; Vice- President, James M. Willcox; Secretary and Treasurer, Samuel Woodward; Assistant Treasurer, Thomas J. Beck, and Assistant Secretary, Alvin S. Feni- more.
It is doubtful if that little band of philanthropic gentlemen who organized the Philadelphia Saving Fund Society nearly one hundred years ago, realized that it was destined to become one of the greatest institutions of its character in the world or that it would survive to wield such a powerful influence for the good of mankind for the mere handful of depositors that welcomed its or- ganization in 1816 has grown to an enormous army of 283,000 individuals who have been benefited and uplifted by its workings. Had its projectors spent untold wealth they could have erected no worthier monument to record their interest in humanity.
The Bank of the United States had grown to enormous proportions, and for some reason or other had fallen under the suspicion and disapprobation of the people. It was claimed by its enemies that most of its stock was held abroad by dukes and aristocrats who drew their dividends out of the bank to expend them in Europe. The leading and conservative business men of the country knew, however, the value and worth of this great institution, and every effort was made to renew its charter, but Congress turned a deaf ear to all appeals. An effort was then made to induce the State to grant a charter and immense bonuses were offered in consideration of the grant. It was agreed to subscribe large sums of money for the building of public roads, bridges and for the improvement of river navigation, but the question had grown to be a party one and nothing in the way of promises or bonuses could secure the pas- sage of a bill authorizing the renewal of the charter. The bank ceased business and the building was purchased by Stephen Girard at a figure considerably below its real value and at once he opened a banking business, agreeing to take charge of the accounts of the depositors. This was the beginning of the Girard Bank, which was not organized until 1832, but its immediate predecessor was Stephen Girard's bank and through that its lineage is directly traced to the first Bank of the United States, the spectacular history of which, was one of the most important incidents following the commercial impulse infused into the country by the Constitution of the United States and the subsequent for- mation of the Government. After an existence of twenty years, during which period the United States Bank paid dividends of from seven and five-eighths to ten per cent. per annum, its doors were closed on March 3, 1811, by reason of its failure to secure a renewal of its charter. At this time Stephen Girard, who was the wealthiest man in the country and the bank's largest stockholder, purchased the bank building and its equipment and one year later opened Stephen Girard's Banking House, with a capital of $1,200,000. The bank was a success from the outstart, although it began its existence at the outbreak of the War of 1812, which was a trying period in American finances. Girard's bank was of great assistance to the Government during the period of and im- mediately following the war with Great Britain and it continued in active oper-
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ation until the death of its founder, December 26, 1831, at which time the trus- tees, who had been appointed by Mr. Girard in anticipation of his death, wound . up its affairs and turned over between four and five million dollars to his ex- ecutors. Mr. Girard was buried on December 30, 1831, and the same day the following notice, which led to organization of the Girard Bank, appeared in the newspapers: "The merchants, manufacturers and others of the city of Philadelphia, who approve of applying to the Legislature for the charter of a bank, with capital adequate to meet the deficiency occasioned by the withdrawal of the Banking Capital of the late Stephen Girard, Esq., are requested to at-
T
BANK OF THE UNITED STATES. NOW THE GIRARD NATIONAL BANK.
tend a meeting at the Merchants Coffee House on Saturday afternoon at three o'clock, the 31st of December, 1831." A large number of prominent men answered the call and adopted a memorial to the Legislature asking for a char- ter for a bank with a capital of $2,000,000 to "supply the deficiency caused by the closing of Stephen Girard's Banking House, because existing banks, with a sincere disposition to meet the wants of the community, do not possess re- sources sufficient for the purpose and there is no doubt, that unless a new bank, with a large Capital shall be established within a short time, the most serious inconvenience will be experienced by the Community at large." The committee appointed for the purpose prepared the act of incorporation, which was passed by the Legislature and approved by the Governor and the books for the subscription of stock were immediately opened in the Masonic Temple,
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on Chestnut street. There was a great demand for the stock and after the organization of the bank was completed, James Schott was elected president and Girard's banking house was rented and has been occupied continuously since. Among the early depositors were the Camden and Amboy Railroad Company and the United States Government. The latter account grew to be a very large one, particularly after President Jackson ordered the removal of the public funds from the second United States Bank and made the Girard Bank one of the Government's chief depositaries. The first dividend upon the capital stock of the Girard Bank was paid in May, 1833. The financial strength of the young institution at this period is shown by a draft of $1.961,- 040.42 which was paid to the Treasurer of the United States, two years after its organization. The bank was in a most flourishing condition when the panic of 1837 occurred and it successfully passed through this trying ordeal as well as that of 1857, and the toublous times which followed the opening and continuance of the Civil War, when it rendered efficient aid to the Government. The capital of the bank had been increased to $5,000,000 some time previously and its charter from the State renewed at different periods. In 1864, it was made a National Bank; capitalized at $1,000,000, and in 1901 it merged with the Independence National Bank and increased the capital to $1,500,000. In 1903, the Mechanics National Bank was absorbed and the capital stock was in- creased to $2,000,000. The Western National Bank was taken over in 1912, and these mergings made the Girard National Bank one of the strongest and best patronized in the city. The building which the bank has occupied for over eighty years, is the same in exterior, as it was in the days of the United States Bank and Stephen Girard, but its interior has been modernized and vaults of Harveyized steel installed. That the wonderful success of the bank is largely due to the ability of its executive heads, is attested by the fact that since its organization it has had but five presidents. The present incumbent of that office is Francis B. Reeves, who was elected to the position July 18, 1899. He is one of the leading merchants of the city and under his careful direction the business has largely increased. The closing of the United States Bank, as was natural to suppose, produced great financial complications. In liquidating its affairs a large portion of its capital had to be returned to foreign owners, and this sum had to be paid in sterling money. Prices of all goods leaped to a great height. Rice, sugar and all the staples arose to exorbitant figures, and this brought great hardship to the poor. Hard money almost entirely disappeared from circulation.
The United States Bank having closed, its business gave opportunity for the establishment of innumerable State Banks, which institutions, in order to relieve the stringency, issued their notes, or what were called "shin plasters." Tradesmen, dealers and merchants also issued their notes for amounts from two cents upwards. The conservative thinking people of the country began to have an appreciation of the value of a moneyed institution such as the United States Bank, and an effort was immediately put on foot to incorporate another institution of like character, and in 1816 the Second Bank of the United States received its charter, to exist for a period of twenty years. Its doors were opened on January seventh, 1817. It occupied, temporarily, Carpenter's
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Hall, but plans were drawn at once for the erection of a suitable building and in 1818 the old Norris Mansion, which was located on the south side of Chest- nut street between Fourth and Fifth streets, was selected as a site for the new structure. The corner stone was laid in the Spring of 1819, and the building was completed and ready for use in 1824. It was modeled after the Parthenon at Athens and in its day was considered the finest piece of architecture in the country, it being described as "a perfect specimen of the pure Doric temples of the Greeks."
FOUNDED A D.
MDCEXCI
GIRARD NATIONAL BANK AS IT APPEARS TO-DAY.
Business was still in a depressed condition, and in the winter of 1816- 1817 there was great suffering among the poor and subscriptions had to be raised to give relief. It took some time to restore our foreign trade and be- sides this our manufactures, which during the war found a home market, were deprived of that now because of the scarcity of money, the high prices of pro- visions, and the non-employment of the working classes.
Philadelphia, at this time, was a city of a little less than one hundred and twenty thousand inhabitants. It was fairly well covered with buildings from South street to Vine, but was not thickly populated in the other direction to the west, further than Eleventh or Twelfth streets.
After the fortunes of Napoleon declined, many Bonapartists, to escape the vengeance of the Bourbons, found refuge in Philadelphia, and formed quite
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a community in themselves. Joseph Bonaparte, ex-King of Spain, and brother of the great Napoleon, arrived here in September, 1815, under the name of Count Survilliers. He rented a house from Stephen Girard, located at the southeast corner of Twelfth and Market streets, and subsequently established a suburban residence at Bordentown. He was a frequent visitor to this city after he had removed to New Jersey and became quite a favorite among the people because of his plain, simple and democratic manners. Grouchy, who had failed Napoleon at Waterloo also found refuge here and occupied a house on Lombard street in the neighborhood of Fifth.
About this time, or to be more particular, in the year 1817, an English- man by the name of Henry Bradshaw Fearon, came to this country for the purpose of seeking definite information as to the best parts of the United States in which to send immigrants. After his tour he published his impres- sions, and his cudicisms and observations created quite a sensation. Ile landed in New York, and after making a short sojourn there travelled by stage coach to Bordentown, and then took a steamboat down the Delaware and at last after a pleasant ride, according to his own description, on a stream that was lined on both sides by stretches of beautiful country, arrived at Market street wharf. On his journey down the river he saw six or seven vessels driven by steam. This was only a few years after Fulton's "Clermont" had made her successful trip on the Hudson, and proves that steam was being generally in- troduced in the matter of river navigation and transportation. As he stepped from the boat he was overrun by porters, most of them negroes, who wore upon their hats or their coats tin plates on which in large letters were their names and addresses. They flocked around him in great numbers, and eagerly sought to carry his baggage and to conduct him to his hotel. He stopped at a well known inn for several days, and then removed to a private boarding house. Here he had comfortable quarters, but does not seem to have been very well pleased with the conduct of the establishment. Bringing letters of intro- duction to several of our leading citizens, he was invited to dine in the houses of some of the well-to-do folk, although he does not seem to have secured an entre into the highest social circles. Upon one occasion he took tea at what he called a "genteel private house." Here he was kindly entertained and was specially impressed with the table, loaded with fish, dried beef and sausages, and great plates holding pieces of bread piled up in a zig-zag form. In com- menting upon the inmates of the house, he says that the faces of the children were dirty, their hair was uncombed and they seemed in his view, to be some- what neglected. To take one instance as an index of the whole is not fair. He appears to have taken the exception for the rule, for his experience and ob- servations evidently did not cover a field broad enough to enable him to reach a fair conclusion or a judgment that would be general in its application. Surely the condition he found in this particular home was exceptional, for no foreign strangers or visitors ever stated that children in American bomes were either unkempt or neglected. Mrs. Trollope and Charles Dickens held the mirror up so that we could see our deformities in their own reflection and although they were disgusted with many of the habits that prevailed among our people in the way of boasting, swaggering, swearing, smoking, tobacco
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chewing and spitting, they did not even intimate that our children were neg- lected. In direct contradiction to the statements of Fearon, Miss Fanny Wright, an English tourist, who visited this country in 1819, said: "I never walked through the streets of any city with so much satisfaction as those of Philadelphia. The neatness and cleanliness of all animate and inanimate things, houses, pavements and citizens, is not to be surpassed."
Fearon greatly admired the forms of our women, but declared at twenty- seven they were as old in appearance as the Londoners at forty, and that they did not have the rosy cheeks of their English sisters and to make up in this matter they were given to the use of rouge. He thought, too, they ought to take some lessons in the management of domestic concerns and that they were sadly lacking in the cultivation of the mind. He also referred to the aristo- cratic and exclusive air that prevailed among the upper circles of society, and no doubt, like many visiting foreigners, found it difficult to penetrate that chosen realm. He witnessed an election and saw much that disgusted him with the proceedings. He was more than pleased with our markets and de- scribed the butchers in their spotless white aprons. The funerals which he saw were attended by "large walking processions," and he notes that when the body is brought out of the house there were no signs of deep sorrow on the faces of any who were taking part in the ceremony. Philadelphians have never been exceptionally effusive in their grief, but no one ever charged them with indifference to sorrow or coldness of heart. The English tourist must have been unfortunate enough to attend the funerals of a few mothers-in-law. In describing the Constabulary force of the city he states that there were twenty-six watchmen who cried the hour, and adds that if any one should at- tempt to imitate them the offender would be subjected to immediate arrest. Four- teen Constables, together with two High Constables, bearing maces, walked a: stated intervals through the streets and examined all suspicious looking per- sons, who, if they were unable to give a fair account of themselves, were taken to the Mayor for further interrogation. He intimates in a mysterious way that he could reveal the facts in some recent occurrences "which if true in all particulars would prove the Magistracy here to be as corrupt as that of London in the days of Fielding." It is useless to say that his comments met with a stiff denial upon the part of our journalists, and aroused a spirit of in- dignation in the hearts of the people, for the community in those days was very sensitive and easily irritated by adverse criticism.
CHAPTER XVII.
THE BENCH AND BAR.
P RIOR to the Revolution, the Judges appointed by the Crown were, in many instances, men of inferior ability, without any professional train- ing, and comparatively without knowledge of the law. They were mere mouthpieces of the King, owed an allegiance only to him, and their rulings were always in his favor. After the Revolutionary War, there was a decided change for the better in the character of the judicial appoint- ments, and a few Brief sketches of some of the most prominent Judges, show- ing their eccentricities, learning and qualities of mind will give a fair index of the manner in which justice was dispensed in the early days of the Re- public.
Thomas Mckean was the first Chief Justice of the Supreme Court of Pennsylvania after the Declaration of Independence. lle had the honor of being one of the illustrious signers of that immortal document. Ile sat upon the Bench from 1777 to 1799, and subsequent to his judicial career, he was Governor of the Commonwealth of Pennsylvania, and took an active part in public affairs both in State and Nation until the opening years of the War of 1812. He was well founded in the principles of the law and familiar with every point of practice. He was a man of strong character and had the rug- ged qualities of the Scotch-Irish, from which race he sprang. Ile was an ar- dent partisan, bitter in his prejudices and at times his rulings on the Bench were almost despotic. lle was a man of powerful physique, and nothing could daunt his courage. When presiding in the Court at Harrisburg a mob gathered outside of the building and was so noisy that the Judge summoned the Sheriff to disperse the rabble. The Sheriff, almost frightened out of his wits, reported to the Court that the crowd was beyond his control. "Then why do you not summon your posse?" roared the Judge. "I have done so, but without avail," replied the Sheriff. "Then, sir." shouted the Judge, "why do you not summon me?" The Sheriff, taking the Judge at his word, said, "I do, sir, summon you, in the name of the law." Instantly the Judge, without re- moving his scarlet gown, dashed from the Bench out into the courtyard, seized a couple of the rioters by the throat and ordered the rest to disperse. Quiet was restored at once.
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