Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-07-04
ALL SERENE.
Nashville DepOsitOrs in the Freedman's
Bank Manifesting No UneasiRess.
What Carey, the Cashier, Has to Say

Il was supposed that there would be
some excitement among the colored people
who have money deposited in the Nashville
branch of the Freedman's Bank, in consc-
ouence of the publication, yesterday morn
ing, of the information that that institution
was about to 90 into liquidation, but, for
tunately, these fears proved announced.
On the opening ofthe bank here, yesterday
Cedar street presented its usual appear
ance, and so continued through the day.
In conversing with UNION AND AMER
ICAN reporter yesterday, j. j. Carey,
Cashier Of the Nashville branch, expressed
considerable surprise that Nelson Walker
should have stated TO one Of our reporters
the. evening previous, that he considered
the Freedman's Bank al Washington TO be
las rotten As the d" as Walker is now,
and has been for some time, member OF
the Advisory Board.
Carey stated that he thought the present
management Of the Freedman's Bank sys-
TEN was not what it should be, but SAID
| that the Objectionable features thereof were
| being done away with. An amendment TO
| the charter was secured recently by which a
norton of the funds deposited in the var
! ious branch institutions are kept AZ home,
secured by local investments, instead OF
being all forwarded to Washington as here
tofore. Provision was also made for wind
| inc up the business of the branches, when
| it was thought desirable TO do so, under
the supervision of three commissioners 10
be appointed by the Secretary Of the Treas
ury.
! Last Monday. the Freedmans Bank al
/ Washington, voted TO have said commits
/ sioners appointed, and it was in conse-
quence of this action, Mr.. CaeTy said, that
/ il was thought best TO discontinue receiy'
/ ing deposits for the present.
"How frequently are statements regarding
| the condition of the Branch banks made
out by the parent institution at Washing
tom" inquired the reporter.
Usually every month"; was the reply
.sbut the fact is. We have received
10 report since the last Of March
| As a general thing. the reports have been
promptly forwarded al the end OF eacl
| month, and have been very full and salts
| factory"
In speaking of the present condition o.
| the FreedmaE's Bank, Mr.. Carey said tina
the institution had had great difficulties L
| contend with. In order To compete with OLD
savings institutions that pay & per cent. oil
! deposits the Freedman balik llau 10 ia.
the same, which it was not in position L
do with safety. Since last July, the banl
has been receiving deposits OF sums as low
as one dollar and allowing interest there
on. Before that time five dollar deposit
were the smallest received.
elias there been any excitement amon
your depOSitOrS to-day, in consequence o
tine article published in the UNION AM
AMERICAN yesterday, on the probability o
the parent institution going into liquida
tom inquired our representative.
..None at ALL" was the prompt reply. I'll
fact / have been agreeably surprised at TIN
confidence our depOSitOrs have shown II
the management Of the bank. There Ina
been no run made on us to-day, and
seems to be the opinion of those who hay
deposits with us, that the trouble vii
be satisfactorily adjusted"