The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-02

tion-sThe United States shall guarantee to
every State in this Union republican form of
government and shall protect each Of them
against invasion, and. on application of the
Legislature or Of the Executive (when the
Legislature cannot be convened), against
domestic violence"
The Freedman's Bank I'm Washington.
We print elsewhere an interesting and i'm
portant letter addressed to us by Mr. Frederick
Douglass, the President Of the Freedman 8
Bank in Washington. The very high charac-
ter Of Mr. Douglass, who may be called him
self the representative freedman Of America,
is the best guarantee of the accuracy and care
Of his statements. Mr.. Douglass describes the
bank as an institution ESPECIALLY established
to encourage and assist the freedmen to save
and increase their hard-earned money, and
thus to help them in the race to knowledge
and civilization. During the time Of its ex-
istence, about ten years, it has handled about
twenty-five millions of dollars deposited by
freedmen, and now comes before the public,
according to the estimate of Mr.. Douglass,
WILL WV AulAuAGO OLA SCvOAVOCA tAAOuo0ho
dollars in excess of liabilities. The assets, he
thinks. have only to be let alone and to be
tolerably well managed to enable it to pay all
Liabilities and some interest to the depositors
Mr.. Douglass further explains that his con-
nection with the bank is of very recent date,
and that he accepted the position with the
honest purpose of forwarding ''the benefcent
objects of the founders, and 'sto watch and
guard the hard earnings Of my people" We
can well believe Mr.. Douglass when he gives
us this assurance, and we trust his best hopes
may be realized. We can think Of nothing
as we'll as financial event than the
failure of the Freedman's Savings Bank
Founded in spirit of the largest humanity and
philanthropy, intended to teach one of the
most helpless and oppressed Of races habits of
thrift and representing in its accumulations
the hard-earned savings of people, there
could be no greater calamity, in moral point
Of view, than this failure. Mr.. Douglass has,
therefore, position of peculiar responsibility.
He must rescue the bank from the embarrass-
ments which surround it. He must restore
the confidence of his people, not merely in its
honesty Of management, but in the business
skill and tact of those who control its affairs.
We do not presume to give him any special
advice upon the subject, but it would seem
that he can do nothing better than to avoid all
financial relations with the gentlemen who now
manage affairs in the Territorial government
of Washington. He must not permit his bank
to become an appendage of the Board Of
Public Works. That may be most estima-
BILE and honored and solvent body, and its Sc
curities the best in the world; but they are
not exactly the kind of securities in which q
far-seeing man, intrusted with the peculiar
responsibilities Of Mr.. Douglass, would invest
the savings of the freedmen of Washington.
DECREASE OF THE PUBLIC DEBr.-Accord-
ing to the brief monthly statement of the
public debt from Washington it appears
that the reduction during April amounts
to 81, 300, O00 This shows that the national
finances are recovering from the shock Of the
late panic. Where, then, is the necessity for
increased taxation? To carry out the Presi
dents idea of increasing the taxes in order to
accumulate gold in the Treasury, with view
to prepare for specie payments, would open
the door for more extravaganza, and but little
of the additional money raised would be APP
propriated to that object. Congress and the
departments would soon tap the Treasury
through fresh schemes and appropriations
and unnecessary expenditures. Nor does the
administration need large surplus revenue to
maintain its popularity. The surest way to
reach specie payments is by economy, by re-
moving the burdens Of the people, and by
thus promoting industry.
AN UNUSUAL TRIAL took place in the Court
Of Oyer and Terminer yesterday before Judge
Brady. A young man of irreproachable char
acter was arraigned for uttering ten forged
bonds of the city Of Cory, but he triumph
antly proved his innocence and was promptly
acquitted by the jury. melodramatic in
terest was added to the trial by his kissing his
wife and her fainting in his arms at this happy
consummaton.