The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-12-16
YESTERDAYS NOON DISPATCHES.

WASHINGTON, Dec. 1.-THE commissioner
OF the Freedmen's Savings and Trust Com
pany. say:
:. In our endeavors to assimilate our cours
OF action to that OF receivers under the Ma
, tlonal Currency act, We recognize as oHsets
mutual indebtedness existing at the time Q
the suspension of the company only, and W
require all claims which accrued against tn
f company before our appointment and qualiti
, cation, which are not liens on the property Q
the company. that they be filed subject to tn
pro rata dividends
: In the matter OF assignments, however
finding that persistent efforts were BEN!
made to impose upon depositors, We adopted
a rule to recognize assignments only SO far a
to deliqer checks in payment OF dividends t
the assIgnees but to draw the checks to tn,
order of the original depositors. This rule
though severely criticized and apparent,
harsh as against some of the most needy, ha
been found to operate beneticially on thu
masses Of orr depositors, keeping them from
sacrificing their interests for mere tribe.
The exhibit of cash transactions from july
49, 1874, to November 30. 1874, both inclu
sive, shows balance of cash and cash item!
on hand November Both, Of S93,352.
The commissioners say the collections have
comparatively speaking been small, and The
cash on hand does not promise very early
dividend.
Unless Congree comes to our all and au
thorizes the purchase for the use of the Gov
eminent of some of the real estated owned
by the company, long time will elapse be.
! fore we can hope to accumulate sufficient
funds to make payment Of twenty per cent
for il requires nearly 5000, 900 to make such a
| payment, and the amount of cash in the
treasury subject to draft at the time Of writing
| this report is Sl48, sos 80.
The present condition Of the books and &C
| counts Of the company too, is such that even
if we had the necessary funds now to declare
Il dividend, it would not only be imprudent
but llns afe to do So Hence it is impossible
for us to say how soon dividend will be de-
clared.
>Time should be allowed us either to recon-
Gle the existing discrepancies. or at least to
arrive ut some satisfactory explanation of
them, 50 that we may not be betrayed into
the payment Of obligations already satisfied,
or neglect to provide for those still due, but
which appear cleared on the books.
10 guard against error it must be borne in
mind that the accounts Of virtually thirty
four separate and distinc- banking institution
must be thoroughly examined. That this
delay IN making payment will cause better
disappointment and much suffering is evil
dent, still delays are unavoidable and
patience, prudence and careful management
will have to be exercised to make the most Of
the financial wreck which has been consigned
to our custody.
In the meantime it would be well if Con-
gress shonld authorize us to invest the sur.
plus balance to our credit in the Treasury Of
the United States, in L. S. bonds, to be kept
on deposit in the Treasury, so that depositors
Inv hn int. VIII
cumnlate on said bonds until such time as
the funds may be actually needed.
1t remains for us, before closing, to refer
briefly to the manner of paying divinends,
and to submit certain amendments to the act
Of June 20 1874, the adoption Of which we
deem absolutely necessary to proper dis
charge Of our duties. How are dividends to
be paid Where? How are depositors to he
identified? How are assignments of deposit
accounts to be recognized?
These are questions Of the utmost import
ance to us and to the army Of creditors OF the
company, and require tull and free discus
sion and adequate legislation before divi-
dend can possibly be declared. We hope, for
the sake Of further reduction OF expenses.
to dispense with the services of most of the
gentlemen who now represent the company at
nominal salaries.
We shall be ignorant Of the address of de-
postors, most OF them being unable to read,
1t will be impossible to notify them of the
payment of dividends and thousands Of them,
if payments are to he made by checks, will
find it impracticable to identify themselves in
the ordinary manner. Unless We revive our
agencies. by the time our first dividend will
be declared, we fail to see how we can pos
sibly attend properly to this portion Of our
duties.
~, +ho 9TH n, howl +ho .v,>o,.o, ~ ,,,,,.;,,..
the branches and keeping them alive, as al
ready stated, will absorb great portion of
the assets OF the company, and Of course cor
diminish the dividends to be
paid.
1t occurs to us. therefore, that the Treasu-
rer of the United States should be required to
assume their payments through its fiscal
agents or agencies, as the safest and most
plan upon our depositing sutti-
cient funds for that purpose, and furnish
ing the necessary dividend schedule.
The amendments to the act Of June 20,
1874, which we submit, are:
l. To authorize and require us to make Pc
riodical reports.
2. To give us express authority to com
pound aud compromise debts due to the liza
bilities OF the company, subject to the ap-
prevail of the Secretary of the Treasury
3. To give us express authority to buy in
my property exposed by lis for sale at auction,
n inforcing the collection of loans due the |
company. and to sell at public or private sale,
III property. whether real or personal, owned |
~ this company. and all property now vested |
n that may hereafter become vested in US,
md to make good and sufficient conveyance |
o the purchaser or purchasers thereof, in |
whatever State, district or territory the sale
nay be.
4. To transfer to The Treasury Department |
he payment of the dividends.
5. To provide for specific form of ar
ngements OF depositor's accounts.
JNo. A. X. CHEsswELL.
RoBT. PURyIs.
RoBT. H. T.. LEOPOLD,
Commissioners.
WASHINGTON. Dec. Is !Senate-Mr. Acorn
bill In relation to the compensa-
ion Of persons acting as commissioners under
pecial acts of Congress- Referred TO Com
nittee on Military Affairs.