Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-01-10
THE FREEDMAN's BANK.
The Condition of the Concern Hoar Tts A.
fatrs Haze Been Atsmanag.d.
Washington Special Dan. 81 to Chicago Trib-

The Condition of the Concern. Hoar Tts A.
fairs Haze Been Mtsmanag.d
Washington Special (Jan. 81 to Chicago Trib-
une.i
Unless Congress interferes and change. the
management of the Freedmens bank. it is Ger.
tain that in q short time there will be nothing
left to manage, az the expenses of the commits
sloners are so extravagaut that the asse . can
not long endure the strain. The law allows
each commissioners salary of 5000 per wear.
but all the work is to be performed by Leipold.
the accountant. In a late report to the secre-
eary 1T the treasury. in obedience to a resoln
ton OF Congress, the commissioners saw that
the assets transferred to them by the officers of
the Freedmans bank at the time of the failure
amounted nominally to 81, 693 O95. They have
collected IN i've years, since the failure of thu
bank, S1.4l9,975; amount received from divi.
dends. S4l7. Total collections, 81, A2O. 1872.
Inc Liabilities of the ba4k were S3 O39. $50.
10 settle up this, by no means large estate,
THREE COMMISSIONERS,
with host OF agents, and clerks, and helner,
have been employed five years, and it would
appear that the work is not more than half
done.
The most remarkable part of this bankruntcv
case is yet to tell. During the first six months
of the CON m issioners' service thew Maid ont
under the head of salaries of agents s3a oIo
The total paid in five years amounts to s64 $50
The advertising account for the same period Is
Sll,16l; attorneys' fees and costs R3l 97S.
amount paid for rents, 1921; expen>es Incl,
dent to loans, insurance, advertising auction.
GERS tees. ETC.. SAC, l45: taxes and arrearaoe of
taxes SIS, 735; and there are other item.
which swell the expenses of this commission
.mr I'VE years to the gigantic figures of
A good many of the claims of the hank
against its debtors have been prosecuted. and
judgments to the amount of $172 6a6 have been
obtained. Lawsuits have been begnn To the
amount of $531727. and from the character of
The debtors, as their names appear in the s,hed-
ule, prospect for obtaining anything is not
very fattering.
Judgments have been obtained AGAINST tho
following. among others: A. B. Mulle.t al am.
=. i. Suit, LISA; 8. s. Smoot, IS, 600: ex.
Senator Pomeroy, S.. 900; F. b. Gassawav. AZ :.
975; and half hundred more of the ssn,o
character.
In the schedule of suits begun there are .or.
very remarkable exhibits. It shows that ,he
bank was in the habit of loanine money On oil
sorts of security. ~ "A'
FOR EXAMPLE:
One man borrowed $l8, 955 on his own ner.or.,
bond. His name is E. Beecher, and he is mt
down as residing in Montgomery. The assets
OF the Memphis branch were ISL. 1855. and thew
appear to be secured by the somewhat nncerta;n
security of lands in Tennessee and Arkansas
Thousands upon thousands of dollars were
loaned without security, and some of the more
notorious dead-beats and swindlers appear to
nave Ia' 1attened on the poor negroes savings.
what was not lost in this way is likely to he
eaten up in salaries and expenses unless Con-
gress turns the business over to the trea.nrv
or some other department..