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 27
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THE BROADWAY LIMITED, THE LATEST CREATION EN RAILROAD LUXURY.
was childless, and his wife for a long time had been the inmate of an insane asylum, and he was deprived of her companionship for many years before her death, which occurred in 1815. As his life drew to its close, he became sightless. From his youth he had only one eye, the other having been put out by the explo- sion of an oyster shell which he had carelessly thrown into an open fire. His death resulted from an accident which happened while he was walking from his bank to his home in Water street, in February, 1830. While crossing at the corner of Second and Market streets, he was run down by a farm wagon. Ile was seriously injured, and although he lingered for two years after the mishap he never recovered from its effects. He was buried in the grounds of the Catholic Church of the Holy Trinity, at the corner of Sixth and Spruce streets. His body was carried to the tomb, followed by the officers of the city, the Ma- sons, to which organization he belonged, and many other societies. The cor- tege slowly proceeded up Water street to Arch, out Arch to Sixth and down Sixth to the church. The streets were crowded with people, and to use the language of one witness, "the procession was most impressive." Many of the
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citizens bowed their shutters during the hours of the ceremony, that is from ten to twelve o'clock. The Masons having announced that they would take part in the procession, the clergy of the parish refused to attend, and it was under the threat of legal proceedings that the interment was allowed to take place.
Girard had not in any sense of the word been what might be called a relig- ious man. Creeds sat lightly upon his shoulders, and in the language of Nicho- las Biddle, "he was a very undisguised infidel." He was, as we have hitherto stated, a disciple of French philosophy and, indeed some of his vessels were named
after Voltaire, Rousseau and the rep- resentatives of that school of thought. It was estimated that his fortune was about eight millions of dollars, well invested in ships, stocks and lands, and it was with great curiosity that the people awaited the probate of the will, in order to ascertain what disposition he had made of this vast estate. Gir- ard had relatives both in America and Europe, nephews and nieces, but these were given a scant remembrance in the will. Ile directed that fifteen hun- dred dollars should be given to each of his ship captains who would bring his vessels safely into port, his slave wo- man, Hannah, was set free, and he gave slight tokens of remembrance to his servants who were indentured to him for a term of apprenticeship. STEPHEN GIRARD, FROM AN OLD ENGRAVING. These bequests, however, were very small, comparatively, not exceeding the sum of one hundred and forty thousand dollars. All the rest of his vast fortune was devised and bequeathed for public or charitable uses. To "the Mayor, Aldermen and citizens of Philadelphia, their successors and assigns" were given the "rest, remainder and residue of the estate to establish a col- lege for orphan boys at a cost of two million dollars." He was most par- ticular in his will in describing the exact proportions of the building, where it should be located and how it should be constructed, even to the dimen- sions of the doors and windows. "As many poor white male orphans be- tween the ages of six and ten years" as the income arising from the estate "was adequate to maintain" were to be "introduced into the college as soon as possi- ble." Applicants born in the city of Philadelphia were to be given preference, in the second place those born in any other part of Pennsylvania, and thirdly to natives of the city of New York, and lastly to the natives of New Orleans, because it was with that city he first traded as master and part owner of a vessel and cargo. After providing that the scholars should receive ""plain but whole- some food, plain but decent apparel," they were to be "instructed in the varions branches of a sound education in which Greek or Latin should not be included."
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He made a restriction "that no ecclesiastical missionary or minister of any sect whatsoever shall ever hold or exercise any station or duty whatever in said college, nor shall any such person ever be admitted for any purpose or as a visitor within the premises appropriated for the purposes of the said college." His explanation for his conduct in this matter was that he "desired to keep the tender minds of the orphans who ought to derive advantage from this beqnest free from the excitement which clashing doctrines and sectarian controversy are so apt to produce." He declared that he intended to cast no reflection upon any religion but "as there is such a multitude of sects and such diversity of opinion amongst them, I do not want the minds of the boys to be affected by acrimonious discussion that would surely arise were the sects to clash." He thought religion was so important a matter that it should be left individually to the boys to decide upon their belief at a time when they were able to judge for themselves, and after the purest principles of morality had been instilled into their minds.
The date of the will is February sixteenth, 1830, and a codicil was added on June twentieth, 1831. The executors were Timothy Paxon, Thomas P. Cope, Joseph Roberts, William J. Duane and John A. Barkley, well known merchants of that day. No sooner was the will proved than efforts were made to break it. The litigation continued for nearly thirty years but the contest- ants were unable to invalidate the instrument. The City appointed a Board of Trustees to carry out the provisions of the will in so far as the interests of the college were concerned. Nicholas Biddle, President of the United States Bank, was the Chairman of the said board. The litigation, of course, delayed the progress of the building of the college, but at last the case reached the Supreme Court of the United States. Horace Binney, at that time somewhat advanced in years, and who had virtually retired from the actual practice of his profes- sion was induced by the city to represent her cause. For one year he gave earnest and close application to the study of the questions involved and when he appeared before the Bar of the Supreme Court at Washington, he was op- posed by Daniel Webster, but Mr. Binney so exhaustively covered every point that Mr. Webster was unable to make any headway against his able and learned argument, and the finality was reached when the Supreme Court decided in favor of the will. Mr. Webster afterwards, in referring to the case, said that he never again wanted to cross swords with a Philadelphia lawyer who had only one client.
On July fourth, 1833, the cornerstone of the main building of Girard Col- lege was laid, and Mr. Biddle delivered the oration, but the buildings were not finished until fourteen years after they were begun, that was in Novem- ber, 1847, and on January first, 1848, the College was opened, having on its roster the names of one hundred pupils. Alexander Dallas Bache, a great-grand- son of Benjamin Franklin, had been elected to the Presidency of the Institut- tion.
On September thirtieth, 1851, Stephen Girard's body was removed from the little churchyard at Sixth and Spruce streets to a magnificent marble sar cophagus that stands today in the vestibule of the College.
The college building itself is one of the most beautiful structures of mod-
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ern times to be found anywhere in the world. It is "a perfect, chaste speci- men of Grecian art," and will compare favorably with even the celebrated Madeleine church in Paris. The architect of the building was Thomas U. Walter, a native of Philadelphia, and it is to his skill as a builder and to the taste of Mr. Nicholas Biddle that this building is so beautiful in design and feature. It is a worthy monument to a great benefactor, and, be it said to the credit of the city, no trust has ever been more carefully guarded.
Another notable bequest to the city about this time was that made by Joseph Wills, Jr., for the establishment of a hospital "for the relief of the indigent blind and lame." A noble benefaction that has showered its blessings upon the afflicted.
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CHAPTER XXI.
ELECTION OF ANDREW JACKSON. REMOVAL OF DEPOSITS FROM THE UNITED STATES BANK. VISITATION OF ASIATIC CHOLERA. INTEMPERANCE. ABOLITION
SOCIETIES. GAS WORKS. OMNIBUSES. CAB STANDS.
PROGRESS OF THE CITY.
T HE Presidential election of 1828 was a most exciting one, and the followers of Andrew Jackson carried the State of Pennsylvania by an overwhelming majority, and the opponents of "Old Hickory" in Philadelphia fell under the ban of his proscription, for the fight against him had centered in this city, and had been waged with unusual bitter- ness.
Nicholas Biddle, the President of the United States Bank, and at that time the leading financier in the country, had strongly opposed the election of Jack- son, and it was soon felt in business quarters that the bank, whose charter was about expiring, would not be able to secure its renewal, and that the President was bent upon its destruction. The bank was the depositary of the funds of the United States Government, there being ten millions of dollars of the na- tion's money in its custody. It was a most successful institution, ably man- aged and of great influence in the money world. It was claimed, however, by the Democrats that it possessed too much power, that it had become autocratic in its dealings and management, that it had too potential a voice in politics, that its dominating influence was felt throughout the length and breadth of the Republic, and further, that it was dangerous to the rights and liberties of the people for such an institution to wield so great a power.
The Directors sent a memorial to Congress four years before the expira- tion of the charter, petitioning for its renewal. The bill passed both houses in the summer of 1832, but the President's veto soon followed, and an issue be- tween the opposing forces was joined at once. Clay, in favor of the charter, led the fight against Jackson. When the presidential election of 1832 came on the lines were distinctly drawn and the contest was waged with the utmost bitter- ness. Jackson swept the country, his majority in Pennsylvania being about twenty-five thousand. Clay carried only four States in the Union. The battle in this city had been waged on the ground that the commercial interests of Philadelphia would be seriously affected and her prestige as a financial centre impaired if Jackson should carry out his threats to close the doors of the bank. It was thought that such an appeal to civic pride would have some effect upon the voters, but instead of securing support for Clay, it only increased Jackson's vote and popularity. One of the campaign cartoons that aroused public prejn- dice and was effectively used against the Whigs, represented "Old Hickory" fighting single-handed the dragon of Monopoly.
The Democratic victory doomed the bank, and it was soon felt in all quar- ters that business would have to adjust itself to new conditions. But the dan-
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gerous features of Jackson's policy were not revealed in their full vigor until he resolved to remove the deposits of the Government.
The total liabilities of the bank were in the neighborhood of nineteen mil- lions of dollars. This, of course, included the twenty-five branches in all parts of the country. It had in circulation twenty-three million dollars of notes. For years it had paid a dividend of five per cent., and more recently of seven and one-half per cent. Its stock, too, unlike that of the first United States bank, was held mainly in this country, in the larger cities of the Eastern States, and not in the leading capitals abroad.
When Jackson decided to remove the deposits of the Government, Louis MeLane was Secretary of the Treas- ury, but Jackson, fearing that McLane was not in accord with his views, made him Secretary of State, and named in his place William J. Duane, son of the editor of "The Aurora," whose Democracy was unquestioned and most pronounced. Duane com- ing from Philadelphia, Jackson thought it would be a great political stroke to destroy the bank by a resi- dent of the city in which it was lo- cated, but when the order came to Duane to withdraw the deposits he re- fused to comply with it. His resigna- tion was then immediately demanded, which he as promptly refused to give and Jackson, with that firmness and determination that characterized him, ordered his immediate removal. Roger B. Taney, of Maryland, the Attorney General, was at once named to suc- ANDREW JACKSON, Taken from Life. ceed Duane. This time Jackson knew in whom to place his confidence, and the new Secretary of the Treasury, without further ado, directed the immediate withdrawal of the Government's funds. Taney was subsequently elevated to the Chief Justiceship of the Supreme Court of the United States, and wrote the opinion in the celebrated Dred Scott case.
The effects resulting from the removal of the Government deposits from the bank and the refusal to renew its charter were not felt in their full force until a few years later. But the panic was inevitable, and the ruin reached its height in 1837.
When the charter of the United States Bank expired in 1836, its friends succeeded in securing an Act of Incorporation from the State Legislature to transact business under its original name, but unfortunately its credit was gone, its prestige and influence had departed, and although it lasted for a time and wore the appearance of healthy vigor, its days were soon numbered.
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After the Government had removed the deposits they were distributed among a number of State banks which were called the "pets" of the adminis- tration. These banks issued their notes and they were soon in circulation everywhere throughout the country. They were easily counterfeited, and it was difficult to tell the false from the true. Their value depended upon the credit and reputation of the bank that issued them, and in many instances they, were worth more in one State than in another. This led to speculation, and a merchant who desired to change his notes into specie had to suffer a heavy shave. In every country cross road's store "Counterfeit Detectors," which were published monthly, had to be consulted whenever a purchase was made, for a pound of soap, a side of bacon or a bushel of grain, and the notes, irrespective of their face value, had only that purchasing power which was given to them in the localities where they were used. As they fell in worth, gold and silver became scarcer and rose in price. Mushroom banks, too, sprang up in every direction, and flooded the market with wildcat money and only increased the volume of currency without adding to its real worth.
At a time when the precious metals were passing out of circulation, Jack- son issued his "Specie Letter" which required all buyers to pay for the public lands in hard money, instead of in wildcat notes. This caused a suspension of specie payments and runs upon the banks were begun at once. Capital was withdrawn from enterprise, business houses failed, banks closed their doors, factories shut down, wages fell, prices rose, workmenglost employment, and the panic of 1837 spread over the land like a pall.« It might have been averted, in fact might never have occurred had it not been for the unreasonable, political, vindictive opposition of Jackson to a successful and worthy institution. There was no reason for his conduct. The bank was ably managed, was perfectly sound and its destruction produced a disastrous panic.
The banks throughout the country endeavored to make a partial resump- tion of specie payments but they failed to succeed, and on February fourth, the United States Bank, overwhelmed by conditions that it had no power to avert and for which it was in no wise responsible, closed its doors, nnable to meet its responsibilities.
Mr. Biddle had resigned from the Presidency in 1839, and had retired to his estate at Torresdale on the banks of the Delaware. Prosecutions were in- stituted against him and his fellow officers, but it was soon discovered that their transactions were above board, and without suspicion. There was not the slightest trace of careless or dishonest management in the administration of the concern. The bank had been the mere victim of circumstances.
The financial stringency following the misfortunes that befell the second Bank of the United States, by reason of President Jackson's relentless oppo- sition should have, it would seem, acted as a strong check on the organization of new monetary institutions but in spite of the depressed conditions the fol- lowing notice was sent out in the Spring of 1835 by Benjamin W. Richards : "An adjourned meeting of the Girard Savings Institution of Philadelphia will be held for the election of directors, at Saint's Hotel, Sixth street, opposite Minor, on Tuesday evening, May 19, at eight o'clock." Forty-one members responded to the notice, and at the meeting, the new venture under the name
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of the Girard Beneficial Association was launched and Benjamin W. Richards became its first president. The first quarters of the Association were at No. 34 North Second street and the title was afterwards changed to the Girard Life Insurance, Annuity and Trust Company. The company thus organized located in the Farmers and Mechanics Bank building, No. 159 Chestnut street, the old number, the upper portion being used as a dwelling. The subscribed capital was $300,000 and the first dividend declared in January, 1837, was three per cent. In 1850, the company rented quarters in the Western National Bank
GIRARD TRUST COMPANY.
building at No. 132 Chestnut street, which on the rearrangement of numbers became No. 408. The institution successfully weathered the panics of 1837 and 1857-8, the last two years paying dividends of eight and one-half per cent. and seven and one-half per cent., respectively. During the strenuous years of the Civil War, and those immediately following it, the dividends ranged from eight to ten per cent. and this, despite the fact that the company contributed liberally to the various war funds. In 1872, the company's offices were re- moved to Nos. 633-635 Chestnut street, and in March, 1870, the new building erected by the company at No. 2020 Chestnut street was occupied. On Jan- ary 2, 1890, the building at the northeast corner of Broad and Chestnut streets, the first of the big office buildings in that locality was occupied. In 1899 the name of the company was changed to the Girard Trust Company and in 1901. the site at the northwest corner was acquired and the present magnificent
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building was erected, being opened for business on August 24, 1908. The suc- cess of the Girard Trust Company has been phenomenal. The present build- ing and vaults were paid for out of the current profits earned each year during the course of construction, over and above the amount required for dividends. This amounted to $1,541,236.26 and was charged off the books during the course of erection so that the property stands as an asset on the books of the company at the value of the ground only. In addition to this the dividends have steadily increased until they now amount to thirty-six per cent. per annum.
In 1832, Philadelphia was again visited by a scourge. She had passed through the terrible experiences in 1793 and 1798 when the yellow fever raged, but she had now to meet a pestilence of a different character. For years the cholera had raged in the cities of Asia, and had decimated the populations of Calcutta and Bombay, and at last it found an entrance into the southern cities of Europe, and then, with its malignant touch, came to Paris and London.
It made its first appearance on this side of the water in Quebec and Mon- treal. It suddenly broke out in New York, and when it reached the last named city, the authorities of Philadelphia, aroused to the situation, began to make preparations for its visitation. Experience had taught the citizens that it was better to provide against its prevention than to consider remedies for its cure, and learning from the past that such epidemics failed to find a lodgment where conditions were cleanly, every citizen began to set his house in order. Alleys and outhouses were cleaned, cellars were whitewashed, even the curbstones were given a coat of lime, stagnant pools were emptied of their contents, gut- ters flushed and a diet prescribed for the people. Temperance in the use of alcoholic liqnors was advised in all cases. Over-indulgence in drinking was looked upon as almost an invitation in itself to the disease. The eating of fruits of all kinds was to be avoided, and the wearing of flannel next to the skin was thought to keep the body in a healthy condition. Exposure to the night air was considered dangerous, especially during the sultry months of August and September. Chloride of lime was thrown about in every direction, garbage was immediately removed, and the authorities did everything in their power to provide against the spread of the disease in case it should arrive. In- structions were given to the people that they should avoid all excitement, all anxiety, and, if possible, all fear of the pest and under no circumstances to surrender themselves to anger.
The summer was one of unusual temperature, the weather was hot to a degree and the suffering of the afflicted when the plague arrived, was intense. It was early in July that the first case was reported, and at once an exodus began. People of wealth fled to the country, the seashore and the mountains, and the city began to assume the appearance that marked it during the days of the prior plagues. The disease suddenly broke out among the debtors and petty criminals who were confined in the Arch street prison. "The cries, shrieks, and groans of the sick and dying and the frantic desperation and agony of those who were eager to escape were terrible" and the prisoners were released, with the exception of a few desperate characters who were re- moved to more healthy quarters. The doctors, as well as the superintendents of the hospitals, stood bravely by their posts. The authorities, too, did not aban-
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don the city to the dreadful scourge, but did all in their power to relieve the sufferings of the afflicted. A number of Catholic Sisters of Charity adminis- tered devotedly to the wants of the sick, and the city, appreciating their efforts, subsequently appropriated a sum of money-in view of the fact that they re- fused all payment for their services because of the vows they had taken-to two or three of the institutions under the care of the Church. The epidemic, however, gradually subsided at the approach of the cold weather, confidence was once more restored, business revived, those who had fled returned, and the city soon assumed its normal appearance. The disease, however, had been deadly in its touch, and before it ran its course, out of two thousand three hundred and twenty-nine cases, seven hundred and fifty-four had proved fatal. Strange to say, during its continuance, its progress was officially announced each day at twelve o'clock from the office of the Board of Health, and the number of its victims given to the public. A better plan to spread fear and anxiety could not have been adopted, for the melancholy news was carried in this way to all sections of the city.
Prior to the panic of 1837 the country enjoyed a period of great pros- perity. Canals were opened, steam boats were running on the Great Lakes, and the whistle of the locomotive was heard even beyond the Alleghenies. Hard and soft coal had been found in Pennsylvania in such quantities that it was being used for manufacturing as well as for household purposes, and factories were springing up in all the Eastern towns and cities. Western States, too, were clamoring for admission to the Union, and settlersavere crowding into the new lands. Immigrants from Europe were pouring in through the open gates of the Republic, believing that Uncle Sam was rich enough to give each one a farm.
Drunkenness had grown to be a national evil. The use of liquors was almost universal. Every home had its decanter on the sideboard, and that man was an exception who would refuse to drink a social glass; indeed, it was con- sidered bad form if a host did not insist upon his guest taking a parting drink. It was nothing unusual for public men or political orators during the pendency of a campaign to appear on the hustings under the influence of liquor. The vice had grown to such proportions that a halt had to be called. Temperance societies were organized to combat the evil, and the Quakers took a most pro- nounced part in the cause of reform. The fight at first was waged against the use of distilled spirits, such as whiskey and brandy, but in time total abstinence societies were formed, and ale, beer and other brewed liquors fell under the ban.
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