The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1880-04-22
The Freedmen and Their saving.

to Congress looking to q return to the
freedmen of the South of, their sayinps
deposited in the Freedman's Savings
and Trust Company. Tho bill recites
certain facts and conveys such intelli-
gence as cannot but prove important to
all concerned. Everything is done BIZ
this bill to reimburse the, freedmen and
TO protect Chem against fraud In securing
their elaine. ' ~ ,,d IN, q ~ 20
In connection with che bill, Messra.
OConnor and Ellis rseite some facts in
the history of the Bank, which are wo, IA
repeating. The Freedman's Bank Mas
INCORPORATED by act Of Congress in 1866
aga collapsed in; 1874. The original de-
aign was o beneficent one ;but twas hor.,
ribly and abominnbly perverted. At the.
time OF its establishment, She freedmen
were just emerging from slavery, and,
weak and dependent, they were easily.
persuaded to favor anything that bore
upon its face the symbols of United
States protection and authority. 1t is
certain that the agents of the Bank rem.
resented to the freedmen that the Gov
| ernment had established the nFreedman,a
Savings and Trust Company solely in
their interest, and for the purpose of
protecting and defending their material
rights. IL was held out TO the freedmen
that the Government was responsible,
for. whatever Ideposits might be made
| with the company; indeed. on many of
the pass books which sweTe issued to the
depositorsit Was plainly printed that the
Governmentwas responsible fos.the de-,
posits. Besidea this on ,the1coyers, OF
these same pass.books were pictures of
the Well-known faces of Abraham, Lin
| coin, Charles Sumner, Horace Greeley.
y. y. Howard, Wm. Cullen Bryant, and
| others who had been the most prominent
and avowed champions Oft tighfa, and
interests of the freedmen. Il n 800. g,
Trusting blindIy to these proniiees and
inducements the freedmen OF the South
| posited, from 1866 to 1874 the Sum Of
$57, ,3l5, ,s57.73. .a Al
Soon after the act Of incorporation the
principal office vas established at New
York. There was no provision for branch
banks. There was one bnlwark in tho
charter against pecnlation aud fraud, as
follows: lE.,s i'r-5 r. !.
SECTION 6. Be it further enacted that
the general business and objects of the
| corporation hereby created, shall be to re.
ceive on deposit such sums of money as
may from time to time be offered thereto
By Or on behalf of persons. hitherto held
in slavery in the United States and in
vesting the same in stocks, bonds, Treasury
notes or other securities of the United
States.n ;.t,.s .4 80 :.
An adherence to this provision would
have made deposits safe. But in 1859
/, the principal Office Was removed from
NeweYork TO Washington and reign of
speculation, amounting TO insanity, be-
gan. TO get at the Government sscuri.
ties Of the bank an act was hurried
through Congress, on May 9th, 1870.
| which provided that tic deposits of the
company instead of being invested in the
safe securities of the United States should
be loaned upon real estate. This received
| the approval fthe President, and was the
| death blow t0 the concs-n. Valuelesa
! real estate and wildcat stocks were ex.
changed for the hard earned cash of the
freedmen, in 3 way that Is monstrous to
contemplate. A moro barefaced and
s!!:as::;f;;eiesss sfT;aii6 le7eF was perpeiraiei
upon so defenseless and confding peo-
pie. s,,5
! No immediate notice gas. taken T.,
Congress, but repeated exposures of the
1 concern by the Eress at last shamed the
/ National Legislature into an attempt at
l remedy, in 1875. It was too late. II q
The actual loss Of the company, when
It suspended, was ahont &l.359, 1881 49,.
sum i r. s;,s to.syhias Je,,os;,n, svUo 9 Ta ehsa
iegt Of the hill ia En- ,,,i,, ..sy
s Abo,Yk "a nm nm ,,o.,iJ - ~ ~
presant tofsi iosss : 's ua''. ~ Y Z
| The nnvr,ant of ti;a =, y, i, ,,a.,;s
tha rsepo1s;h;i;tv ortbo GO - ..ssa upon sNl
tha creatioT nf tHs hsnI, .,s,,at AZ ~ .os
arr,: ant ~ tov"e,.3 cue os-
-eSS tis ysas;t.o, ,e :
Cnereaa sSas rsnc,,s;h,s ~ .ha h.: tn..s
that mined tie Ra,,I1. ti,as
at renedy yzss tsyri,- !. "a .I t,,at
cbas,es ,as = - >, Siu s,'ne aiter tne
i of y7ry, ,,6 ,,fr.ns es
na6 n, s N go
rior;,s, as e.. ss,ss.s a., ,., n9
cbalIa5e s,aS ae ~ lailo
r,res a.sS ,,s,hiss. s,,Si ~ .ne
he c,;tef t.,cSi,s IN
Il, ~, .'.sa
= - ls iaeieu 70
ana ,sss,s,. >. :9
Until Is7s vnas ths1 ~ s'ssss.,a
80 sWo ys.s .aI.sr
t,,y,sa w.. ~ ~ 49,
~ -.
.,s5
-. as. VINO,
ASi si&a JSslS . PAST AtetS DSeu
nlson TN 9 earcass OF the instls
.SSl.,I, .l.s Sss,y u tne5s sl1 year9 IN
/ ooHSlsossssTs nry'
sesn ug more tnan S,z.VVyV OF the De-
poSsls sr,.s u .tS p.unuerea 1reeamen.
4 AuuiS5atE s.IguuISuS. supporting tneoe