Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-05-07
,ruE FxEEnTEAN,s Bank.

OF commissioners WHO "efe 6Hdea9Of~
ing TO wind up its affairs, could show
about enough assests to pay up twenty
cents on the dollar to its creditors,
ten per cent Of which is already III
hand, as cash, With the balance yet to
be realized. How soon this balance
viii be collected and settlement made
with the depositors, remains to be
seea
eaass F.;U'ion vas chartered hy
Cox -es- ia t~1 asa =av.ngs bank
f,.r zfs- f.s-ti.G -. I w. N GE~t on.
a5.t rs "A ssi-Ra-t t. 'ttr.sitz in the
r:.a, Treasury l.J.ss az other securl-
ties Of tie lifted States; Congress r.
served tie rl8nt TO INSPECT 3ts books
ard examine al its atItirs. IL soon be
came popular with the col0red people
and Of great importance, as !. encour-
aged the,4 to save aud invest their
small earnings. branches were estaE-
lIshed III the large cites III the South.
nIt.i nearly s., 900. 900 were deposited
l.y -, 900 d>rostors IL thirteen States.
Jnv average OF the oHpo7lf9 was less
taeJ those ~ orr savings banks, being
only so. TIeEe were over 5000 who
deposited less shan Que duIi"r each,
ana In one branch 500 Deposited an
average OF ninety two cents.
For q time, everything went on
ir8IniUgly. The co,ored people IN
the South had full confidence III the
Bank, probably for no otG. reason
than that 1t was managed by men
from The North, WITH It's headquarters
in Washington. Even al occasional
default by Cashier caused no une&si-
ness, for the simple reason that i was
not allowed to be known beyond the
limit Of ihc point at which the money
was stolen and sometimes It was
c sIefuliy suppressed trom tho know
lel5 even Of the local depositors. -
But III 1870 may lie dated an act, tie
execution Of which gradually brought
change INTO the spirit Of
many dI .an~ IItil IA July, 1874, the
astounding truth was admitted that
the concern was bankrupt. in tie
first named year, through the maciilE-
atoms OF certain interested parties,
the Bank was authorized to invest
portions OF It's lDnds IN mortgages On
real estate, and from this dates the
downfall OF tie institution. 1he de-
poaltcrs, owing to their dispersion IN
81 many States, and their ignorance,
were unable to 'Xarcise any control
over the trustees. But they felt no
fear and had no mssgiT.ngs III regard
TO the result These investments
resmadn III accordance with the 3act
OF Congress, bat III many instances
on inad"quate, and sometimes, most
p.O!,ub:y, On fictitious 5 curly. 1t is
Il 4less II urge IN eztenuatiyn of this
i'rt, rs the Boston Hd"cltiscr does,
that the trn tees ''may not have been
Ia.lied 10 estimate the value OF real
estate OF decide as to proper persons
to whom loans should be made. y
This IS al nonsense, and even if it
were true, ignorance is SIS poor an ex-
cuze in such ? matter as is corrr,r, :,,,
NJ one about here believes but that
s. me men are the richer for the fail
IL 'a Of the bank 10 meet IFS obIiga ions.
The l,p0si1ors, taken as "a whole, are
ignorant and credu!ous on ;uauv
"nts, Lar they have sense enough to
ow that the money has gone some
wnere-auywhore bus iuto their own
,..gaets, aud it Will be hard TO con
wee .nena thai Is vas not a deliberate
p..s 8. lob tim If their bard-carnod
l.s-s.
The ,4e.5.ns,. # the Bank WIS 81
49,. aren't that in July. 1874. commits.
toner's were appointed 90 examine
ilso its condition. Their report
aha-:cd liabilities t. tha aronnt "A
= SO, geo and assets -. G93. 0O0 70