The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-10-03
TIE freedman and His Bank

- vsR =
when q stampede occurred last fall, tol-
lowed by a run upon the Freedman's BANS III
the pious negrophilists, headed by Genera'
TIowARp. all asserted that the bank was 500.
vent, aud, though hard mp on account Oh
) money loaned which could not be promptly
collected, would in time pay all that u owen
to lieposi,ors and others FINED. DOUGLASS
{Yho was slipped in as president OF sne DAMN !.
to make him scape.goat OF tue tr'uus VI
his preaecessors) endeavored to aliay eScite'
ment and reinspire faith in the bank Dy q
public address to all concerned.
Ry.and.by suspicion was rearoused, anu u
was found necessary by Congress to refer the
affairs of the institution TO board OF COM
missieners. Upon the commencement OF
their labors. and after hurried glance at al
fairs, they warned depositors not to sacrifice
their balances, as the bank would pay very
nearly in full all of them.
The poor negro hoped and trusted and the
unprincipled Radical press chided all VINO
doubted the bank. Time wore on Win
to!erable quiet until recently, when the hre
broke out again. Creditors renewed their
INQUIRY. ROBERT PUKvIs, colored man,
one OF the commissioners appointed to vino
up the bank, told a meeting OF these credl-
tors in Philadelphia that "the bank bad not
failed ia the general acceptaton OF the term.
It's funds were only locked up so that they
could not be obtained immediately"
Two weeks later statement which con-
tanned the following paragraph (already put
before our rcaders) appeared in publica-
tim by authority Of the commissioners
However much it may be regretted, it Is
nevertheless true that this company is i'll
solvent and unable to pay its depositors ana
other creditors"
The New York Sun, commenting upon the
exposure, says:
"Tbat the charter was flagrantly violated.
all protection for depositors disresarded, and
the money OF the poor cololed people stolen
nv the Washington ring and their confede-
rates, is no longer doubtful. General How.
ard, Alvord, and other philanthropists were
trustees and officers while this robbery was
going on with their privity and participa.
ton. Henry D. Cooke, his cashier Hunting
ton, and Ciephsne the contractor, all mem
bers of the ring, composed majority OF the
finance committee chosen by Howard and his
friends, who loaned out the savings of these
poor people to themselves, and others upon
Seneca Sandstone scrip and stocks of ficti
iious companies even to this day unorgan
ized."
Here is an item in the history of the kint
Of care the negro receives as the ward of the
nation from the hands Of the men he has be
lieved and followed. The bank was char
tered by the Government, and by the Gov
ernment placed in the hands of the robbers
The result is that the freedman has received
such protection from his guardians as The
lamb received from the wolf. II is time the
eyes of the negroes were opened. If such
yillainous fraud and crime as this bank,and
its management cannot open their eyes they
are hope!essly blind.
PLATT is charged with advising the negroes
OF his district to deposit their money nthis
Freedman's Bank, but he took care never to
deposit any of his own money in that insti
tuition. 1t was safe enough for negroes, but
= los for himself.