Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-25
RADICALS RosR,NG NEGROES

Beside fastening upon the southern States
a public debt Of three hundred and fifty
| million dollars, and of seventy or one hun
bred million more for county debts, to pay
which the poor negro laborer is taxed in what
he eats and wears and Ia the rent he pays,
| the Radical thieves established a bank,
| known as the Freedman's bank, in which
| they managed to get over four million dol
lars of the freedman's money, one-haf of
which they stole. Not ali the thleving trans
| actions of Radicalism put together will equal
this in cool mendacity. They traded upon
the gullability of the ignorant and unfortu-
nate people whom they patronized as the
wards of the nation, organized them into
secret societies wherein they could more easily
| and more readily be controlled for political
| purposes, and played upon their desire for po-
litical distinctions, pandered to their wish for
property, by the cry of forty acres and a
mule" In a word, got possession of them
and then laid this cunningly devised plan to
rob them of their hard earnings under pre-
tence of encouraging them in thrifty habits.
"The original charter, says the New York
Sun, protected the depositors against all
ordinary dangers. But as soon as confidence
was created and the millions began to accu-
mulate, the managers, who affected the
to the welfare of the black man, applied to
congress for modification of the charter, and
this opened the door to swindling which ended
in bankruptcy five years ago. The exhibit of
its affairs is shocking. The total liabilities Of
the bank on the first of January, 1878, were
81, 962, 814 Sc. On the irst of November,
1875, dividend of twenty per cent. was
authorized, amounting to 1898, 1852 81, of
which sum $50, 1892 "a renamed uncalled for
at the last report. Death, ignorance and
misfortune deprived many of these poor VIC
tins of a share in this dividend The ex-
penditures from January 1, 1875. to January
1, 1873, were $204, 1895 40, principally for
salaries and counsel fees. So that it actually
cost more than thirty-eight per cent. of the
dividend declared to collect it. These are the
figures of the commissioners, and they carry
their own comment. 1t will be asked, What
are the assets of the bank? They consist
chiefly in bad debts, and some real estate.
The ring managers at Washington, when
they got the charter changed, were not con-
tent with modest quarters. They splurged
after the example of Tweed, who was the
model of their operations. In direct violation
of the charter. they erected snowy bank
ing-house at Washington, with a front
of Seneca sandstone, of course, and another
on a less pretentious scale at Jack
sonville, Florida. These two properties, and
lot OF shanties which the commissioners
had to buy in at auction for want of real bid
ders, constitute the real estate, which is
cody estimated at half million And vet.
Notwithstanding these facts, there are intelli-
gent negroes who not only allow themselves
to be used to sustain the Radical, or as it
ought to be called here. the National Radi-
cal party, and who advise their illlterate and
ignorant brethren to keep it alive with their
votes.