Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-07-09

| >,
powers, aud he wished to save the country
from new ministerial crisis. He will request
the Assembly TO hasten action on the 6uaucial
measures aud then adjourn for some mouths,
and 90 re assembling TO proceed TO definitely
organize his powers.
The FREEDMEN's BANK.-The BALTIMORE
American is very severe in its structures upon
the closing of the Freedmen's Bank and the
District of Columbia ring" 1t says:
'"rhe final admission after several months OF
exclamation and assertion, thst the freedmen )
Bank is 50 hopelessIy embarrassed that there is
no escape from winding up OF its affairs closes
chapter in the history of the District ring con-
| tanning the record of betrayal OF trust which.
Tor contemplate meanness and sorbid baseness
| surpasses every other operation of the unscru-
pulous set of men whose reckless mlsmansg e
ment has run the District into bankruptcy,
| while their private fortunes have thriven alnaH-
| ngly. 1t WAS not enough that, by sewer taxes,
special assessments, and enormous overcharges
| to the General Government, rs we'll as heavy
! tax alton, the millions came pouring IN to carry
| out the magnificent system OF improvement by
which the waste places were made glad with
costly asphalt and wooden phvements; while in
| habited sections were left to remain IN mud and
dust; but the savings of the negroes of the South
must 90 to swell the food Of dollars that Was
poured out on the District. The poor freedman
invested his hard earnings in bank which he
looked upon being identified with the Gov
ernnemt and was therefore, OF unquestionable
linar cia stability. The full effect OF this is yet
10 be manifested, for great is the simple Iaith
oil the freedmen in the honor and integrity of u
corporation which is the creature Of govern
mental inspiration, and which has always seem
ed to them department OF the Freedmens bu-
reAu that even now they have not lost conf
dence, and but little complaint at the suspension
0! the bank has been heard. The system upon
which the bank WAS conducted was bad one.
Branches scattered all over the country, and
which were merely receiving Offices for the CEN
trai bank at Washington, abstracted from the
available capital of the communities in which
they were situated the amounts deposited in
them and transmitted them to Washington,
there to create plethora of funds seeking in
vestn.ent in city which could offer only linn
tied amount Of real estate securities rs required
By the charter. Some of the best managed
branches effected good investments in their 10
caties, but the Washington bank was the canal
through which the moneys had to proceed, and
thus the opportunity WAS afforded to divert some
portion of the stream to the uses of the ring.
From November 9, 1872, to September Is, 1873,
one contractor alone obtained loans amounting
to $3.50 06o IS upon District securities. While
the Freedmen's Bank was thus made the catspaW
of the Ring, other banking institutions Jared re.
markably we'll at the hands of the District Gev-
eminent. John o. Evans, prominent mem Der
OF the concrete pavement ring, is Vice-Presi-
dent of the Seoo National Bank of Washing
ten. The bank bought District securities to the
amount of Sl2S,S 6 10, and Mr.. Magruder the
Treasurer of the Board rapidly redeemed them
at their face value Mr.. Moses Kelly, of the
National Metropolitan Bank one of the mem
bers of the pavement ring. and also If the Fl
nance Committee of the Freedmens Bank, was
paid 1919 OOO during two days by Mr.. Magru
der, in order to redeem District securities held
by the bank. Similarly large amounts were
paid to the First National Bank Henry D.
President of the Board Of Public Works, being
President Of the bank } and 10 the banking house
of J@y Cooke u Go. Meanwhile there is no
money TO pay the school teachers and laborers,
and poor men have to sell at large disc unit
the certificates Of Indebtedness issued to them.
The Freedmen Bank remains unpaid, and
District securities represent b large portion OF
the savings Of poor negroes, who toll and sweat
while those who so misappropristed their earn
ings roll comfortably over smooth asphalt pave.
ments in their carriages, and enjoy the good
things of life.
SPAIN. dispatches from Madrid state that
the attack upon the Carlsts at Estella. The
defeat Of the Carlists 10 their attack Cd Terrell
Saturday, was so complete that they have lett
that section of the country altogether. Gen.
Moriopes has been appointed Generalisimo OF
the Republican troops 10 Navarro. The Re
publican army has been reorgauizsd. It is di.
vided into two corps The first, under Gen. Mo-
riones, will operate 10 Navarro, and the second,
under Gen. Ceballos, will watch the Ebro dis
trict. The strength OF the combined army ex-
ceeds 80, 900 men, with seventy Dloe guns. The
general headquarters are at TaIaa. The gov
ernmeut has approved OF the Cuban budget
submitted by Captain General Coucha.
IMPROVED CATTLE AT a sale from the
Hargrave herd, the property Of Mr.. w. Fl.
Glby, Essex, England, lately, - cows and
heifers brought the sum Of $5,266, being an
average of about $240 head. The highest
price was 1925 for NlceirI, a two-year old
heifer BY Banboy, out of Victoria, sold to Mr..
r. n. Byass. Fonr jersey heiiers, belonging
to the Earl of Rosslyn, were afterwards sold !