GOVERNOR, 1905
identify myself with a failing cause. Penrose wrote me a pathetic letter. It was a situation which appealed to manhood. The time to render assistance is when it is needed, and I wrote to Penrose that I would be with him and speak. Only Peter Boyd, the president of the Colonial Trust Company, an intelligent and whole-souled little man, who later committed suicide, and I were on the platform with Penrose to speak.
The Enterprise National Bank of Allegheny failed, having on deposit more than a million dollars of the funds of the state. These deposits were amply secured, but it was certain there would be an uproar and I did not want the responsibility of the national government to be shifted upon the state. At once I wrote to President Roosevelt and created a sensation of my own for what was regarded as my temerity.
To the President,
- Washington, D. C.
Sir:
The Enterprise National Bank, doing business in Allegheny, Pa., recently failed, having at the time among its deposits $1,030,000 of the moneys of this commonwealth. These moneys were deposited upon the faith of the stability of the institution arising through its organization as a national bank, and because of these deposits the commonwealth is much interested in the ascertainment of the condition of its financial affairs. Our commissioner of banking has no control over it and no power to make any such investigation. Since it was organized under federal law and is subject to your supervision, I write to ask that a full, complete and careful investigation may be made, so that everything connected with the condition of its affairs and the causes which have led to such condition may be fully disclosed. I am ready to render all the assistance in my power to secure a thorough ascertainment of the facts.
- I am, sir, with respect,
- Very truly yours,
- Samuel W. Pennypacker.
- Very truly yours,
- I am, sir, with respect,
