Savannah morning news. [volume] (Savannah) 1868-1887, 1886-02-16

Ut an Emu 10 NtiC GtAhN-'
The Freedman's Savings Bank swindIe
was one Of the greatest ever known 10 tnis
country. 1t was particularly atroclous
because the rich and powerful swlndieo
the weak and poor. one Of the worst Tea
lures of it was that 1t was made possible
bv the government. The ignorant negroes
who entrusted heir hard-earned savings
TO the bank did not trust those who had
control OF the institution, but the gov
eminent.
When the bank was wrecked an effort
ought 10 have been made to save as much
as possible from the wreck for the depos-
itors. Nothing of that kind was done.
! About eleven years have elapsed since the
settlement of the affairs OF the bank be-
gan, and the end is not vet. Indeed it be-
gins to look as if there would not be a
final settlement as long as there is dol
lar to be distributed among attorneys,
clerks and others who get a chance at the
pickings.
For seven years there were three com
missioners, at a salary Of $4,000 a year
each, with a small army Of clerks and at
torneys engaged IN absorbing the assets,
and then Congress, in obedience TO pub
lie sentiment, dismissed the commission
ers and imposed upon the Comptroller OF
the Currency the duty of winding up the
business. That was four years ago. The
Comptroller made a report lately which
shows about how the assets are being
distributed. For the year covered by the
report $9,379 Os was collected and $1,000
disbursed. The disbursements were as
follows: For dividends, 81, 405 80; for
barred claims under the act Of 1888, 49,,
93l 05, and for salaries, attorneys fees,
commissioners and other expenses,
1864 70. About third of the collections,
it will be seen, went into the pockets OF
the leeches. Had the affairs OF the bank
been settled economically and promptly,
and with the sole purpose of payingt to the
creditors as much as possible, it is prob
able that the depositors would have got
the greater part OF their money. There
is no blacker chapter in the history of
Republican rule than that which contains
the account Of the management Of the
Freedman's Bank and the settlement OF
its affairs.
The proposition now is that the govern
ment shall make good to depositors the
amount of their loss--that is, that the tax
payers OF the country shall replace the
money which some of those who have
figured prominently in the cOuusels of the
Republican party appropriated in way
not sanctioned by honest men. There is
some justice, OF course, in the proposition,
but if il were adopted would the deposit
ors ever get a cent? Is it not probable
that they have disposed of their books OF
deposit long ago for almost nothing, and
that those who are back OF this PROPOSE
ton are the holders of them and will gel
any money that may be appropriated?
There isn't shadow of doubt that
thousands of the poor negroes who put
their money in the Freedman's bank never
got dollar of dividends, and that If
money were appropriated TO make good
the loss of depositors not one In a thou
sand would get cent.
The only thing that Congress ought to
do in the matter is to order the business
closed up at once, so that the scan
daous affair may be forgotten as soon as
possible.