The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-12-10

The Freedman's Bank.
Senator MoRIuLLs resolution Of inquiry
Into tho affairs OF the Froodman's Bank
looks to the purchase Of the real estate be-
longing to that institution at high price,
and to the closing up Of its affairs. My
own opinion" he said, In introducing the
subject, "is that tho original managers
Of the Institution ought TO have boon criml-
nally prosecuted; but l suppose now II is
too late"
The first charter Of this bank, or, moro
properly, Savings and Trust Company"
required its investments to be made in
bonds Of the United States, and prevented
any form of speculation. The deposits Of the
poor freedmen were secure, and they had en-
tire confidence in the Board Of Direction.
among whom were some OF the most emf
ncnt phllanthroplsts. When the Washing
ton Ring and their confederates cast covet-
Gus eyes on the savings Of the oolorod
people they got this charter amended SO as
10 open the door to the frauds that were sub
soquently pcrpctrated. Moreover, they os-
tablshcd branches In different parts of
the country, which returned their deposits
to the central bank at Washington, so that
the bulk Of the hard earnings which the ne
groos had saved wore thus put at the mercy
of an organized gang Of thieves. With this
banditti Gen. HOWARD and other like pa
triOts were in close aliliation.
The purpose Of this radical change I'm the
charter, which took away from the bank it's
distinctive character Of security, was plain
on its face but Mr.. MORRILL, and his Re
publican friends, who now affect 40 much
concern for the freedmen, whom they deliv-
cred over. bound hand and foot, to the spoil
ers, rushed it through without inquiry.
Obedient to the dictation OF Ring Of
jobbers, they let the colored brother slide, In
order to fill the pockets OF scoundrcls, who
were shouting loudcst for the rights OF the
black man while stealing his savings.
After the exposure Of tho frauds and rob-
berry Of the bank. not hand was lifted either
to prosecute the criminals or 10 recover
any part OF the money they had stolen.
Gen. GRANT was then at the head Of the
Government, backed by large Republican
maJoritles In Congress; Gen HOWARD, Boss
SHEPHERD, Mr.. KILBoURE and the crew who
had brought the bank TO ruin, were all pow
erful at the White House and in Congress.
and they prevented any action by which
the guilty would be held TO account. An act
was passed In 1874, authorizing three Com
missioncrs to wind up the affairs OF the In
stitution, and thoy were bilcted on the re-
manning assets at 5000 year each.
Two OF the three have never pretended To do
any work at all, but havo each given 500 Of
their salary 70 the third for attending 70 the
business; and one Of them, CHoRPENNINa
CRESwELL, was at the same time drawing
large pay as the attorney for the Govern
nlent before the court for settling the Ala
bama claims.
When criminal prosecutions are barred by
the statute Of limitations, and tho Ring
thieves have come to grief, Mr.. MORRILL,
mourniully tells the Senate at Is now too
late" Who're was he when it was not yet too
late? Why did not the pretended friends Of
tho freedmen. who on all occasions, are 80
camorous for their votes, and who take
such peculiar interest in their political
rights, show some zeal to protect their
property, and 10 punish the scoundrels who
had Quilted the bank and carried off the
money in its vaults?
II is now proposed TO tax the people for
tho Ring plumber, first, by buying the real
estate, which was purchased by the bank in
defiance Of even the amended charter; and
sccondly, by paying interest on the balances
which have from time TO time accumulated
In the hands Of the Commissioners, and
from which the depostors have derived no
benefit, inasmuch as this fund is not applied,
without special legislation, until sufficient
sum Is at command to paya dividend OF
twenty per cent.
This precious scheme will probably pass
tho Senate, and the Washington Ring
may be expected to have another carnival,
such as slgnalized their advent to power
seven years ago. At the same time, Mr..
MORRILL, and other Republican leaders can
set up new claim to the gratitude of the
Needmcni