The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-07-03
BY TEAsB GRAPH.
Latest News from Washington.
Meeting OF. the Trustees Of the Freed
ig mans Savings Bank.
RoBABLE EFFECT OF THE AMENDED CHARTER OF
rrTr n a z n


PROBABLE EFFECT OF THE AMENDED CHARTER OF
| THE BANK, &C.
| Especial telegram to the Dispatch.I
WASHINGTON, July 2.-The trustees Of the
Freedman's Savings Bank held meeting
yesterday to take into consideration the
affairs of that institution and specially the
probable effect Of the amended charter
which was passed at the last session of Con-
gress and approved June 23d, the first sec
ton Of which declares that one-half of the
special deposits after the passage Of the act
shall be invested in real estate surety stu
deposits have been made, and the remainder
in United States bonds" The effect of this
seems that all money deposited in the bank
since June 23d cannot be used to pay depas-
itors previous to that date, for they are in the
nature of special deposits; in other words,
it starts a new bank to all intents and pur-
poses from June Esd. This prevents the
bank from taking the money deposited since
that date to pay those who have complied
with the rule of sixty days notice of with
drawal of deposits, now daily maturing, and
to pay its Gepositors. Previous to June ODD
the bank would be compelled in some man.
ner to realize upon the assets held previous
| 10 date.
| The meeting had q full discussion of all
matters connected with the bank, and voted
to put the liabilities Of the bank in the
hands of three commissioners to be wound
up under the late law of Congress giving
the trustees that power whenever they
| thought the interests of the depositors
would be promoted by it. No money has
been received or paid out to-day. There
were some depositors after their money, but
| very little excitement prevailed. The anxious
dcpostors who wanted to draw their money
were informed by the cashier that the bank
had no power to pay out dollar for two
years or more.
| TO wind up the affairs of the bank the
various branches have been notified from
here not to receive or pay out any funds,
and it is presumed similar notices have been
sent to the other banks. 1t is not yet known
| w UdI llic iuh w III DS aDlC W pay
The whole fact about the matter is that the
concern is to be wound up, and its branches
everywhere are not to receive or pay out
any more whatever. The bank is efectually
| closed.
Late weather Report.
Especial telegram TO the Dispatch.l
| WASHINGTON, July 81 4. M.-For the
| H loI n al or
clearing weather during the day, with lower
temperature, variable winds, and rising ba-
rometer.
| Associated Press Tciegram.]
| WAsnIyGros, July % p. M.-For the
Middle States and Lower Lake region, clear
or clearing weather, southwest winds, shift
| ing to northwest and northerly. stationary
or falling temperature, and rising barome-
| ter.
For the South Atlantic and Gulf States,
partly cloudy weather and local rains east Of
the Mississippi river, eastcrly or Soulhcrly
| winds, high temperature, and rising barome-
| ter.
For Tennessee and the Ohio Valley, clear
or fair weather, northeast winds, shifting TO
i southeast and south, stationary or rising
temperature, and rising barometer.
The Frecdman's Trust COmpnny-Sus-
pension Of tho Mother Bank.
WASHINGTON, July 2.--The mother bank
of the Freedman's Trust Company has >lls-
pended. A large number Of cOlored people
| are around the bank imploring for money,
without success. 1t is understood that SIM
liar instructions to those sent to New York
have been sent to all the southern branches.
| The trustees have nominated Robert Pur-
| Of pbiInIalnhia pnStp,ns
! General CreswelI, and K. Leopold rs COM
missionerS to settle up the concern. The
work will require two years. 1t is thought
| that with proper management ninety-three
cents on the dollar will be realized.
| The Tribune says, cditorially " The Pre-
sidcnt of the bankrupt Freedman's Savings
and Trust Company at Washington, and the
cashier of the branch in this city, endcavor
to explain in other columns the several
causes of its failure. Little stress Is laid on
| the chief cause, which was the withdrawal
of deposits in all the branches for investment
| solely in Washington, and largely in the war
rants of the Board OF Public Works. EX-
plantations are more plentiful with the conf
pany than good securities, but they will
hardly satisfy the unfortunate depositors.'
Washington Items
WASHINGTON, July 2.--Ihe tOta! number
of dismssals of Government employees Is
seven hundred.
It is rumored that G. w. Schofeld, Of
PENNSYLVANIA, will be appointed Postmaster
General. Creswell still presides.
The commissioners to examine the mouth
of the Mississippi river are Army engineers
Generals Wright and Alexander and Colo
mel Comstock; civil engineers, W. Miner
| Roberts, j. D. Whilcomb, and Mr.. Sickles;
coast survey, Professor Mitchell.
Conant Vas installed Assistant Secretary
of the Treasury to-day.
A. c. Buell., correspondent of the Detroit
Free Press, has been indicted for criminal
libel, for publishing in that paper that Zach
Chandler was drunk in the Senate. The
case comes up in September.