Evening star. [volume], September 15, 1948, Page A-6, Image 6

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
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BANKER’S PORTRAIT UNVEILED—A portrait of Robert V. Fleming, president and chairman of
the board of the Riggs National Bank and a trustee of the Corcoran Gallery of Art, was unveiled
yesterday during ceremonies in the gallery. Left to right, are Mr. Fleming, Grace Kempton
‘•Mrs. A. N. McNamara), the artist, and Mrs. Fleming. Charles C. Glover, jr„ whose father pre
ceded Mr. Fleming as head of the bank, spoke briefly before the unveiling, declaring it was par
ticularly fitting to have Mr. Fleming’s portrait in the gallery since it« founder, W. W. Corcoran,
also had founded the Riggs Bank. _—Star Staff Photo.
Troubles of History's 'Big Shots'
Told in Article on Riggs Bank
‘Big-shots have money troubles,
>too.’’
This is the comforting conclusion
drawn in an article in the current
i issue of the Saturday Evening Post,
chronicling business transactions be
tween famous Americans and Wash
ington's Riggs National Bank.
If you've ever overdrawn your
account, says the Post, you can take
courage from the case of Daniel
Webster. He wrote some “little
checks” amounting to $1,200 at a
time when his balance at Riggs was
$364.77.
That was in 1843. In the same
year. President John Tyler set an
historic precedent for depositors who
want, to borrow against next month's
pay. With “a White House full of
relatives,” he went in hock $1,195.48,
but paid off when his Government
check came through.
Set Up Shop in Tavern.
Tyler was the first of a long line
of Presidents who have done their
banking at the Riggs main office,
now' diagonally across Pennsylvania
avenue from the White House, at
Fifteenth street N.W. The article,
based on research performed by
Roland T. Carr, assistant vice presi
dent of the bank, traces Riggs’ his
tory down from the day in 1840
when William W. Corcoran and
George Washington Riggs set up
shop in a nearby former tavern,
where British officers had dined.
while watching the White House
I burn in the war of 1812.
Abraham Lincoln, the riles reveal,
managed his finances competently
and had $1,373.53 to his credit on
the night of his assassination. He
had. however, a distinctive way of
making out his checks. One was
payable to a "colored man, with one
leg." In another, the payee was
described as "Mr. Johns, a sick
man."
"In addition to banking for great
historical figures,” according to the
article by Charles O. Gridlev and
Hugh Morrow, “* * * the Riggs has
played a role in American history
itself. For example, the bank
financed the Mexican War virtually
single-handed, was instrumental in 1
establishing the foreign credit of
the United States, and supplied the
$7,200,000 in gold with which the
---
Ask your
waiter for the
fowo»» ft* ov»f ° C*",Ufy
United States purchased Alaska
from Imperial Russia.
"More recently,’’ the Post adds,
"the bank cashed a $50,000,000 check
which wound up the activities of the
Lease-Lend Administration."
Minor enterprises which the In
stitution is credited with having
financed include the John C. Fre
mont-Kit Carson expedition to the
West Coast in 1845, which helped
bring California into the Union, and
the laying of the first telegraph line
in 1843, between Baltimore and
Washington.
Fleming Fifth President.
The Riggs organization, of which
Robert V. Fleming is the fifth and
present president, is depicted as hav
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At dll good drug dnd defdrt merit stores
ing maintained a human touch
throughout the years. Its officers are
described as conspiring with Secre
tary of the Navy James Y. Mason in
1847 to deposit 1250 to the account of
Dolly Madison, once regal mistress
of the White House but then old and
poor. She never knew where it came
from.
The article tells of the tunnel, "big
enough to drive a team of horses
through,” which connects the Riggs
Building with the Treasury Depart
ment across the street, adding:
“The tunnel was used only once
by the bank, when $14,000,000 was
hauled through it one day during
1 the bank crisis in 1933.”
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