Savannah morning news. [volume] (Savannah) 1868-1887, 1883-03-24
THE FREEDNIEN's BANK.
What Has Been Paid to Creditors-Lia-
bilities - Investments - Balance on
Hand-Final Dividend


WASHINGTON, March 23.-I got some
interesting information to-day from
Comptroller of the Currency Knox.
Comptroller Knox has charge, under an
act of Congress passed two years ago, of
the affairs of the defunct
Freedmen's Bank. He will declare a
further dividend of or ~ per cent. this
spring. He is now getting up the
schedules for that purpose. He. cannot
tell exactly when he will declare the di-
yidend. He is receiving letters from all
over the country, especially from
the South, from creditors of
the Freedmen's Bank swindle. The
forthcoming dividend will make 81 or 621S
per cent. of the total amount owed de-
pOsitOrs at the time of the failure. A
very strong effort will be made to induce
Congress to make good the balance so
that depOsitOrs may be paid in full. The
argument advanced in favor of the gov
ernment incurring this liability is that it
has assumed a quasi moral responsibility
to the beneticiaries of this trust; in the
first place, by the incorporation of
the company without proper safe
guards. and subsequently by permit
Bureau for Refugees, Freedmen and Aban-
dOned Lands, to act as the agents of the
company, thus leading the inexperienced
and Ignorant freedmen to regard it in the
light of government institution, and as
such to commit their earnings to its
keeping. Under such circumstances it is
argued that it would be little more than
just for Congress to make an apprOpria-
tIon for the payment in full of all the
OF allowing them to lose % or 271% per cent.
of the scanty means which they had
deposited in an institution organized, as
they believed, for their benefit, and some
of whose branches were controlled by of
hcers of the government. Comptroller
Knox holds these views. After the next
dividend is paid it would not, it is esti-
mated, require more than from 1856, 900 to
$969, 900 to be appropriated by Congress in
order that the total losses by depOsitors
may be made good.
WHAT HAS BEEN PAID.
The total amount which has been paid
to depositors since the bank failed, eX-
elusive of special deposits and preferred
claims, is 81 ,444, ,S06 II. This has been
appOrtioned among the various branches.
l give the amounts paid at branches of
interest to your readers:
Savannah ......... s 81 ,O36 43
Atlanta ......................... 12,3S7 76
Augusta ........ ................ 45,3ll 81
Beaufort Observation-Disclosures. 1926 76
Charleston Observation-Disclosures. 122,S70 50
jacksonville, Fla observation-disclosures. 1865 55
Macon ................ .....-.. 24S16 so
Fla ACKNOWLEDGEMENTS. 12,036 SO
LIABILITIES.
The total amount of the cOmpany's liza
bilities at the time of it's failure, correct
ed to date, aggregated s., ,037, $50 40: of this
Il n
sisted of special deposits and preferred
claims; leaving claims aggregating 81, $685.
7S6 06, payable to 81, 12S claimants, sub
ject to dividends. OF the latter 34,05S
claims. aggregating the sum of
81, 2,S15, 1858 80, have been examined and
audited; leaving 27,070 claims or accounts
amounting to S147, ,S32 IL and averaging
s. 46 each, which have not been examined
and audited and are now barred. OF the
special deposits and preferred claims the
sum of 5000 81 belonging to SO claimants
has not been called for and is barred.
INVESTMENTS.
The assets of the bank include $50, 900 in
3 per cent. United States bonds, $4,000 in
continued per cents, and $23, 900 in 3.65
per cents. of the District of Columbia.
There are among other assets
claims as follows: Beaufort county,
South Carolina, $S,388 SO considered un-
certaln); deferred payment on sundry
lots at Beaufort, $644; mortgage on Squire
Turner lot, Atlanta, $15S 70 (uncertain J;
Port Royal and Augusta Railroad bonds,
81 200 (uncertain); notes Of Tallahassee
Railroad Company, $500 (uncertain);
Florida, Atlantic and Gulf Central Rail
road bonds, $14,250 (uncertain); 4,166
shares capital stock Jacksonville and
Pensacola Railroad; 384 S-13 shares capi-
tai stock of Jacksonville and st. Angus
tine Railroad, and approved account
against Jacksonville and st. Augustine
Railroad, So, 200 (uncertain).
CASH BALANCE AND THE FINAL DIVI-
DEND.
The present cash balance is $13, 157 81.
This, including the United States and Dis
trict of Columbia bOnds-after paying
those dividends heretofore declared
but which have not been called for
will leave about $1S4,S64 81 in convertible
securities and that can be realized from
the remaining real estate and other as
sets, available for the coming and final
dividend.