National Republican., 1874-07-08
rHg FREEDMlNs SAYINGS AND

TR RUST COMPANY.
The board of trustees Of the Freednan's
Savings and Trust Company held a meeting
yesterday, at which were present all the COM
missiOners appointed to wind up the affairs of
the bank; also, Mr.. Smith, cashier Of the
Memphis branch; Mr.. smythe, cashier of the
Wilmington, N. c., branch, and Mr.. Whipper,
cashier Of the Philadelphia branch.
The business of the bank was thoroughly
discussed. and the feeling was almost unant
nous that It would be unwise to attempt to
revive the business Of the bank. From this
view DR.. A. T. Augusta dissented In the terms
of the following protest from Mr.. Wm. Whip
per, cashier of the Philadelphia branch, which
was read:
TO tn Board Of Trustees F. S. and T. Co., Wash
GENTLEMEN: In obedience to high moral
conviction, a solemn sense of duty to the great
interests Of our race, the cause Of human pro
press the advancement Of civilization and the
great Interests OF our common country, and In
behalf Of 600 depOsitors OF the PhiladeIphla
branch of the Ereedmsn's Savings and Trust
Company, and the GO, 900 depositors In sister
institutions, do, in the presence Of all that is
good and great, enter my solemn protest
against abolishing the institution, (without
hearing of its oWpers,) in q manner more sum-
mary than the execution of the fugitive slave
law"
The sale of the effects of sixty thousand per-
sons, whose value reach three millions OF dol
lars, without necessary cause, finds no parallel
in the slave marts of the world. This institu-
ton, with the "Freedmsn's Bureau" were the
best gifts the American people could bestoW on
an enslayed race, whom they had doomed to q
life of bondage contrary to their own professed
principles of right and republican justice.
To secure this triumph they fought, brother
against brother, and decided the contest by the
| aTbitrament of war and legislation. They
promised the slaves freedom and security for
the future, and these institutions as indemnity
In the same spirit they claimed from Great
| Britain individual damages at "Geneva," as
the cost of the war; but the manner Of adJuca-
ting claims between races and nations dlfer,
and they lost.
| Ours was saved, because the streams of legis-
lation are fed by the humaniZing influence OF
more enlightened and Christian age.
| The Freedman's bank was the gift OF the
American people, at period when they were
just rising from great struggle for national
existence.
II was an installment they paid to those who
had aided them in the great struggle. 1t was
| accented with thankfuTness, and nourished
with pride until it reached lofty height, when
it commanded the admiration of the world
| Sharing the financial hurricane, like all Other
moneyed institutions, it became crippled, but
not slain. Palsied be the hand that would
desecrate it. and let the curse of history fall Oh
those that would eradicate ID.
What signifies the imaginary deficit Of sever
per cent Suppose it were three millions, II
would be our duty and interest to erect another
on its ruins.
We hare the machinery In full trim; spirit
and energy is all that Is needed. Why tall
about the loss of few dollars in ten years
when 81 600 day might be saved by It's con
tinuance2 Why measure its value alone DJ
the pecuniary interest 1t generates LOOK a.
IFS educational, Social, economical, mercantile
agricultural and mechanical power. If rightly
! managed, its influence would be worth five
hundred millions to every generation OF thcs'
it represents.
lam not opposed to the institution passing
Into the hands of the commissioners for settle
ment and protection. But do claim that tn
Freedman's Savings and Trust Company shoulC
not be wiped from existence.
Finally, gentlemen, the Freedman's Saving
and Trust Company now lies before you
wrapped in its grave clothing; will you aris
and resurrect It into life and immortality
Answer to your consciences, your God, you
country and posterity.
At your bidding o million. of glad hearts vii
respond hearty amen.
As for myself, no fear or danger shall dete
me, fOF only Win my ldLcsI pOhCio eho4i SOAS
the constant expression of my indignation q
the overthrow of an institution in which
involved the future destiny of my race for wea
or woe. Yours, respectfully,
WM. WHiPPER, Cashier.
PHILADELPHIA, July s, 1874.
While all agreed with the sentiments OF thi
! rather grandnoquent document, 1t was non
the less plain that under the recent amend
: ments of the charter, as construed by eounse
flor the trustees, the bank was obliged to su:
: pend and ask for commissioners, inasmuch q
! | L could not touch new deposits to pay mstul
ing indebtedness, and could not convert asset
with sufficient promptitude to meet secruin
! obligations. Mr.. Whipple's protest, pointin
out no way TO obtain the resources iudisPensa
be in order to proceed, had but little appareI
effect upon the trustees. Its utter tmpract
: : cability without further legislation by Col
cress rendered its consideration unnecessary
The commissioners listened to the discussion
and asked many questions concerning all th
details of the business, but when the NEE
q ing adjourned lad not signihed their dete
> mination to accept Of their appointments, b'
!, led the trustees to believe that they would.