Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1876-10-19
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to be whipped. some tn = jhe;r
churches, and I'll lind 11esanf
abuses have been beet tke,e
colored men who dared Il Dem.
ocratic ticket. In soln offhe
South the life Of : coloco1 oemo-
craft i. not very s.ft. tkess
facts to you a. the hoQ 1ions
Of my heart and must 81 - ~
cept your advice, because 1rSoI j
would mot do justice y ~
race -ess.s.lss !, -Tx.z..'.'s
Yours, with eres
At the rooms Of The FIFTEENTH wssd
Tilden and Hendricks club, corner, Of
Bleeker and Sullivan streets, N. Y. CITY,
and of which Col. Truman A. Merriman
is president large crowd gathered to
hear Col. Frederick A. Conkling's adj
dress on the Freedman's bank swindle.
He said ofthe Freedman's bank swindle
that the consideration which is presum-
ed to actuate the managers Of savings
bank is that of charity-one of the high
est and holiest motives of human action.
Among the damning iniamies of Grants
administration is the BETRAYAL of the
trust assumed by the incorporation of
the Freedman's Savings and Trust Com
pany. While we denounce the frauds,
swindles, corruption and periuries of
the numerous rings at Washington and
elsewhere, which have reduced millions
of our people to idleness, poverty and
despair, we must not overlook this
meanest of all the outrages of which
they have been guilty. The orsaniza-
tion Of tins institution was promoted by
the noblest of incentives. While the
intention of its founders was adhered
to, its management reflected the high
est honor Of all concerned. Its char
ter was reported in the United States
Senate by Charles Sumner on the 18th
Of February, 1865, and it was approved
by Abraham Lincoln and thus became
law on the Sd of March following
1t is not necessary, in this place to say
much of these men. The former had
consecrated his entire public career to
the promotion Of the best interest of
his fellow men, irrespective of color,
creed or lineage. He had never swerv-
ed in his fidelity till he was stricken
down at the post of duty by the vindic-
tive tools Of Grants administration
The other, the Great Emancipator,
when he put his hand to the proclama-
ton which struck the shackles from the
limbs Of 4. .000, 600 OF men, sppreciated
fully their needs aid acceptss u ss
the wards Of the nation. Had either
of these men foreseen the base uses to
which this institution was to be put it
is safe TO say that its charter would new
er have seen the light. The war was
about to close. A large sum would me-
cessariiy be disbursed for the pay and
bounties Of the colored soldiers. It was
toreseen that this would be the signal
for an onslaught upon these men by a
horde OF spectators and sdventurcrs,
intent upon despoiling them of their
money. Under these circumstances
the illustrious statesman who, as we
have seen, reported the charter of the
Freedman's Savings and Trust Compa-
nys conceived the philanthropic purpose
Of providing depository where their
blood bought funds could be received
and invested for their benefit. II was
approved by Peter Cooper, William
Cullen Bryant, Gerritt Smith, William
Claim and Edward Atkinson, and the
charter of the Company was one Of the
last official acts of President Lincoln.
"Thls is benevolent institution. All
profits go to the depositors or to educa-
tional purposes for the freedmen and
their defendants" Everything looked
bright and encouraging. and deposits
were made to the amount of $50, 6,000,-
900. Even after Grants accession to
power it appeared as il the corrupt ver-
min which everywhere deiiled the high
places of the administration had been
efectually deprived of the power to
tamper with this sacred trust. Unhap-
| lily, under the new order Of things this
hope proved to be but snare and a
delusion. Edmund Burke has some-
where said, mo property is secure
when it becomes large enough TO temp,
INDECENT power" Grant had not been
year in Office before the capacity OF
the crew which surrounded hIm-Boss
Shepherd, Hallet Kilburn, John o.
Evars. ]. v. w. Vanderburgh and 9TH
ers, all Of them confessedly member.
of the real estate ring, in which it il
more than suspected that the President
himself was a secret partner, was di-
rected to the millions Of deposits which
had been accumulated in the bank
These conspirators found ready accom-
plices IN the finance committee and ac-
tuaries of the institution. Together
they formed combination, by the op-
erations of which, at times aud in WAYS
without number, money was procured
from the bank on worthless or Insult
cient securities, or no securities what
ever. From the moment that the Gran,
gang cast their greedy eyes upon the
millions which the poor freedmen had
saved from their pay and earnings the
doom of the bank was as inevitable a.
the grave. The sum Of suffering and
woe occasioned by its failure may be
family estimated when il is known thai
the unpaid deposisors number nearly
100. 900, scattered all over the Union
but mainly in the Southern States.--
The fund. Of many Of their charitable
societies were lost in the general wreck
The Hon. Joseph H. Rainey. OF South
Carolina. himself = colored man, in hi.
speech delivered in the House of Rep.
/ rase &SaSsrex IN MarrhQ q lS4K l>-:~4.I