US Presidency
1886

These and other circumstances reasonably, I think, led these simple people to suppose that the invitation to deposit their hard earned savings in this institution implied an undertaking on the part of their Government that their money should be safely kept for them. When this company failed, it was liable in the sum of $ 2,939,925.22 to 61,131 depositors. Dividends amounting in the aggregate to 62 per cent have been declared, and the sum called for and paid of such dividends seems to be $ 1,648,181.72. This sum deducted from the entire amount of deposits leaves $ 1,291,744.50 still unpaid. Past experience has shown that quite a large part of this sum will not be called for. There are assets still on hand amounting to the estimated sum of $ 16,000. I think the remaining 38 per cent of such of these deposits as have claimants should be paid by the Government, upon principles of equity and fairness. The report of the commissioner, soon to be laid before Congress, will give more satisfactory details on this subject.