New national era. [volume] (Washington, D.C.) 1870-1874, 1874-05-21
From the Augusta, fGa. Constitutionalist.
The Erecdman's Savings Bank
AUGUSTA, Ga, May 9th 1874.

AUGUSTA, GA, May 9th 1874.
Mr.. EDITOR: As much is being said in
the papers about the Freedman's Savings
Bank, ask the privilege ofmaking few
statements in reference to its organization,
and also to the establishing Of the branch in
this city.
l will first say, however, that consider it
not only unfair, but prejudicial to the interest
"Radical concern, thus connecting it at least
by implication, with the politics Of the day.
While the bank was undoubtedly inaugurated
and put into operation by prominent MEM
bers of the Republican party, it was never
claimed by them as political measure, and
| feel confident that the record of Congress
will show that the Democratic members were
not opposed to the grant OF charter. All
parties felt the necessity of having some in
stitution into which the colored people could
be induced to deposit their money, and thus
be taught in the early days OF their emanci
patton to become economical and thrifty.
That the bank has gone far towards the ac-
complishment of this result, think none can
dispute who are acquainted with its workings.
The history of the bahk-will bear me out in
he assertion that it has all along been kept
disconnected from politics. l admit that
most, if not all of the leading men that have
been or are now connected with the bank are
Republicans, but there are other reasons for
this than the mere fact of their political Opin-
ions. No Democrat would take upon himself
the odum of being connected with what was
sneeringly called a NEGRO Bank, "either for
love (of the negrO) or money. We were,
therefore, under the necessity of employing
and trusting Republicans only. 1t may be
said that their only desire was to make mon
az -Nth hot 10 / wv or NOT 1nI fIniY
help and were glad to get them. When we
employ men to work for us we usually expect
to pay for it. We are not often disappointed
by their refusal to take pay, but we do, some
times, fail to get the help OfthOse from whom
we would naturally expect it. In regard to
the Augusta Branch, L would remark that it
was always intended that much of its control
shOulddevovlc upon what is known as the
Advisory Committee. When this committee
was first organized (soOn after the war;, the
colored men of this city. who had taken an
active part in getting the Branch established
here, unanimously voted to request some of
the leading white citizens of Augusta, who
were known to be good business men, to al
low their names to be put on this committee.
Hon. John Z. King, b. S. Dunbar, Esq, and
WA. Ramsey, Esq, and some others whose
names do not now remember, were chosen.
These gentlemen accepted the position volun
tarly rendered them by the cOlored people,
but on account, suppose, of the prejudice
against the negro bank, most Of them, very
soon, sent in their resignation-Only one or
two or them having ever attended meeting
Of the committee. We therefore failed to get
the benefit of their counsel and advice. The
cOlored people were now thrown upon their
own resources. and had, of course, to do the
best they could. Mysefand others have felt
oil oil hat, N.Nf
in the bank at this place ought to be invested
here but on account of our inability to get
experienced and prudent fnanciers on the
Advisory Committee, have been afraid here
totore to agitate the subject. Feeling that
the time had come when we might with safety
press the matter, l offered at the February
meeting Of the committee the following resO-
luton, which was unanimously adopted,
and have no doubt had something to do with
the bill now before Congress:
RESOLUTION.
& ReSOlred, That in the opinion ofthis commit
tee, the Trustees of the Freedman's Saving
and Trust Company ought to so alter the rules
OF the company as to allow at least portion
OF the money deposited at the branches to be
invested in good securities, real estate, or
loan on perfect safe collateral security in the
different sections where the branches are To-
Gated, believing, as we do, that ii is bad
policy that takes such large amounts of the
money OF the people inOne sectiOnOfthe cOun-
try into another and remote section for invest
ments. This being especially obvious when
we take into consideration the present wants
Of the people in the South.
Now, what we want, Mr. Editor, is not
abuse of the bank or its managers by the pa
pers and people of the South, but their CO.
operation and help, in making it what it was
always intended to be, a blessing, not only to
the colored people, but to this entire section.
am, very respectfully, your obedient SER
want, WILLIAM j. WHITE.