The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1876-10-07

NouSouiSus 1ue pOtUeuJ OF the STORM wa
now clearly outlined, and the harpies an,
ghouls who had obtained the control O
the Bank and had sung the loudest no
sannas over the emancipation of the slaves
now settled down to their work, the enjoy
ment Of the first fruits Of victory, and the
hlching Of the first earnings Of the Freed
men as tribute to liberty and a vivet
realization Of the joyous future in store fo
them. The Bank now became a progress
sive institution, and invested in every con
ceivable security from the bonds of the Sen
aca Stone Company, upward and downward
II there was any lower grade of securities
Those to whom was intrusted the manage
ment Of the affairs Of the Bank soon founC
1t requisite TO the successful carving ou
Of their plans, that the Government should
be at least insemblance connected with the
Bank, and accordingly no sooner had they
obtained a charter upon which to operate
than they sought by lying pretense to i'm
press upon the ignorant colored people oi
the South the conviction that the Govern
ment of the United States would be res
ponsible for their deposits that if through
accident or fraud, the Bank should fail
the depositors could fall back upon thu
Government. This is fully established by
the testimony of Anson NJ. ,Sperry, who
has been in the continuous service of the
Bank in various capacities, since its or
ganization, among others as its inspector
from 1871 to 1874 But there is Other
satisfactory evidence of this fact. Look
to the pamphlet issued by the Bank, con
tanning its charter and bylaws, and indus
triously distributed among the Freedmen
and you will find the following statement
"The whole institution is under the
charter of Congress, and received the com
mendation and countenance of the Presi
dent, Abraham Lincoln. One of the last
official acts of his valuable life was the
signing Of the Bill which gave legal exis.
tence to the Bank" That "christian sol
dier, General Howard, gave his endorse
ment in the following words
| consider the Freedmen's Savings and
Trust Company to be greatly needed by
the colored people, and have welcomed it
as an auxiliary to the Frcedmen's Bureau.
D. o. HOWARD, Major
Thus endorsed, operations were com
menced, and how successfully they pro-
gressed, can be best appreciated, when it
is ascertained that in less time than it Or
dinarily requires for a Bank to establish a
respectable reputation in the community
in which it is located, these christian
statesmen and exclusive friends of the
colored people, had succeeded in robbing
the depositors of the Bank out of not less
than one million five hundred thousand
dollars, and more probably, two millions of
dollars. 1t is impossible for me to give
detailed history of these frauds, as it would
occupy more of your time than | feel my
self entitled to, but | shall ask your atten-
tion to portions of the testimony of Mr..
SperrY to whom l have already alluded.
Mr.. Sperry says; "The latest report from
the Commissioners agent, Mr.. Lockwood,
is that at Jacksonville the Company will
probably loose 100000 out of S15O,0O0
or 100000, that was put out there" At
Beaufort. "the amount of the loans I
think, was between Sl35, 600 and S145, 900
Of which 500, 900 may be safely set down
as lost. At Vicksburg, loans were made
TO the amount of sI1 900, which the wit
ness regards as clean loss to the Bank.
At Wilmington, North Carolina. over.
drafts we're allowed to the extent Of s28..
900, which have not been paid, and in the
Washington branch there is a discrepancy
of SAC, 900, which is utterly incapable Of
explanation. There is scarcely branch
Of this institution to be found in the South
in which defalcations have not been dis
covered, aggregating thousands of dollars.
which these confiding people had, from
their small earnings. from time to time as
their necessities permitted, deposited with
these branches in the firm belief that the
representations made to them were true,
and that the Bank was but one of the
merciful dispensations which the
Government had vouchsafed to them.
When it is taken into consideration that
these deposits were made I'D of small sums
Of five, ten, fifteen and twenty dollars and
The total amount which was stolen from
these people was only little less than 80
BOO 900. A correct idea can be had If
The number which were absolutely beepored
but no convention can be formed Of tho
misery and want which This thiev;no
crowd succeeded in eatail;ng on n neonIe
whose exclusive guardians thew claimed 10
,e I have INV }ellow-c;t;zens r;von no,,
3ut few Of the details which eo To male
m the history Of this oioont;c fropJ for
which the Republican nartv has stood
,ponsor from first 10 last when Tsoy
he Republican party mean the army
,f offceholders, who have now attained tbe
number which Mr. Webster lone s;rco
,ronhesied would bo snf;c;ont n snbvar,
.be liberties of the country ro,bsr ,hon
their hold on M n,bl;o or;h
know too we'll the neonle with whom 7
,aye lived since INV cbildbood To tb;nL
much less assert that those IF them Who
10 10 make nm the rank and 6le of tha
Sennblican marty are not octno,ed hv ,ho
,est If motives and a. s;nosralv any; @
- ~ 80 '~SieJ ehAiVuS