The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1875-11-26
The Winding-up OF the Freedmen's
sayings-Bank.
Prom The New York Nation. Nov. a.l

Prom the New York Nation, Nov. al
We told i'm No. 5ll Of the Nation
april 10, 1870, the dismal story Of the
Freedmen's Sayings-Bank, constituting,
altogether, rs grave an accusation as
was yer brought against "A political
party. We told it., too, book in hand I;
the facts as we there stated them have
never been disputed, and are indisputa-
BILE. Amid the numerous frauds and
d~efalcati0ns then as now pressing on
the public attention, this one attracted
but little notice, probably because IT,
victims belonged 10 the humblest and
most helpless class in American society
the freedmen Of the South. For the
Republican newspapers, the subject
was not a savory one; for the Demo-
cratic papers, the cheating Of the eman-
cipated blacks by their liberators and
protectors seemed only worthy of "a
passing jokc-and so the matter passed
out of sight and out of mind. But it
ought not to be overlooked or forgotten.
Although exposure Of it at Republican
hands is not Il be expected, we arnes
~ commend il 10 the notice of the
H'i'0A men VI the ittlIDti dAlt
party when next winter in
Congress they begin the great work Of
investigating the dark places in Repub-
lican history. Nothing in that history
deserves investigation more than this
nothing will repay il better.
Some Of our readers have perhaps not
forgotten the pitiful tale; how, in 1865.
by way Of encouraging frugality among
the freedmen, a sayings-bank was char
tered by Congress in Washington for
the exclusive use ''of persons heretofore
held in slavery and their descendants
not as a money-making corporation, but
as a charitable institution, whose Trus-
tees Were charged simply with the duty
Of receiving the deposits of the class
above described, and investing them in
''the stocks, bonds, Treasury-notes, and
other securities Of the United States
The Trustees had no authority to estab-
lish branches or carry on the business
anywhere but in the District of Column
bia (and, indeed, Congress could not
have given them n such authority,
and no authority 10 invest money IN any
other way than the above. The Trustees
had no personal interest in the charter
and the charter reserved "A right Of in
spection by the United States Govern
ment, which, however. was never eNer-
cised. In fact, il seemed on the face Of
the transaction rs if the Government
guaranteed the safety of the deposits.
and the depositors-poor. ignorant, and
unlettered n they unque,tionably were
$50 understood il.
ia. Iu-fn.-9 xra,,f an -tRftn nnfna,lx- f,.
- ears. The Original Trustees, who
mostly noted philanthropists, had
way. in the me provided in
.harter. Tor a body of - successors .
were hN uO means noted philan-
pists. They u%nlawfully established
~ branches in various parts Of the
th. and received a large sun in de-
T.. Having secured it, they got
l Of tamely investing it in United
es securities. so they rot a little
|ndment to the charter passed in
il. 1870. allowing the Trustees to in
in mortgage securities and To hold
improve real estate in Washington.
assed without debate, and without "A
Il Of objection from any body except
his honor be it said-Mr. Simon
heron. The reason of this
nee was that the District Ring
behind the bill, and they were all
erful. The investments that were
made almost battle description.
\ included not only mortgages on
llable southern plantations, on ''for-
racts' in the same region, but loans
arge amounts on chattel mortgages
irniture there was n for $4,000,
aintings-we suppose OF the Boss
ol of art-on icwelry. ON groceries,
pm stock of the "Seneca Stone Co..
e metropolitan Paving Co.. Of
american Seal Lock Coz" and
the '.Capital Publishing CO.. In "se-
c~urities Of the United States" there was
found. when the was pro-
nounced insolvent in 1874, just four
hundred dollars. The miserable truth
was then apparent that the Washington
Ring and it, friends had descended on
the earnings of the Freedmen and di-
vided them between them, and the
Great Party had nothing to say about
the matter. Ii was too much occupied
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