The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-02-06
TIE FREEDMEN'S BANK SWINDIE

How much faith the freedman may place il
the expressions of devotion to his true inter
ests uttered by his white Radical brothers
and how earnest and sincere are the latter
pretended desire to labor for the advance
mant of the colored race is exhibited in tn.
ssupendous Freedmen's Bank swindle, which
is now attracting the attention of prominent
members Of Congress.
This colossal fraud was based upon q pre-
tense Of establishing trustworthy savings
ins tuition where the poor negro laborel
might deposit in any amount, no matter how
snail, the wages earned by his toll and labor
He WIS assured that his money was perfectly
eafe, that it vas loan to the United States
government; whereas, it has been discovered
that every cent the colored man put in the
vaults Of that institution, or any Of its nu.
morous branches, found its way in some man.
ner into the pockets of q gigantic ring, who
thereby enriched themselves and impover.
ished the men to whom they had pledged their
faith and honor.
In reference to this grand swindling scheme,
the New York Sun, of the LIST. says, after ask
ing the attention Of the members of Con-
gress to what it terms I" an abominable in
iquity":
We refer to the atrocious robbery of the
poor negroes who were induced to deposit
,he first earnings of their free labor in tho
Freedman's Savings Bank under the suppo-
sition that they were lending their money to
the United States Government.
There is no story of fraud within this
century which exhibits such utter meanness
aud depravity as the history Of this swindling
institution, which by o confidence game of
unparalleled magnitude, induced thousands
of ignorant freedmen to put their scanty
savings into repository, whence it was
systematically stolen by people Of wealth and
high position In the shoddy society of Wash.
ingtOn.
OF course the District Ring. who are re-
sponsible for the failure of the blnk, will
make desperate attempts to control the COM
mittee charged with the investigation of this
wretched business; for if the full truth is
brought to light, storm of indignation will
be aroused such as can not be resisted. But
we have no fear Of their succeeding. The
facts are too patent, and there are too many
honest men in the House to permit Of any
whitewashing in this direction, even should
LueIo Uc Any ulSpOSltlUu u Atteu1pC l. MOI
need there be any difficulty in getting at the
facts in the case.
Let the committee having this matter in
charge begin with the loans made by the bank
on the security Of Washington city property
let them call in the aid of an honest expert in
the real estate business who is entirely free
from all affiliations with the ring, and guided
by his intelligence, ascertain the real value of
each lot pied as security ct the time the loan
was Effected; the names Of the real owners,
and the ultimate results of each loan and in
this branch alone Of The business Of the bank
they will doubtless find ample scope for the
exercise of an earnest determination to do
their duty. In the meantime, If they can
find an expert competent for the task, let
them set him at work to unravel the myS-
teries of the profit and loss account. If the
committee will follow these suggestions, they
mag learn something very much to the public
advantage.