Senator Squire Intervenes to Reopen Spokane Bank
After the 1893 financial panic, political pressure from Senator Watson Squire helped the Citizens' National Bank of Spokane resume operations.
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The authorization given by the comptroller of the currency to the Citizens' National Bank of Spokane to resume business December 26 was brought about in no small measure by the efforts of Senator Squire. The senator, in personal interviews with Comptroller Eckels, pointed out the excellent effect such a resumption would have upon business in Spokane and in Eastern Washington generally. His assurance of the integrity of the officers of the bank offset adverse reports that had reached the comptroller's ears.
“His assurance of the integrity of the officers of the bank offset entirely some adverse reports.”
Bank failures were a hallmark of the 1893 depression. Senator Squire's intervention highlights how private banking stability was often contingent on high-level political advocacy.
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