The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-03-06

The FreednoAss BANK.
The following true aud uavarnishea 4
story told by an exchange Of the man.
ner in which the Republican leaders
have managed the affairs ofthe Freed
mems Bank, illustrates the hypocricy
Of their pretended love for the poor
oppressed African:
"There is not in the history or the
country . moro shameful record than
that of the Freedmen's bank. Organ
ized ct the close of the war under the
protection Of the government as .
means of controlling the votes Of the
negroes of the South, it established
branches in all the principal Southern
cities. The c0lored people were in
duced by promises of large interest to
deposit their savings. and in an incred-
IDLY short space of time line of de-
posits reaching up into the millions
was accumulated. Managed by p0li-
ticians, 1t soon became the recognized
prey of all the adventurers of the ma
tional capital. Men without means,
though possessed of political influence,
were able to borrow large suSns ON
wholly insufficient security. When
Jay Cooke failed in 1873 it was found
that he was largely indebted to the
Freedmen's bank. This Caused . rum
upon its funds. Early in the conflict
it's doors were closed, and tho deluded
negroes have ever since been y Whisillng
for their money. But one dividend
of fifteen per cent has been paid.
"But its record of management did
not end with the closing of its doors.
By direction of Congress three com.
missioners, with . salary of three
thousand dollars each, were appointed
to wind up its affairs. They were pol
iticians, of course, and have apparent
ly cared nothing whatever for the de-
positors. During the five years that
have elapsed, they have succeeded In
collecting $1,42O, 1872, but of this
amount $318, ,753 have been expended
for advertising, lawyers fees and sal
aries. The depositors have received
nearly an equal amount, and tho bal
ance is being retained and loaned ont
for the preft of the commissioners
until it can be eaten up in fees anu
salaries. 1t is generally conceded that
the deposit0rs will never receive an.
other cent, and indeed they have aban-
doned all hope of again seeing any part
Of their hard earnings. From the in.
ception of the scheme down to the
present time, the FreedmeD's bank has
been q barefaced swindle-a scheme to
rob the poor colored people of the
country for tho enrichment Of lot Of
political dead beats and s:aiaWaSe.
The managers and their particular
friends have grown rich on the pro-
ceeds, but they are the only persons
who have profited by it. The affair 10
more disgraceful because of the fact
that the government in effect was tho
sponsor of the ill-begotten enterprise.
1t was organized under an act of Con-
gress, and officers appointed to manage
it under the pay of the government.
Congress essayed to wind up its Affairs
but only succeeded in giving . few
men an opportunity to steal what little
remained Of it's assets. As Congress
is in manner responsible for the ex-
istence Of the swindle and for its per-
petuation, it could do little less than
take the matter in hand now and On.
deavor to secure to the dep0sit0rs
what little remains Of their millions Of
deposits"