American citizen. [volume] (Canton, Miss.) 1864-1890, 1876-09-16
Freedman's Bank SWindlo.
{ From the Vicksburg Herald

Dohh - W
From the Vicksburg Herald.
Charles Sumner and Abraham
Lincoln were the two immediate
founders of the Freedman's Savings
and Trust Company, now popularity
known as the Freeuman's Bank.
The law of It's creation went into
effect OH the 81 March, 1865, and
the management of it's affairs was
entrusted to fifty trustees, selected
from different parts of the country.
Honorable men were chosen in the
first instance, and like the two
founders. they well appreciated the
great necessity for such an institu-
ton. Tie so e object of the Bank
was to protect and advance the
pccuniary interests of the freedmen
of the South. Having this in view
its Charter provided that 1t should
receive on deposit the moneys of
the cOlOred men heretofore held in
slavery, and that the same SHOULD
be invested in the different securi-
lies of the United States. This pro.
vision of investment was wise, and
!
and Lincoln. They knew that so
long as the Bank invested the col
ored mems money in the Nation S
liabilities, the Lest possible prO',c
ton would be secured, and that no
loss could fall upon the depOsitOrs.
For this reason they so framed its
Charter but a Charter, like every
thing else, is subject to change, as
we will hereafter see. The Bank,
after it's organization, was made
known to the colOrcd men, and its
particular purposes explained to
them. After the manner following
was it advertise "The approval
OF the Charter of this Bank was
one of the Last official acts of the
martyred President, Abraham Lin
coin" All profits go to the depoSi-
tors or to educational purposes for
| freedmen and their chiIdren.''
The cOlored men of the South,
particularly those who had enlisted
in the service of the Ma ion during
the late war, at once placed i'll the
,, Bank sums of money aggregating
$50 100000.
They did this because they were
told that the Bank was a National
institution, and that under no cir
cumstances could they lose a dollar.
After the election of President
Grant, a combination was formed
to plumber the colorcd depositOrs of
their money. MIR. Grants most in
innate friends were of that COM
bination, and it is believed by many
! that President Graut himself knew
of, and WAS Il party TO the scheme.
Tie gentlemen who figured chiefly
i'll il were Boss Shepard, Hallett, j.
V. Evans, Kilbourn, w. S. Hunting
ton and Jay Cooke s. Co. All Of
these gentlemen were the Presi-
dents personal friends. They set
to work and even before the Charter
was changed, borrowed S2,0OO,O00
or more on securities other than
those of the Government. This they
did Ivy bribing the officers OF tie
Bank.
They then secured an amendment
to the Charter which permitted the
funds of the Bank 10 be invested in
any kind of securities. This was
what the corrupt rings of Washing
ton wanted. The members Of them
knew they could ,ntrol the officers
of the Bank. The millions of dol
lars belonging 10 the freedmen of
the South were nov to be stolen
under the guise of law.
Investments of every kind were |
made upon securities utterly worth |
less. a voucher of any kind in the
hands of these men was sufficient |
for IA bank loan. Deliberately did |
they get it merely with the inten-
ton TO impoveIish and rob the col |
orcd men. These swindlerS were |
Republicans. They were the men
who were check and jowl with |
President Grant, and Morton. Logan,
Belknap, Babcocls and others
What "a shame it is to the honest
men of the Republican party that
tiiey have not forced a full InveSti-
CATION of this outrage, and brought
to punishment the men who per-
petratel it.
OF all the corrupt abuses of
Grants administration of all the
shameS of our country, none will
compare with this cruel wrong
the coiored men. Robbed of fifty
odd millions of dollars by men high
in Official life by men who pro
claimed to the world that they were
the friends of the freedmen. This
one abuse of the Radical party is >
sufficient in itself to damn it.
Even here in onr city we saw the
workings of one oLthe banks
branches.
This party that permitted this ;
robbery OF a half million colored /
men and women, is now asking the {
of colorcd voters, and claim q
ng if as matter of right. t
Will the freedmen Of this State I
'ole longer the Republican ticket? I