National Republican. (Washington City (D.C.)) 1872-1888, 1879-02-07

making it public
Tho act of Congress of June 90 1874, en-
titled "An act amending the charter of the
Freedmans Savings aud Trust.Company, and
for other purposes" provides in the seventh
section, among other things, "that whenever it
shall be deemed advisable by tho trustees Of
said corporation to close up its entire business
then they shall select three competent men,
not connected with the previous management
of the institution, and approved by the Secre-
tary Of the Treasury to be known and styled
commissioners whose duty it shall be to take
charge of all the property and effects" sc.
Under this provision the present commission
ers were chosen by the trustees OH the 1st of
July, 1874, and were duly approved by Secre-
tary Bristow the following day.
Although promptly informed of their selec-
tiOn tho commissioners hesitated for sDmo days
to assume q trust so complicated and response
ble and it was not until after one or more in
torviews with the trustees, and distinct UNI
derstanding with them and my colleagues to
the effect that l was not TO be required to re-
nounce my other duties and engagements, that
/ finally consented TO serve.
After the acceptance of all had been OBJ
tanned the commissioners proceeded to qualify
by taking the prescribed OATH aud giving a
joint bond in the penalty Of 100000. These
facts being duly certified, the Secretary of the
Treasury (Mr. Bristow) and the Comptroller
of the Currency (Mr. Knox acting under the
! authority vested in them, and in them alone,
by the law above mentioned, fixed the conf
pensation of the commissioners at $4,000 per
annum each, that being within the limit
named In the act.
A very short experience convinced the COM
missioners that they had greatly underesti-
mated the responsibility and labors of their
position.
NVban tha,, osaun,od oontroJ tI,o,- f,,,,d +1,o
company to consist of a principal office and
thirty-four branches, established at remote
points, and conducted as separate and distinct
institutions, each doing n business equal to
that of an ordinary bank and having its own
corps of employees.
The business of the principal Office and many
of the branches was discovered to be in great
confusion, and it soon became apparent that
additional legislation was needed to enable the
commissioners to discharge their duties prop
| erly. Awaiting themselves of the first oppor-
| tunity, they prepared an exhaustive report
which they transmitted to the House of Rep
resentatives on December IA, 1874 with a re-
quest that sundry amendments, embodied in
the form of bill, should bo made to the act of
| June go, 1874.
| Much to their regret and disappointment
Congress adjourned on the 4th of March, 1875,
| without passing any of the amendments pro-
| posed. This unexpected result was so dis
I
;r,o,,sI,, rasoI,,od tn ros;,, thai, tnrst ;e a.
iioualy ieeo, tou W ieeIHu 'noii .rusv ~ lhe
| law uhuer Whlch they were acting Woulu per
| nit them to do so andAi execution of that
| purpose, they forthwith addressed formal
| res;gnotion 10 tbn Secrotary of tba Traosur,,
| - e. 80 a., s. A. IL s.. =, "i y
| who !eiel,ou tho s"'ho W Vhe heAVVorhey 'ueherai
| for his opinion.
On the Goth of March Attorney General
Williams forwarded his reply. which con
| cIudoe os foIIows. '''
cluSgS M,9s as ioliows' ,,,o.o,,.. : A., n-
| MY conclusion, therefore, Is uhat the pres
| ent commissioners cannot relinguiSh their
| trust nor can others be appointed in their
| nlncns In tbo manner nronosed In tbeir cow
| - -, " "
The ruling of the Secretary and of the At
| torney-General being adverse to their resigna-
| tions the commissioners in their renort of
Tonnarw ~ Is7 rennwe5 their rorsr VI
o"nu,'iS io, i.v, .ie'i ioiioi recoih-
| ihehualfons, Win TWO huoitiohal PROVISIONS
one OF which was intended to meet the case of
| their voluntary resignation and earnestly urged
| their Mt adontion
| T.n;tLI,o H., tLo,o ,5 o.,,, ..,,
NotWithstanding THESE ana other applica-
| llOuS, SOUHTtoS HAS W lcblSldlc upon any
Of the points suggested except TO pass the act
of February I3, 1877. giving authority To buv
| in and sell tho comnanvis real estata tbnq
|
leaVlhg ohe commissioners no alternative, Dut