Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1875-04-21
THE FREEDMANS s BANK.

y 80 "
anu inc niue savings Oh the'r wives
ana chlidren'
Month alter month was given up to
the discussion OF bayonet biiis, clvil
rights biils, suoJngatlon bills, ana a
brood OF pestllent projects intended to
Sur up STRIFE between 'he two races at
me south, and to prevent the harmo-
ny which is indispensable to the hap
plness and prosperity OF both 10
carry these violent measures which
eonld only result in discord and injury,
no sacrifice was considered too great,
ana no expedient was lelt untried, ,-T
Tho llouse sat forty-iivo hours contin-
uously under the lead of Butler in one
case, ana twcnty-eight IN another to
force this obnoxious policy through.
Last year an act was passed to close
up the affairs OF the Freccman's Bank.
Experience proved that Il required
modification, and Mr.. Durham of Ken
lucky, Democrat, and member of the
COMMITTEE on Banking and Currency,
devoted himself zealously to this SER
vice IN order to protect the rights and
save the remaing property Of the plum.
dcred depositors, Through his con.
stant and perseveiing efforts Il bill was
carried through the Senate by which
the existing affairs of the bank were
10 be rigidly administered economy
in winding them up would be insured,
and civil as well as criminal suits might
be instituted agninst the trustees and
Others who had robbed thcinstitution.
Under the law of 1874 three Commits
sioncrs, with u salary Of $4,000 each,
were authorized and appointed. One
Of them in fact did the whole duty,
except in consummating forms, when
the three signatures were required
Crcswel late straw-bid Postmaster
General, who at the same time was
serving as counsel Of the United States
before the Alabama Commission, and
President of the Citizens Bank, was
one of this trio. Mr. Durham pro.
posed 70 substitute single Commits.
sloner with n salary of $1,000, who
should give his whole attention 70 the
business and save $1,000 of useless
outlay.f lhe Dill only required the as
se'it Vl 'nc house 70 become q law, ior
Independent could not refuse to sign
~ put " was defeated on TINS iiimsy
pleleA,, ana inc 'hrce commissioners
nave slilco resigned ior want OF prop,
er iegisla'loh 10 10 the work intrusted
10 rnelr care
mere was reason ochlnd TINS ac-
t'on whicn does not appear IN the re,
port OF inc proceedings and which
makes IL uouoIy uisgraceiul. rhe orr
glnal chaitero OF iooo required the de-
Posis 70 DC invested IN the stocks,
oo"us treasury notes, or other securi-
yes oi the United states While that
hini'ation existed thcre was no dan
ger oi loss, ana the bank was perfectly
SOUND nnui IL was corruptly removed.
AS the deposits increased the eyes of
cupluity fastened upon them, and
schemes were concocted BY IN organ
Yea gang OF plunderers at Washing
ION ana ther coniederatcs In Con
gress TO appropriate the money of
these ignorant people to their. own
uses IL was hrst necessary TO break
down the safeguard which the charter
PROVIDED, ana 10 that end an amend-
ment was engineered through Re
paollei'h pad congress on the 9Th OF May,
io'v, py whleh the bank was author
NeI I, 70 make loans on real estate.
me door was thus thrown open TO
Wy "n"'9 ~, anu i"SV",i.y Which ioiow-
ca. lhe trustees, with pious General
Howard and other professional NH
lantbron;eis a, ,bo Load ,,.ln -
' ., '"o "o"'' ""o sVoh oc.
came large Dorrowers, established
branches in the principal cities of thu
South and , a,v NJ ,ba No,,h -, -,
.,.:.''l Al. = - w ~" w VI, ""u ~
qulreu tncm 10 senn the bulk OF the
deposits to Washington, where n Com
nv D. Cooke his cashier nj Tho ,;me
w 8 HUNTINGTON and Lewis Cia
phane n Rino contractor made ali tho
loans with the knowledge and n,;,,;,'.
of the trustees and officers nr az,
bank some of whom wera oolona'I I
men,
There is no cxamnle Of mora ho,.o
fhced robbery thon the cond;,;on 80 =,
es"' WV N'htit'h vi