The advocate. [volume] (Charleston, W. Va.) 1901-1913, 1910-01-06

strong effort is being made, by lead
ing men of both races to have Con-
gress pass at this session the bill
providing for the payment Of the 3S
per cent. DIVIDEND still due the de-
positors Of the Inflated Freedmen's g
Bank. President Taft in his recent
message. recognized the. Justice Of
the claim and earnestly recommend
ed that the overdue money be ap-
propriated by the national legisla-
ture for the relief Of the hundreds
Of colored people who had put their
faith in this quasi4government insti-
tuition and l5had lost their, little all
through its! mfsfortunes lniGs 49, =
Former Register Judson%W. Ly-
ons, who is%npw practicing law in
Augusta, Ga.s Is. interesting himself
deeply in this matter, and while here
ON business connected with other
cases, has been spending some. time
among the members Of Congress
and urging them to see that the
measure becomes a law ct an early
date. He is giving his services to
the cause, without hope of reward,
but as a personal favor to those Of
his people who are. unable at. this
time to help themselves to. get that
which is rightfully. theirs. A few
days ago Col. Lyons ohad satisfac-
tory interview with the President,
and has had assurances from promi-
nent bankers. that there as merit In
the claim set UP by the, men and
women jWhet@:ask !. reimbursement
through the United states Treasury.
1t is believed that 44fst the-bii44 will pass
- -Col.-Lynns,~.4dis discussing the-quesz
OF so~ago,- said: =
"The Freedmens Savings and
Trust Company, as it was officially
known,-although usually called the
Freedmen Bank-was founded idl-
geetly after the .y "a y&w hen the.
gro was III fact award Of the ma
tion,' for the acts of Congress which
afterwards enfranchised our people,
had not then become the law Of the
land. To all intents and purposes,
the colored race was the minor child
or the government. Both legally and
morally, the United States was re-
sponsible for the well-being of the
freedmen, at least until he was fully
clothed with the mantle of citizen
ship.
At the outset, when the Freed
mems Bank was established, it was
provided in the charter that all
funds should be invested in United
States Securities. Had this policy
been adhered to, the Bank would
have been In existence to-day and it
would have had on deposit not less
than twenty million dollars. But,
in an evil moment, the charter was
amended SO that moiety of the
funds could be invested in real es-
tate and other things. There was a
slump In real estate not long after
that; the bottom fell out Of the Com
pany's securities and the Bank went
under. 1t failed in 1874, with over
$2,9O0,000 on deposit. Financiers Of
ripe experience In probate matters
place this money on all, fours with
funds held in trust for minor chill
dren, and hold that the government
should make good the losses incur
red through the faith the Negroes
had placed in an institution pre-
sumabIy under the protection and
authority Of the United States.
cup to this time, there has been
realized from the assets Of the
O1d Company q sufficient sum to pay
off 62 per cent. Of the money due
ho b.
thing over $1,700,000. SO per cent
Is still due, and 1t will take about
81 ,225, 900 to cover this claim. There
IS every reason why this dividend
should be paid, and Congress is
doubtless willing to make the pro-
vision If the proper pressure is
brought to bear. If the colored Deo-
pie all over the country will writ
their Senators and Representatives
and urge them to press the bill, Il
will go through at this session oj
Congress- The Senate passed the
measure at the last session, but was
unable, owing to the rush near ad.
House. The President has been goot
enough to give the measure his most
hearty endorsement in his annua
message to Congress, and this car.
rieg the tremendous weight Of the in.
huence Of the Executive branch OF
ithe government What we want nov
| is-to-gct the legislative -braneh--As
| Senators and congressman are re
spoDsible to the people for any JUS
measure--and this is an entirely jus
where their constttu
| ents demand it, We may expect favor
able action in this matter if the peo
pie rise up and demand that Their
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