Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1874-08-18
THE FREEDMAN'S BANK.
A Searching Expose of the Manage
ment by an Influential CO1Ored
MfnigHar.

Screening Expose OIL the Mnnase-
ment by an Influential COlored
Minister.
To the Union and American:
The Nashville branch of the. Freed
mans Bank was established IN 1865.
Several colored ministers of the gospel
we're chosen as members of the advisory
board, among the number several pas
tors of churches, pastors who enjoyed
the esteem, confidence and Christian
love of their congregations. Right here
| must confess that we fell into bad
hands. l, for myself, have watched and
cared for my people ever since the be-
ginning of the war. Their interest is
my interest; their distress is my distress.
Among all the class of men who try to
claim so much love for the colored peo-
pie | have never yet seen one, nor found
one who was really in favor of the eleva-
ton of the black man to the eminence
of the white man. / have long since
conso.ed myself with the idea and con-
viction that the former STAKEHOLDER will
give as good advice and come as near
doing the right as any one else, and that
in many instances he will do more.
Now, these managers in the Freed
mans Bank have deceived US all. Their
aim was to deceive in the beginning by
being so eager for colored preachers to
be connected with the advisory board,
and thus to influence their membership
and congregations to deposit in the
bank. My confidence in the Freedman's
Bank has never been shaken until within
the past few weeks. Iplaced the utmost
confidence in the bank, as did all our
colored people, and many whites, though
there are few colored citizens of this
place who have had doubts as to the
good faith of the bank for over three
years and stopped all business connec-
ton with it some time since.
The managers of this institution have
taken advantage of us and our igno-
rance. The parent bank at Washington |
would regularly send out agents to the |
branches in the various Southern cities |
to hold public meetings in churches, and |
there urge upon us the advantages Of |
the bank as a suitable and safe place |
for our money. These agents would tell |
the people that the General Government |
was bound for every dollar, and that the |
bank was perfectly safe. AT the same |
time, they would invite pastors to use
their influence in behalf of the bank. |
|, for one, did use my influence in be- |
half of the bank, because | thought it |
to be safe place for the savings of the /
colored people. did everything to en-
courage economy, as well as education,
morality, industry and Christianity.
The agents, with their oily tongues,
proved the banks to be the greatest
educator for the colored people, as they
had just been emancipated. In 1871 |
Rev. j. W. Afford, President of the |
bank, got me to call a meeting in nv
church (the First Colored Baptist, that !
he might sneak TO my people. The ad
visory board and about seven hundred |
peopIe assembled at the appointed time.
/ introduced Mr.. Alvord. who commenced |
by saying .,
~ sometimes preach but now / will |
talk to you about banks. You ask me, is |
the bank safe7 I'll ask you, is URcle |
Sam safe? many voices" Yes, he is
safe" Another voice, Can the bank !
break91 | will answer you by asking,
can you break Uncle Sam2 [Cries Of
mol Nol"l Then you can never break
this bank. You can break Uncle Sam
lust as soon as you can break this bank.
Every dollar Of this bank is invested in
United States bonds. l took look
over her bonds just before | left Wash
ington.
Mr.. Alvord is a preacher, and | am
one also. want the world and all man
kind to know that have now found out
that Rev. j. w. Alvord stood up in my
pulpit and told lie, thereby fooling
many. and increasing the confidence of
all present in the bank. Unless he re-
penis Of this sin (which is great SIM,
hell will be his home.
Now, after their pockets were filled
and it was seen that the bank was about
to 90 through, Mr.. Alvord resigns. Hon.
Frederick Douglass, who was placed at
its head, soon saw its awful condition.
In the long run, depositors may get
something: but, whatever they do get,
they may thank Frederick Douglass for
his wide. known integrity and honesty of
purpose.
Out of nearly two thousand depositors
in this branch, / can safely say from the
size of my congregation, which is about
sixteen hundred, that one-fourth of the
depositors are from this direction. Now,
you know they must look at me as having
told truth or a falsehood, so / make
lthis explanation.
| am your obedient servant,
A. G. merry,
PesNr First Colored Baptist Church,
NASHVILLE, Tenn.