, 1879-08-04
FREEDNIEN'S BANK,

abASt4A$A'A l1AN ~ otA IN ILL.,
SENATOR RKUCE-pELvIN0 AMnNnT1IE nRCONps
-sTsKTL1N1 DEVELOPMENTS TO ,CuME-TtE
COMMISSIONERS AND TlIEIR sALAIttES-{,Iloss
L1AH1LtrsE5 AND ASSETS.
svteanl +" I'.stfmort AatT4ran,
WAsnsSaroN, July 31.-Infcrmation flaa been
given irom time to time 1T these dispatches OF
the progress OF the examination HOW octug cor
Quoted by sct.asor I,ruec's Committee t,to the
affairs Of the Frccdmcn's Savings Bunk; but, as
ssntea few days ago, nothing has yet been matle
public regarding the discoveries OF tho Com
fnittee. In conversation to-day on tho subject,
gentleman prominently identified with the OK
animation aatd lint The Committee were In
possession of n nttnber OF facts, which In time
would 1cad to startling developments. The
Committee. however, hns decided to maintain
the strlctcst secrecy regarding tho discoveries
iaasmuch us tier mike np an important clcw,
which promises tho detection of guilty parties,
anu for tint rcas"n tho public must rest cuntcnt
Tor ttIt prescut. while the Committee proceeds
cautiously OIL its work.
Tub nANK COMMISSIONERS.
Meanwhile, the thrc6 Commissioners appotnt-
I'd tn wind MP the alTnirs of tie Ea,l, ara sup
They uro tile Hun. John A. J. Crcswcl!, Robert
pnrvIs, and r., II. r. Leopold. They wcro M.
uointcl IN 1s'I Mt ea'ary ot 50, ono per aun,1sn
east nut wers e. rss1![sd 70 Riye }oint bond IN
Of silcir duties. Mr.: Creswel The late i'ostmns-
tcr-GcnrsAl, Is we'll ktinwn. R0hcrt Puryts ia q
eosored citizen Of Pailat!cIuh0, reputed to bs
d man Of wealth. and Alr. Lcsuo1. tho third
commissioner, is MI experienced uancter. hav-
NJ occupied for Il 0llillhor Of years RESPONSE
BIZ position In the Treasury Department. These
Commissioners arc vested with full discretion
MY powers. Under the law providing for the
Coulmlsai ioneTa they were required 'to taku
Charge OF all tho property alld elects If said
Frcedmcn's Savings Il Trust Company, close
up tho printinal n1.d subordinate branches. col
leet from the branches MI tho dupttsts they
!lnyU on la1lA. a,Hl prucccd to collect nil sulna
dun sasl Comnany, ana dispose Of ail tho prop
crly owncd by snll Company as snccdtiy as tlc
Interests Or the eoruotatfon require, and dis
tribute the proceeds among tho creditors pro
they shall 1nakc pro rata dividend Whenever
they lIaye funds enough to pay ~ prr eoutum
Of tl.s c!ams Of tlcpositors.'
sALAnIEs OF COMMISSIONERS.
Complaint Is made that tho salaries OF these
Commissioners, to4oshcr with tue other *
pcnscs, absuFb tlle current receipts. Thls Is
largely true, nlld tho Commissioners themselves
do not driIY II. On the contrary. tn q letter to
Speaker Rant!all, dated Dcr. 2. ISIS, t!Ie Cuu,-
tnissloncra said: " It. Is tllr judgment Of tic
economical ptan for Tue linal settlement Of The
Con,pauy'a alTairs might prrIlaps be substituted
and the Commissioners relieycd."
Again, Mr.. Lsiuoid, In recent letter to SEN
W. =. ,, n'ute' ueeo 'no nv, 4oi'o"'as !a''s"aee'
LAYING heen informed mat you desired to
mest .!e Cn.nits,'sslosefe .t.I q tho trecttmcn's
eaFIlEa mn !rust Soilpahs to.iAorrow ttrdayl
morning oet"eeH ny i!onfa oE u nnd II o'clock,
fcrret e1Soru!nEly silat iils tslal oi cauho In
WHEEL .l'a fieeutac'rs sar!!l"e a,t'1 Trust Conf
MnY u !ne partf G!alht1tt. niltl which Is now
tnkshs n!aeG III .'s Ctsclit Court OF the D'strlct
o. Co'n.hnla, prevents my meeting You ut That
tune. petkent' y "aa my Intention to bt1O-
Eesk 70 YOU, abuVt q! tnings. TO urge upon Con.
gtcsh W. pasture III p!tl EEoVlnHg Tor more
ecohnn'lG tI',l saeeas sstttsnent OF the affairs
OF tiila Cotanahy. W alloWl,. tllc present Com
tnlss'Hhata ~ resign or Withdraw. n1ld tFansfer-
rn'E ~, rsmasn!l,s asaets o. tlle Company toono
of tie ttuSerncllt departments, to bu collected
aud ti!spnsed III either ut Government cxyeiso
Of ut least ut laach moro moderate cxpenul-
turc.
't,Tlle prcecnt expenses Of the Commissioners
exceed the s,lln Ut S,J ,0W ncr aunsn. md MI.
surb ycry nearly, If not ,nelr cutire current rc
cuIpts. it is WY Judgment that tic sarua uhtert
catl b. attained ~ on expenditure of ntDut nne.
tllIrl1, certainly not moro than onc-huli. ihat
amount; ami ns measure lopt1nY to In, rtl,tc
tlon Of the expenditures IL clearly to lis iutur
est oF the poor creditors of lhe bank. ventura
to recommend tlle ono tlrFcIuboforu s,lgcektcT. i
sI,u,rcr op'cnaMruT.
a.,5, from, ,t,t, ~. .,Ir .,,,','.a.
, As!aa itu , tats' ..'n unty auulacI y! eo1hment
~ FeEMtu ~ W. Io'n'ts'ssouG!h ~ the n1aaaer