Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1876-08-30
The Freedm ans Bank.

| COL Frederick A Cvrkrug. OF New York.
delivered speech in that city night before
last, which is repor ed as follows By the NV
York Herald:
H. said of the Freeduao's Bank swindie
! tina; ID, consideration which is presumed 70
actuatc the managers OF a savings bank Is that
OF charity-one OF the highest and hottest mo
tivts OF hum ~ action.
/ Among tie damaing iDfamies of Grants adj
minis ration is The betrayal Of the trust as.
sumci by the Incorporation OF the Freedman 5
Savings and Trust Company. While We de
| uouuce the frauds, swindle-, extortloos and
perjures of the numerous Rings at Wa,hiug-
ton and els, where, which have reduced mil
lions OF our people 10 idlencss, poverty aid
despair, W. must not overlook this meancSt OF
all the Cutlages OF which they have bcco
guilty.
The organization of this institution WIS pro-
| NOTED by the uobest of lucen ives. WDic the
intention Of It's founders was adhered to, its
Infringement reflected the highest honor on al
concerned LIS charl.r was ported in TIE
Uoted States Senate by Charles Sumner Oh
the 18th of February 1863 aud 1t wa ap-
proved by Abraham Lincoln and thus occalu"
law on the Sd Of March following Il is not
necessary, in this place, to say much Of tn, Q
men, The former had coDsecratcd his eniirv
public career to the promotion OF the best IN
t,r,Sts OF bis fell mcu, Irrespective OF col r.,
creed Or lineage. tie had never swcrrcd 10 his
fidelity iii be was stricken down at tie post t
duty by The viudIctlve tools OF Grant admIn
isfratioD The other the Great h uaD2Ipalur.
when he put his hand to the proc 4nai %
which struck the shack Is from the llmbs Of
1000 900 Of men, appreciated fully their needs
aud accepted them as the warts Of the natou.
Had either of these men torescen the base u,cs
to which this institution was TO be put 1t Is safe
| to say that It's charter would never have seen
the light.
The war was about to close. A large SUM
woulj necessarily Ue disburscd for the pay and
bouuti"s Of the colored soldiers ii Was fore
seen that this would be the signa Tor az on
saught upon these men BY horde Of specu
lators and adVeutufers, inteDt upon despolllog
them Of their money. Uudcr those cllcum
stances the llIuStrious Statesman who, as VT
have seen, reported the charter Of the Freed
mars Savings and Trust Company, conceived
the pbilaDthropIc purpose Of providing de
pository where helr hood bought funds could
be received AID invested for ,nelr benefit. 1t
Was app!ov by Peter Coop r William Cut
len Bryaot, Grlrt Smith, W lltlam Llafu and
GuHaIu t1lhIuSDU, duu luc Cu1ILcl vi lDC CUu
pauy was one of tn" last II fclal acts Of Prts
dent Lincoln. This is a Drocvol=ut lustltu
ton. All profits 20 to the deposIto:s or TO ed
ucational purposes for the freedmen aud their
descendants"
Every hing booked bright and eDcouraglDg
and deposits were mad: 10 the amtu1t OF $50,
600. 700. Even after Grant accession to Wer
ii appeared as if the corrupt v.ruo witch
everywhere deilei the high places OF the I'D
miui.tration had been IF C ually deprlv Of
he power to tamper with this sacred trust.
Unhapplly, under the new order 81 thugs, this
~opc proved TO be but snare and deiuslon.
4 imuod Burke has somewhere SAID, NO
property is secure when 1t becomes large
cough 10 tempt the cupldity OF luJlgrnt
pow r. Gran, had DOT been year in office
before the rapaciiy Of the crew which surround
ed bim-B,ss Sh.phcrl, Ha let koouin,
John 0 Evans, j. V. w. Vandcrbu Oh and
others. all Of them c,Dfessediy members IF the
real estate ring, 10 which it is more than SUI
pected that the President himself was secret
partner " directed to the miious OF deposits
which had been accumulated in the bank.
These cons pirators found ready accompllceS in
the Finance Committee aud aciuarleS OF the
institute n. Together they formed com biua-
ton, by the operations OF which, at times aud
10 ways without Der, money Was procured
from The bank on worthless or insufficient
curi!ies, or on 90 securities whatever. From
the moment that the Grant gang cast their
greedy eyes upon the millions which the poor
freedmen had saved from their pay and caro-
ings the doom Of the bank was Inevitable az
the grave. The sum of suffering and woe 90 |!