1992. Freedman's Bank (Washington, DC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
October 17, 1871
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
fffe3125

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Long-term outcome: commissioners appointed, assets wound up and government later paid partial reimbursement decades after.

Description

Newspapers report runs on Freedman's Bank in 1871 (rumors of defalcation) and again in 1873 (panic from Jay Cooke/First National failures). The bank suspended in April 1874 (articles dated Apr 28, 1874: had suspended payments and closed its doors), and subsequent reports describe it as being suspended and is being closed up with commissioners winding up affairs. Thus a run preceded suspension and the institution remained closed and wound up (commissioners/receivers).

Events (5)
1. October 17, 1871 Run
Cause
Bank Specific Adverse Info
Cause Details
Rumors of defalcation/irregularities by Gen. Balloch (paymaster) triggered withdrawals.
Measures
Bank met demands at that time; tellers paid withdrawals (articles note payments were met).
Newspaper Excerpt
A run on the Freedman's Bank is progressing, growing out of the reported defalcation of Gen. Balloch, paymaster of the Freedman's Bureau.
Source
newspapers
2. September 19, 1873 Run
Cause
Macro News
Cause Details
Panic/financial crisis following Jay Cooke & Co. and First National suspensions prompted depositors to withdraw from Freedman's Bank.
Measures
Bank and local banks arranged measures; met every demand according to reports; aid from government/other banks mentioned.
Newspaper Excerpt
There has been during the day a slight run on the Freedman's Bank ... the excitement here over the failure of Jay Cooke & Co. and the First National Bank
Source
newspapers
3. April 27, 1874 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Internal insolvency and mismanagement (misinvestment in real estate and speculative discounts) leading to suspension of payments and closure of the Washington office; contemporaneous reports cite Comptroller's report and internal deficiencies as triggers.
Newspaper Excerpt
The news that the Freedman's Bank in Washington had suspended payments and closed its doors yesterday
Source
newspapers
4. July 9, 1874 Receivership
Newspaper Excerpt
THE FREEDMAN'S BANK at Washington has suspended and is being closed up. ... the suspended Freedman's Bank, at Washington, will pay about ninety-five cents on the dollar (assurance based on examiner's report). The commissioners ... directed sub-agencies to transmit funds ... responses come in slowly ... the suspended bank ... is being closed up.
Source
newspapers
5. January 27, 1875 Other
Newspaper Excerpt
Mr. DURHAM ... reported a bill to amend the act in regard to the Freedman's Bank, providing for one commissioner instead of three to wind up its affairs, and for proceedings against the old trustees for improper or fraudulent transactions in the management of the bank.
Source
newspapers

Newspaper Articles (22)
1. October 18, 1871 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, October 18, 1871

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LATEST BY TELEGRAPH. what FOREIGN NEWS BY THE CABLE. Miscellaneous and Washington News. HOME NEWS. BRIGAM YOUNG ON TRIAL. Marders in San Francisco. HARTFORD, Oct. 17.-The North American Insurance Company have made an assignment to Wm. C. Hastings. NEW YORK, Oct. 17.-A Herald special from the schooner was from harbor at Guysboro', by Gloucester the says Horton Nova which Scotia, is taken a party of men from Gloucester, now due It is stated a has been sent in pursuit. gunboat at Gloucester. that The schooner British of is off Ann with the rethe schooner. An capturing now Cape American intention in American gunboat has gone to prevent the recapture waters. It is believed that the affair will be of great gravity. SAN FRANCISCO, Oct. 17 -At a public meeting it was decided to send $10,000 to Chicago and the balance to Wisconsin and Michigan sufferers. A Chinese restaurant keeper was killed by his Chinese waiters. Long John, a saloon keeper, was killed in cold blood by a customer. The murderer has beenarrested. The weather continues dry and hot. ATLANTA, Oct 17. -The fair opened yesterday with greater success than the first day last year. Crowds continue to pour in from every direction. Macon, Oct. -The buildings for the reception of articles for exhibition were opened yesterday. The entries are unusually large. M2 NEW ORLEANS, Oct. 17.-Gov. Warmoth writes the parish juries that he is convinced that the Louisiana Levee Company is unable to meet the expectation of the public by preparing for the fall and spring rise. It now rests with the parish authorities to take measures to protect themselves. NEW YORK, Oct. :-Revenue officers, supported by Federal soldiers, made a raid on the 5th Ward of Brooklyn at 6 o clock last evening. They met with but little resistance, and captured several illicit stills and other property. WASHINGTON, Oct. 17. A run on the Freedman's Bank is progressing, growing out of the reported defalcation of Gen. Ballech, paymaster of the Freedman's Bureau. WASHINGTON, Oct. 17. -Judge Chase presided at the Supreme Court, which commenced a special term yesterday. General Balloch, Paymaster of the Freedmn's Bureau, has been suspended for irregularities. His arrest had been ordered but is withheld for explanations. Rumors of defalcation are rife. SALT LAKE CITY, Oct. -Brigham Young plead not guilty. There is no excitement. Young appeared in improved health. MILWAUKEE, Oct. -The schooner Levant was wrecked, the captain, mate, a passenger and two of the crew were lost. The dead were clinging to the rigging. PHILADELPHIA, Oct. - -Butler, in a speech at the Academy of Music, on the Treaty of Washington, held that the concessions made by the treaty were humiliating to all Americans. There was great sensation. WASHINGTON, Oct. 17.-The Attorney General has a dispatch from North Mississippi that five kuklux, with disguises complete, have been captured. There-quarters of a million of revenue stamps were found safe in the Government vault at Chicago. CHICAGO, Oct. 17.-Hon. H. R. Hurlbert, Comptroller of Currency, telegraphs Hon. Geo. S. Boutwell from Chicago that the banks are saved and are paying every dollar on demand. A good feeling prevails. HALIFAX, Oct. 7.-Hon. James McNab is dead. CINCINNATI, Oct. 17 -Eighty Catholic children arrived to-day from Chicago and were committed to the Bishops. ST. LOUIS, Oct. 17.-Fires are raging in Deer and Harrison Creek Valleys, extending to Jefferson county, Nebraska. Loss estimated at $50,000. SAVANNAH, Oct. 17.-The Screven House, which has been closed for four months, has been re-opened by Col. J. R. Davis, of Wilmington. North Carolina. The preparations for the Grand Exposition of the Industrial Association of Georgia, to be held here on the 21st of next November are nearly complete. The race course is in fine order. MONTGOMERY, Oct. 17.-The sub Kuklux committee, recently in session at Huntsville, is here. It goes hence to Demopolis, and thence to Washington. RALEIGH, Oct. 17 .-The exhibitions, at the State Fair, of hogs, cattle and horses are unsurpassed. The agricultural implement exhibition is complete. In addition to the racing programme, a purse of $1,000 has been raisel by citizens, for which n the best horses in the country will contest. CHARLESTON, Oct. 17.-Arrived The steamer Charleston, from New York, and the schooner M Lyons, from Philadelphia. Two fever deaths occurred yesterday and two to-day.

2. October 18, 1871 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 18, 1871

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LATEST FROM WASHINGTON. JUDGE CHASE-ANOTHER PAYMASTER IN TROUBLE, &C. ASHINGTON, October 7.-Judge Chase is presiding at the Supreme Court, which commenced a special term yesterday. General Bullock, paymaster of the Freedmen's Bureau, has been suspended for irregularities. His arrest had been ordered, but it is withheld for explanations. Rumors of a defalcation are rife, and a run is progressing on the Freedman's Bank in consequence. The Attorney-General has a dispatch from North Mississippi that five kuklux, with disguises complete, have been captured. Seven hundred and filty thousand dollars in revenue stamps were found safe in the Government vault at Chicago. Secretary Boutwell has received the following dispatch from Chicago: "The Chicago banks are saved and are paying every dollar on demand. A good feeling prevails." [Signed] H. R. Hurlbut, comptroller of currency." THE WEIT OF HABEAS CORPUS SUSPENDED IN SOUTH CAROLINA. ASHINGTON, October 17.-The President to day, after reciting the causes, and quoting the laws under which he acts, issued a proclamation in which he suspends the writ of habeas corpus in Spartansburg, York, Marion, Chester, Laurens, Newberry, Fairfield, Lancaster, and Chesterfield counties, of South Carolina. The suspension extends to the arrest by the United States marshal, his deputies, any military officer of the United States, or any soldier or citizen acting under the order of said marshal, deputy, or such military officer within said counties, of persons charged with any violation of the kuklux act of Congress during the continuance of the "rebellion" in said counties. WEATHER PROBABILITIES. WASHINGTON, October 17. - -Rising barometer, with clear and pleasant weather, is probable for Wednesday from the lower lakes to Texas and northwestward. Cloudy and clearing weather in New England and on the South Atlantic coast. Fresh northerly winds on the gulf coast. Light winds on the Atlantic, and fresh westerly wind on the lakes.

3. October 18, 1871 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, October 18, 1871

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has a special, dated Gloucester, which says the schooner Horton was taken from the harbor of Guisboro, Nova Scotia, by a party of men from Gloucester. The Horton is now due at Gloucester. It is stated that a British gun-boat has been sent in pursuit of a schooner now off Cape Ann, with the intention of recapturing the schooner. An American gun boat has gone to prevent the recapture in American waters. The affair is believed to be of great gravity. Revenue officers, supported by Federal soldiers, raided the fifth ward, Brooklyn, at 6 o'clock, with but little resistance, and captured several illicit stills and other property HARTFORD, October 17.- The North American Insurance Company has assigned to Wm. C. Hastings. WASHINGTON, October 17.- Judge Chase is presiding at the Supreme Court, which commenced its special term yesterday. General Bullock, paymaster of the Freedmen's Bureau, has been suspended for irregularities. His arrest had been ordered, but is withheld for explanations. Rumors of defalcation are rife. A run is progressing on the Freedman's Bank, growing out of the reported defalcation of General Bullock, paymaster of the Freedmen's Bureau. SALT LAKE CITY, October 16.-Brigham Young plead not guilty. There is no excitement. Young appeared in improved health. # NIGHT DESPATCHES. WASHINGTON, October 17.-The Attorney-General has a despatch from North Mississippi that five Ku Klux, with disguises complete, have been captured. $750,000 of revenue stamps were found safe in the Government vault at Chicago. Advices from the North-west grow hourly worse. Probabilities-Rising barometer, with clear and pleasant weather, is probable for Wednesday from the lower lakes to Texas and North-westward; cloudy and clearing weather in New England and on the South Atlantic; fresh Northerly winds on the Gulf coast; light winds on the Atlantic, and fresh Westerly winds on the lakes. Comptroller of the Currency. Official from the Agricultural Bureau-The cotton returns of October are no more favorable than those of preceding months. In no State is the average of September fully sustained. The general average of condition in the first week of the present month is 76 per cent., against 80 per cent. in September. In some sections in the Mississippi Valley and in Texas, improved prospects are reported, while the preponderance of testimony in the South-west, as well as on the Atlantic coast, favors a further reduction of the expected yield. The per centage of condition in the several States is as follows: North Carolina, 80; South Carolina, 75; Georgia, 72; Florida, 73; Alabama, 75; Mississippi, 76; Louisiana, 73; Texas, 72; Arkansas, 82; Tennessee, 94. The injuries reported are from rust, shedding of bolls prematurely, sufficiently low temperature to check development of bolls in more Northern latitudes, floods and inundating in Florida and Georgia, sprouting or rotting of bolls from rains, drought in the section West of Georgia, and the boll and army worms in portions of Mississippi and more Western States. It does not appear that the losses from insects are general or very serious. With a few isolated exceptions, drought should be credited with a larger proportion of the depreciation than any other assigned cause, notwithstanding the fact that cotton endures lack of moisture better than other crops. The present indications do not point to a crop of more than 3,000,000 bales. If the remaining season should be unfavorable for the development and gathering of the fibre, as a matter of course this result must be accepted. CHICAGO, October 17.-Hon. G. S. Boutwell, Secretary of the Treasury: The banks are saved, and are paying every dollar on demand. A good feeling prevails. (Signed) H. R. HURLBUT, HALIFAX, October 17.-Hon. James McNab is dead. CINCINNATI, October 17.-Eighty Catholic children arrived to-day from Chicago, and were committed to the Bishop's care. ST. LOUIS, October 17.-Fires are raging in Deer and Harrison Creek valleys. They have extended to Jefferson County, Nebraska. The loss is estimated at

4. March 12, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 12, 1873

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It seems that a very large amount was drawn out of the Wasbington City Savings Bank yesterday. A crowd surrounded the institution from the time it opened until 10 o'clock last night. They were admitted by two entrances, and every facility was afforded for meeting their demands, The Washington Chronicle says that "on Monday about $30,000 was drawn out of the Freedman's Bank, but yesterday the panic with regard to, it seemed to have subsided, with a conviction that it would be able to meet anything but an extraordinary run upon it. The other savings banks endured 80 slight a run they were not in the least discommoded."

5. September 20, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1873

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THE SITUATION IN WASHINGTON. THE ABILITY OF THE FIRST NATIONAL TO RESUME DOUBTED-GREATNESS OF ITS BUSINESS-RUN ON THE FREEDMAN'S AND WASHINGTON SAVINGS BANKS-SECRETARY RICHARDSON ACCOMMODATES THE WASHINGTON NATIONAL BANKS-HIS COURSE UNDECIDED. [BY TELEGRAPH TO THE TRIBUNE.1 WASHINGTON, Sept. 19.-The excitement here over the failure of Jay Cooke & Co. and the First National Bank has been somewhat allayed to-day, or has given way to the amazement felt on every hand over the immense reverses among the bankers of New-York. There is nothing new in the situation of the two banksnamed. The officers have nothing to say, and, as nobody is admitted into either establishment, there are no new facts to be given to the public. Mr. Edwin L. Stanton, a lawyer in this city, and son of Edwin M. Stanton, has been appointed receiver of the First National Bank and will take charge of its business to-morrow. He is the Secretary of the District, and has had intimate relations with ex-Gov. Henry D. Cooke for several years. His capacity and high character are everywhere commended. It has been Aascertained by the Controller of the Currency that the bank owes $700,000 to othernational banks, but that the amount is SO much scattered that none of the banks will feel the loss. The amount of business done by this bank for others was something enormous. It was the redemption agent, and general business agent, through which passed the funds and business of 600 other banks throughout the country. The cashier of Jay Cooke & Co., said to-day that all the clerical force in the bank was busy in preparing & statement for the public which will be submitted in a day or two. He also said that the firm expected in a few days to open their doors and resume business. Mr. Cooke made substantially the same statement. There is nevertheless a general feeling about the streets that the failure is complete and that the firm will not resume. It was stated on the street to-day by a prominent lawyer that clients had come to him with certificates of deposit bearing five per cent interest, to the amount of $60,000, and asked him to proceed against the firm in a legal manner. If this statement is true, it would seem that the suspension could not have been wholly unexpected by the firm, as it is generally understood that a bank must be hard pressed for funds that can afford to pay five per cent on call deposits. There has been during the day a slight run on the Freedman's Bank and a pretty heavy one on the Washington Savings Bank, which lately withstood such a determined run. At the previous run the President of the bank assigned all his clerks to the duty of paying depositors as fast as they came in, and opened all the doors, front and rear. to give them an opportunity of free access and exit. Now, however, he takes the run more deliberately, and his tellers and clerks do nothing but their routine duty. Many of the Washington banks have heavy funds in New-York, and, in anticipation of a run, it was arranged by Gov. Shepherd with Secretary Richardson that currency might be issued to the banks from the Treasury on telegraphic notification from the Assistant Treasurer in New-York, and that funds to the amount had been deposited there. There are no fears of other failures here, and in fact it is a subject of remark among Government officers and others, that during all the excitement and panic of the past two days not a single banker had suspended, except those engaged in heavy railroad or other speculations in stocks. As for the Secretary of the Treasury, he seems wholly unconcerned, and laughs contentedly over the crash which during the day has almost hourly assailed his ears. He said at 2) that he had done nothing whatever toward relieving the panic, and had not decided to do anything. He said his business was to take care of the Treasury, and he didn't know but he might do something at any hour. This evening he refuses to say anything whatever.

6. September 20, 1873 National Republican Washington, DC
Article from National Republican, September 20, 1873

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THE CRISIS IN WASHINGTON So far as this city is concerned the monetary erisis occasioned by the recent failures is over, and to-day we are confident that business generally will have resumed its usually healthy tone. The city banks yesterday met every demand that was made upon them, and the result is that public confidence is restored, and that the alarm which was very naturally created by the suspension of so many well-known firms has almost entirely subsided. The call upon the banks was sudden and wholly unexpected, and the way in which they have met it shows conclusively that they not only had no connection whatever with the broken institutions, hut that they have been confining themselves to an exclusively legitimate banking business. As long as the banks do this they are entirely safe, and no apprehension need be entertained of their ability to fulfill their obligations. The REPUBLICAN yesterday gave a fuller and better account of the suspensions than was printed by any newspaper in the country, the journals of New York not excepted. In a series of interviews with the responsible men of every banking institution in town, it foreshadowed exactly the results that have taken place so far as this city is concerned. It took the ground that there was no occasion whatever for alarm ; that anything like a financial crisis was pure nonsense, and that depositors may feel perfectly secure. The financial transactions yesterday abundantly justify the predictions that it made and the position which it took. The small depositors made a run upon the Washington City Savings bank and upon the Freedman's bank; but both of these institutions met every demand made upon them. So far as the Freedman's Bank is concerned, the Government itself stood behind and came to its assistance in a that cannot but inspire confidence in its The business men stability. way of Washington I rallied to the support of Mr. Ruff, and the deposits at his bank nearly equaled the withh drawais. Checks upon Mr. Ruff were promptly honored by firms as old and strong as M. W. Galt, Bro. & Co., and by other leading merchants. The banks themselves 1 have stood together bravely and manfully, o forgetting all petty rivalry and jealousy, and f the consequence is that Washington has a weathered the storm and is perfectly secure. The danger is entirely over, and we congratu-

7. April 28, 1874 The New York Herald New York, NY
Article from The New York Herald, April 28, 1874

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The New York Branch. The news that the Freedman's Bank in Washington had suspended payments and closed its doors yesterday induced a HERALD reporter to call at the New York branch. in Bleecker street, to ascertain whether there was any run. The office wore its usually quiet aspect, out Mr. Harris, the manager, said that ae snould probably be compelled to enforce from to-day the rule requiring sixty days' notice from depositors. He thought that the Washington bank could not possibly have closed its doors permanently, and had probably only announced that the sixty days' rule would have to be insisted upon. The run on the Washington bank was, in his opinion, caused by the report of the Comptroller of the Currency to the House of Rep. resentatives. He though there would be a run he on the New York branch. "Such news," said, "would bring a ruu to any bank, and we are not invulnerable by any means. Still, the very worst examin of the Washington bank which can be made shows a deficiency of only $200,000 on $3,000,000 deposits, and a large proportion of this deficit will be absorbed by unclaimed deposits. An evening paper of last Saturday calculate the probable loss to the depositors at seven per cent and I certainly do not think that it will be more than that." Mr. Harris stated, also, that the New York branch could not continue pay ments, as their funds came from Washington. and expressed g: eac regret at the necessity of suspension. The New York branch, which IS only one out of thirty-four branches, has about 3,000 depositors, and the total amount of their deposits IS about $316,000. Two thirds of the depositors are colored people.

8. July 9, 1874 The Kenosha Telegraph Kenosha, WI
Article from The Kenosha Telegraph, July 9, 1874

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THE FREEDMAN'S BANK at Washington has suspended and is being closed up. There have been various reports in relation to the amount the bank will pay. The following is the last: According to assurances given by the bank authoriries, based upon the report of the United States Bank Examiner, the suspended Freedman's Bank, at Washington, will pay about ninety-five cents on the dollar,

9. August 8, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, August 8, 1874

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Malapropos, The resemblance which the UnionHerald would like to trace between the Freedman's Bank, at Washington, and the Citizens' Savings Bank, at Columbia, does not exist in fact. What either will pay the depositors remains yet to be seen. The possibility of paying anything on the part of the former is due, if we are not mistaken, to the action of disinterested parties, who have protected the freedmen against those who, par excellence, claimed to be their friends. The Citizens' Saving) Bank has already paid twenty-five cents in the dollar, and has ordered twelve-and-a half cents more to be paid on the 1st of September. One of the causes of its embarrassment is due to the failure of the South Carolina State Government to pay an important claim that it has against it. It was directly and strongly affected in its solvency and strength by the bankrupt condition of the State. If there has been any mismanagement on the part of those in charge of its affairs, (and we don't know that there has been,) no imputation that we know of has been made upon their integrity. The allusion to the names of a distinguished Confederate General and of his successor are particularly unjust. Not the slightest stain rests upon them. As to the financial troubles of the bank, they were, no doubt, due principally to the "panic," which struck it inopportunely, delivering its whole force in this place on this one banking institution. Others, perhaps, were saved by it, or relieved at least. There is no likeness that we can see between it and the Freedmen's Bank, except, perhaps, that each, to its sorrow, credited the Government or Government officials where it was located-the one the General Government at Washington, the other the State Government of South Carolina.

10. August 15, 1874 Nashville Union and American Nashville, TN
Article from Nashville Union and American, August 15, 1874

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# THE FREEDMAN'S BANK. Rev. Nelson Merry's Letter Meets with General Approval. # What Representative Colored Men Think of It. In perambulating the streets yesterday, our locals made some inquiry amongst the colored people concerning the effect of Rev. Nelson Merry's communication published in yesterday's UNION AND AMERICAN. The letter attracted considerable attention, and generally met with a hearty endorsement. There were, however, some who disapproved. J. J. Carey, cashier of the Freedman's Bank, criticised it freely, and said that he did not see that such a letter could do any good, any more than the indignation meeting held in Baltimore. He differed with Merry in the assertion that the managers of the bank intended to deceive the colored people from the beginning. He thought them incapable of such treachery. That the affairs of the bank might have been badly managed, he admitted, but he could not believe there was ever any intentional fraud. He thought the depositors would in the final settlement lose not more than 10 or 15 per cent. of their deposits, and that they would, during September or October, get a dividend amounting to about 20 per cent. of the deposits. Abe Smith was asked "What do you think of Parson Merry's letter?" He replied that it contained nothing but facts, and that he endorsed all of it except certain general statements in the first part of his article, which he thought smacked of ingratitude to many of the colored folks' Northern benefactors. He approved of everything said concerning the Bank. The question was then asked, "Were you present when Rev. J. W. Allvord, President of the Bank, used the following language from Rev. A. G. Merry's pulpit: 'I sometimes preach, but now I will talk to you about banks. You ask me is the bank safe? I'll ask you, is Uncle Sam safe? (Many voices—Yes. he is safe.' Another voice—'Can the bank break?') I'll answer you by asking, can you break Uncle Sam? (Cries of 'No! No!') Then you can never break this bank. You can break Uncle Sam just as soon as you can break this bank. Every dollar of this bank is invested in United States bonds. I took a look over her bonds just before I left Washington'?" "I was," was the answer, "and I think Mr. Merry has reported him almost verbatim. He used that language, and it was calculated to mislead those who heard him, for every dollar was not invested in United States bonds." "It has been intimated that Merry wrote the article in question to curry favor with the Southern white people in order to induce them to contribute toward the building of a new church. Do you think Merry was actuated by such a motive." "No," said Smith; "I am a member of his church, and I know what his motive was. You see, the suspension of the bank placed him in a very unpleasant position. He had said the bank was trustworthy and safe and a great many deposited their savings in it out of pure faith in him, that would otherwise never have entrusted their money to it. Why there are numbers of his congregation who hold him directly responsible for their deposits. I could cite you to an old woman, who, when the bank suspended, went to him and said I hold you to account for my money, for I never would have put it in the old bank if you had not said what you did about it. One-fourth of his congregation were depositors and had trusted him, not the bank. So you see the suspension of the bank placed him in a false light before his flock, and this is the reason why he brought out his card." He was then asked what sort of an impression the card made upon the colored people. He replied that he had heard as many as fifty speak of it, and they had all warmly approved it. There was no doubt it expressed the sentiments of the colored people. Wm. Sumner was also questioned upon the same subject, and he agreed precisely with Smith in what he had said. He also was present when Alvord occupied Merry's pulpit and told what Merry now characterizes as "a lie."

11. August 20, 1874 Public Ledger Memphis, TN
Article from Public Ledger, August 20, 1874

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FREEDMAN'S BANK COMPLICATIONS This institution, it appears, has a new trouble. Under the heading as given above the New York Tribune's Washing. ton agent last Wednesday telegraphed that the commissioners of the Freedman's Bank are not having as smooth a time as they anticipated. Not many days ago they directed the sub-agencies in the State to transmit what funds they had on hand to the parent bank here, with a view to accumulate the assets and declare a pro rata dividend. The responses come in slowly. In many instances the commissioners have been informed that the depositors in the cities where the sub-agencies are located are unwilling that the funds should be sent to Washington. This new trouble only adds to the complications of the sus8 pended bank, and may delay, not only dividends, but an actual knowledge of d the condition of the institution for many weeks to come.

12. January 27, 1875 New-York Tribune New York, NY
Article from New-York Tribune, January 27, 1875

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HOUSE OF REPRESENTATIVES. Mr. HARRISON (Rep., Tenn.), from the Committee on Elections, presented a report on the proposed amendment to the Constitution as to the election of President and Vice-President in favor of the plurality system. and a minority report was presented by Mr. SMITH (Rep., N. Y.) recommending the abolition of the Electoral Colleges and the direct election by the people. Ordered to be printed. Mr. GARFIELD (Rep., Ohio). from the Committee on Appropriations, reported a bill appropriating $182,500 (currency and cola) for the payment of the February interest on the 3.65 bonds of the District of Columbia, to be considered and adjusted as part of the proportional sum to be paid by the United States for the expenses of the District, and to ward the payment of the Interest on the funded debt of the District. On a point of order made by Mr. HOLMAN (Dem., Ind.) and Mr. RANDALL (Dem., Penn.), the bill was sent to the Committee of the Whole, where it can be reached only in the regular order or by suspension of the rules on Monday. Mr. DURHAM (Dem., Ky.), from the Committee ou Banking and Currency, reported a bill to amend the act In regard to the Freedman's Bank, providing for one commissioner instead of three to wind up its affairs, and for proceedings against the old trustees for improper or fraudulent transactions in the management of the bank. He explained one of the objects of the bill to be to 8a ve salation by substituting one commissioner at $5,000 a year for three with au aggregate salary of $9,000. and he spoke of the present management of affairs 84 miserable. . Mr. KELLEY (Rep., Penn.) thought It a grave objectiou to the bill to charge one individual with % trust

13. April 10, 1875 New-York Tribune New York, NY
Article from New-York Tribune, April 10, 1875

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had been kept in order that the cost of the sideboard might be determined and the Government reimbursed. They also asserted th at, in the Spring of 1874, a font was made in the Navy-Yard, also of Government material and by Government labor, and that, by direction of the Secretary of the Navy, it was shipped in two boxes, about the middle of May, to Hon. A. Q. Keasby, care of William Monahan, Monmouth Beach, N. J., via Long Branch boat." They also asserted that hundreds of dollars' worth of fancy boxes, picture-frames and other furniture had been made for private use, for which the Government had never been repaid. Recently a board, consisting of officers in the Navy-Yard, was appointed to investigate these accusations, and the men who made them offered to go before the board and explain the whole case on four conditions, viz. 1. That witnesses should be examined under oath. 2. That one of those who made the accusations should have the privilege of cross-examining witnesses. 3. The production of such documents belonging to the Government as those making the accusations should consider necessary. 4. That the board should sit with open doors. These conditions were not agreed to by the board, and those making the accusations withdrew. The whole case reduces itself to this Either Secretary Robeson is guilty of converting public property to his private use, or there has been irregularity and dishonesty in the Washington Navy-Yard. The friends of the Seeretary believe the latter to be the case, and while they would regret his want of discretion in using the Government shops for the manufacture of articles for private use, even though the Government has been fully reimbursed, they believe it to be his duty to relieve himself from every shadow of suspicion by causing the present investigation to be thorough and conducted in public, so that all the world may know what the facts are. THE FREEDMAN'S BANK'S AFFAIRS. DIFFICULTY OF LEARNING THE TRUE FINANCIAL CONDITION OF THE BANK-EFFORTS OF THE COMMISSIONERS TO HAVE RESIGNATIONS ACCEPTED. [FROM A REGULAR CORRESPONDENT OF THE TRIBUNE.] WASHINGTON, April 8.-The Commissioners of the Freedman's Bank have about made up their minds that they cannot escape the duties assigned them, namely, settling the affairs of the bank and its 21 branches. Many of the bank's depositors are ignorant colored people, and they still decline surrendering the phss-books, an action which greatly embarrasses the Commissioners. Every day develops some strange negotiations by the management in lending the bank funds before the institution collapsed. Property has been advertised for sale at auction, in regard to which Commissioner Leiofold states he found among the bank's records a clear abstract for the land; and the Commissioners, in order to save the property, are compelled to attend the sale and purchase it until the question of the true title and ownership is settled. The Commissioners, even had they $600,000, which amount would be necessary to déclare the first dividend, would not feel warranted in so doing unless the Government would come to their aid. What they want is the assistance of all United States depositories, so that such dividends could be paid at such places by schedule. Matters have not worked altogether harmoniously between the old bank management and the Commissioners since the latter were installed in office. The old managers have been free in their suggestions of how things ought to be done, and have not hesitated to force their uncalled-for advice on the Commissioners. The latter gentlemen have exercised their own judgment in adopting suggestions other than their own to one another. The Commissioners have a thankless task, and the present prospect of their securing any material compensation looks doubtful. They must secure their salaries out of the assets of the bank, and the Commissioners have about

14. July 6, 1875 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, July 6, 1875

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Frenchman A ment young lady tle lamb, said She time. Can you tell me when it is that blacksmith raises a row in the alphabet? It is when he makes a poke r and shove, 1. Why is a newspaper like a toothy brush ? Because every one should have one of his own, and not be borrowing his neighbor's Kill him kill him I' shouted a crowd in Virginia City as they gathered around hotel. "What for ?" inquired stranger. "He's alligator boots and a velvet coat. Mash im. 'Well, my boy, asked a gentleman of a little eight year old boy, 'what are you crying for "Cause I can't find my dad. I told the old/fool if be went off too far he d lose me, was the filial reply. Big bull fight at Madrid the other day for charitable purposes Three men and several horses. killed. "A little more bull," roared the ladies and gentlemen as they reluctantly left the bull pit for home. A Cleveland woman recently married a Chinese laundryman, and three days thereafter the unhappy Celestial appeared at a barber's shop and ordered his pigtail cut off, saying in explanation, Too muchee dam yank, A Minnesota paper made a young poetess say "Oh, for a heart full of sweet yearlings The poetess wrote to the editor. declaring that she wrote who "yearnings !" and that the printer set it up "yearlings" was a calf. Mrs. Rose, of Connecticut, said she would hang herself if Rose wasn't home at eight o 'clock When he came in at night she was suspended to a beam,cold and dead, and he rubbed his hands and whispered: "There's a woman who couldn't tell a lie! "We read in de good book, says a colored Baptist brother down South, "of John de Baptist-nebber of John de Methodist. And that, says a Charleston correspondent of the New York Observer, is the reason most of the cold oreil Southern people are Baptists. A newsboy, seated on the post office steps, counted his pennies over and remarked "Seventeen cents in all. That's five for the circus, three for peanuts, four for sinking fund. four I owe to y a Jack, and there's one left to support widowed mother on until Saturday d night. Said a colored Georgia preacher Dar robbin and stealin' all around Dar's de Beecher business, de Woodhull business, Summer is dead, tornadoes come whoopin' around. de Freedman's Bank has busted, and it 'pears as if de end was high,mighty clus at hand "It is not our fault," says a Milwaukee editor, "that we are red headed an small, and the next time that one of d those overgrown rural roosters in ball room reaches down for our head and d suggests that some fellow has lost a d rose bud out of his button-hole, there will be trouble d A yard stick is very useful in a store at a stick on the stage is of no use what ever a stick in tumbler is sometimes ck in danger of making the sidewalk uneven to pedestrians; a stick of a husd band or wife is apt to he much longer than is desired, and a stick full of mat. ar ter is the commonest thing read in news. 1, papers. A lady who had been teaching her d little four year-old the elements of arith. metic was astounded by his running and propounding the following problem 'Mamma, if you bad three butterflies an and each butterfly had bug in his ear, ell how many butterflies would you have?' The mother still at work on the problem. n What's this crowd around here for ? d, demanded a policeman, the other night ch as he came upon a dozen boys grouped be near the gate of a house on Second street. Keep still," ellied one of the n lads, "there comes old John, tight se, he brick, and we're waiting here to see his wife.pop him with the rolling pin be opena. the front door Enterprise ry st Courier as A new aneedote of the rebellion as n follows the close of the war, Gen. ad Joe. Johnston met in Baltimore a young not man who had enjoyed undisturbed the as social delights of that rebelliousec it and who said to him. Well, General, we are conquered, but not subdued, Were ng me you in the service, young man? asked bit the General No. sir, I had not that mhonor. Then, my friend, said Johnar,' ston, 'you may not be subdued, but I ck am. old "No, I don't want none of your relightning rods,' said a Kentucky farmer. in last week, to a man who had stopped at the his house to put up patent lightning ng conductors. "I ain't afraid of lightning, all it's the thunder I believe's going to en, knock us all endwise, some dav. "You his don't seem to comprehend said the hn, pedlar 'these ere silver-tipped rods are en lightning rods, and the gold tipped ones and are thunder rods -just what you want. and he persuaded the old man in order ing up the gold tipped rods. and rtb Sunday was a delicious day It was the nature's grand overture. The sunshine ent balmy and brilliant, the air was as gentle angel's touch and the birds, the n's melody thrilled earth and Heaven Man walked forth into the country her breathing in the defieions fragrance, bathing his soul in the blessed sunshine She and rejoicing in the glad music of the en the birds. The next morning be was yell ed, ing at the top of his voice, Where is thunder is that ar thick undershirt, Ms ink ria?-Charleston(Ills.)Plaindealer.

15. July 29, 1875 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, July 29, 1875

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# PRESIDENT GRANT PRESIDENT GRANT is a very consistent man. He refuses to remove Fisher, the worthless district Attorney of Washington, though four of his Cabinet unite in begging him to do so. He clings to Delano, though the evidences of his corruption in office are piling up like snow on Mount Washington in mid winter. And now he has pardoned out of the Penitentiary, after a confinement of a few months, a notorious negro "fence" abettor of arson and receiver of stolen goods, who was last winter convicted in Washington, after a great deal of trouble and sentenced to an imprisonment of thirteen years. If the Freedman's Bank had not already come to grief, President Grant would doubtless have recommended this much injured man and brother for for a high financial post in that interesting institution.-N. Y. World.

16. November 26, 1878 National Republican Washington, DC
Article from National Republican, November 26, 1878

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Death of W. J. Wilson. Professor W. J. Wilson, whose illness was noted in THE REPUBLICAN, died Sunday night, at his residence, on L, between Thirteenth and Fourteenth streets. Mr. Wilson was a very well-known colored citizen. He was one of the originators of the Freedman's Bank, and served in that institution as cashier. Since the suspension of the bank he has been employed in the Post Office Department. He was about sixty years of age.

17. August 9, 1879 National Republican Washington, DC
Article from National Republican, August 9, 1879

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THE Lynchburg Virginian returns to the discussion of our advice to the colored people in Virginia to vote with the honest debt-payers by reciting a few facts relating to the unfortunate suspension of the Freedman's Bank. It charges that this suspension is due to the fact that Republicans only were permitted to take part in the conduct of that institution, and forgets to explain that the colored people themselves, or certain inexperienced representatives of the colored race, were the controlling spirits thereof. But of this it is unnecessary to say anything more, except that the Hon. BEV. DOUGLASS, one of Virginia's repsentative statesmen, investigated the affairs of the bank thoroughly several years ago, and failed to discover the corruption and gross mismanagement in its affairs to which our cotemporary alludes. As to the debt-paying business, which is the main question at issue, we wish to know from the Virginian why it was that Repudiation was seldom thought of and never publicly advocated until after the "real Conservative party of Virginia " came into power? Parson MASSEY, leading anti-debt-payer, is not and never was a Republican, but, like other Repudiators, sprang from the womb of Home Rule-i. e. from the Conservative Democracy. It will not do to hold the blacks or the Republicans of the State responsible for this attempt to dishonor the State. And what is true of Virginia is also true of Tennessee, Georgia, Louisiana and the rest of the "reclaimed" Southern States. In fact, Home Rule and Repudiation are getting to be synonomous terms in the South. t

18. February 21, 1880 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, February 21, 1880

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TELEGRAPHIC ITEMS. The Senate Select Committee on the Freedman's Bank met yesterday. A. M. Sperry, General Field Agent and Inspector of Branches, testified to the solvency of the bank and to the marvelous increase of its business from the start up to 1874, the time of its failure. The deposits had grown from $300,000 in 1866 to $31,000,000 in 1872, and $55,000,000 in 1874. He stated that the cause of the bank's failure was primarily a violation of the company's charter, entering into general business in its branches, which opened doors to wild speculation in real estate, loans and other doubtful securities. The worst complications and losses, he said, arose from operations in Washington. He had never known the bank to sustain loss through the dishonesty of colored men in charge of any of the branches. On account of non-payment of dues and other causes, the following stocks have been stricken from the list of the San Francisco Board. Succor, Woodville Con., Mint, Franklin, Potter, Mides, North Utah, North Carson, Georgia, Arizona Con., North Con. Virginia, Seg. Gold Hill, Glasgow, Nivian, Erie, Santiago, Blue Jacket, Columbia, Con. Plutus, Little York, Silver West Con.. Rye Patch Con., Jefferson, Panther, Hussey, Tybo Con., Young America, Silver Prize, Grand Prize, Prince & Davis, Liberty, Commanche, South Modoe, Ida, Klamath and Con. Arizona. Blaine's most trusted friend, a Maine Congressman, says that although he has not been authorized to say SO by Mr. Blaine, yet He is confident that it is no part of the Blaine campaign to attack the Grant movement and try to kill it. He is confident that such a course on Blaine's part would antagonize all of Grant's friends and do more harm to his cause than good. The story is therefore utterly discredited. The Senate Committee on Territories has decided to recommend for passage a bill extending the jurisdiction of the United States Courts in civil and criminal matters to Indian Territory, and providing for the acquirement of citizenship by the Indians and the allotment of lands to them in severalty, under prescribed conditions. A member of the Union League declares that Conkling will go to Chicago as a delegate at large from New York. This fact is important as evidence that Conkling is out of the field as Presidentlal candidate, It is expected that he will make a rousing Grant speech in his studied style at the Utica Convention on Wednesday. By running off the track a passenger train on the Baltimore & Southwestern Railroad, while crossing a trestle near Bellaire, Ohio, last night, fell a distance of 35 feet. Twenty passengers were seriously injured, and among the fatally injured is Hon. Lorenzo Danford, ef Clairsville, Ohio, an ex-member of Congress. Rev. Edward Cowley, late manager of the Shepherd's Fold, New York, who was convicted of cruelly ill-treating and starving children under his care, was arraigned for sentence yesterday. Recorder Smyth gave the extreme/penalty of the law-one year in State Prison and $250 fine. A large party of citizens are scouring the country near Newman, Georgia, for a man named Bivens, who Thursday night, while drunk, ravished his daughter, sixteen years of age, and fled to the woods. A report of his death will accompany the news of his capture. The Senate joint resolution, authoriz. ing the Secretary of the Navy to designate a vessel of the United States to carry, free of charge, the contributions for the relief of the poor of Ireland was passed by the House vesterdav.

19. April 1, 1880 Centre Democrat Bellefonte, PA
Article from Centre Democrat, April 1, 1880

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The Freedman's Bank. REPORT OF THE INVESTIGATING COMMITTEE WHY THE BANK FAILED. Special dispatch to the Times. Washington, March 28.-The Freed. man's Bank investigating committee, of which Bruce, the colored Senator from Mississippi, is chairman, has completed its report, and all the Democrats have signed it. The report is a plain state ment of fact, free from partisan bias. The report gives as one cause of the failure a misapprehension on the part of the trustees of the character and purposes of the available fund, the com mittee holding that under the charter that fund was intended simply to pay such depositors as might wish to with. draw their deposits and the employes of the bank. The trustees construed it to authorize them to set apart one-third of the deposits for ordinary banking purposes and went into a very extensive discount business. Another cause of failure is alleged to have been the transfer of the control of the funds and the investments thereof from the trus tees to a financial committeeand to the actuary. Under the practical operations of the institution three of the finance committee, and sometimes the actuary alone, performed functions which under the charter could only be performed by at least seven affirmative votes on the part of the trustees. The committee suggest as another cause of failure that the provisions of the charter forbid ding any officer or employe, directly or indirectly to be a beneficiary or borrow er of the bank was repeatedly violated, the officers sometimes borrowing, sometimes negotiating their own paper ostensibly for others, sometimes acting as in dorsers and frequently making loans to corperations in which they were stock holders. Another section of the charter provided that the president, vice president and other important officers should be bonded officers. This provision was disregarded, as no bond was required. In addition to these causes of failure the committee. suggest that there was great inexperience, ignorance and carelessness on the part of the officers in administering the affairs of the bank. There were no penal clauses incorporated in the original charter to punish infidelity in office, and such clauses were not incorporated in the mandatory acts until the act of 1874, ten days before the bank suspended. With adequate penal provisions in the original charter many of the managers of the institution would have been subject to both criminal and civil prosecution, and one of them. George W. Stick. ney, the last actuary, is subject to such prosecution under the provisions of the last mandatory act. He appears to have loaned $30,000 the day after the bank closed without consulting any one and taking no security for a part of the loan and insufficient security for the rest. Some of the criminal actions are now barred by time, and the civil action would be unproductive, because of the insolvency of the men who were liable to them. The present management is reported to be needlessly expensive and costly, the cost of administration, including taxes, for this year being $335.000, the salaries of the commissioners amounting to $50,000, attorneys' fees, $70,000 The

20. October 28, 1882 Savannah Morning News Savannah, GA
Article from Savannah Morning News, October 28, 1882

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WASHINGTON A BAD TIME FOR THE OFFICE BROKERS. Mahone's Methods-Edison's PatentsBusting" from the Inside-Cleveland's Majority. WASHINGTON, October .-The President is going very slow just now. He is waiting for the November blast from New York and Pennsylvania. He is not making any appointments He has been urged to make a large number of removals and appoint new men. It is almost unnecessary to say that the persons urged for removal are people who are tainted with halfbreedism in that they are not howling stalwarts. The other day a politician, anxious for a change of the kind mentioned, called on the President and urged the necessity of his plea. The President replied that he did not intend to make any new appointments until after the November elections. and that it was needless to urge him to do so. To others on similar errands he has said the same The character of the November elections, it would thus seem is to influence Presidential appointments. THE WAY HE DOES IT. You know that Mahone has twice assessed government employes from Virginia five per cent. of their salaries, and he got the money, too. An official of the Post Office Department told me to-day that not a Virginia employe there escaped. The very laborers and women on salaries of six hundred and nine hundred dollars a year, and many of them with families to support, have twice been compelled to hand over five per cent. of their yearly pay to the Jay Hubbell, of Virginia. He cited instances of three women, one with a family of three, another with a family of eight, and the other with an invalid sister to take care of. who had tried to escape the rake, but to no avail. The presentation of their case to Mahone did not cause that gentleman even to reduce the assessment. They had to pay or go. All of these three have a salary of only nine hundred dollars. Speaking of Mahone, I was looking over a list of Presidential post offices in Virginia the other day. The list was at the Post Office Department, and is used for reference. Opposite each Postmaster's name was the name of the individual upon whose recommendation the appointment had been made. With but few exceptions that name was Mahone. EDISON'S PATENTS. With nearly every issue, weekly, of the list of patents granted inventors, there is added one or more, sometimes as many as eight, new ones to Edison. He will average at least seventy inventions a year. Many of these inventions are the result of his brain years ago, upon which he IS now getting patents. With a very rare exception, all of these to pertain electricity. Long ago a separate room in the Patent Office was set apart for the reception of the models of his inventions This room. known as "Edi son's Room,' is being rapidly filled. It is one of the sights not to be missed by visitors. They are always shown that room. It is certainly worth seeing. The use of the inventions or how they work is unintelligible to the average man, but the collection of queer looking models is decidedly interesting. If Edison goes on at his present rate he will soon have to be assigned another room. It is said that he has a contract with the Western Union Telegraph Company by which for $5,000 that company is llowed to make the first bid for every improvement invented by the "Wizard of Menlo Park." HOW THEY BUST. On the corner of Seven th and F streets in this city there has been located for years an aged darkey who, with brush and blacking, makes a living by shining boots. He is a quaint old customer and shrewd withal. He is credited with having a snug little nest egg. His stand is just in front of the building formerly occupiei by the German-American Savings Bank, which exploded a couple of years ago under somewhat peculiar circum stances. The vaults formerly in the building are now being taken out. A large mass of bricks and mortar obstructs the sidewalk. Today while Sam was polishing away at half an acre of !eather the owner of the leather said: "Sam, there is enough bricks and mortar there to build a house." "Yes, sah," said Sam, "and, boss. I can't see for the life of me how that bank busted. Certainly it did not bust from the outside; must a been from the inside, just like the Freedman's Bank, They all busts from the inside, I bleves. BIG FIGURES. The figures that are predicted as the majority of the Democrats in New York are certainly large. I do not hear any politician say that Cleveland's majority will be less than 15,000, and from that upward the figures grow very rapidly. Fifty thousand is what most Democrats predict, and Republicans even the most stalwart concede the State to the Democracy by "a very fair majority." Many Republicans concode a 30,000 defeat for Folger. One Republican from New York is very downcast. He is a business man in the interior of the State, He was in the office of Treasurer Gilfillan to-day. Mr. Gilfillan asked him how thirg were going in New York. "Badly. very badly," he replied. "Cleveland will be elected by an overwhelming majority. I would not be surprised if his majority was 200,000 POTOMAC.

21. March 1, 1883 The Democratic Press Ravenna, OH
Article from The Democratic Press, March 1, 1883

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# The Way the Moacy Goes. A Washington special says: "At the last session of Congress an appro- priation of $300,000 was made to pur- chase the Freedman's Bank property in this city. The building was for the use of the Department of Justice, which had occupied a portion of it under rental for several years. The price paid was thought by many at that time to be a fancy one, but as the money was to go to the depositors of the broken concern which owned it, the money was appropriated without much oppo- sition. As soon as the government came into possession of all the proper- ty it was found that the portion which had been occupied by the defunct bank was entirely out of repair; in fact, no repairs had been made on the building since its erection. An elevator had to be put in, which cost $15,000. Then $10,000 more had to be spent on repairs. It is now discovered that the walls are splitting, and that, in order to prevent their falling, iron rods will have to run horizontally through them. Other re- pairs are absolutely necessary, which will, it is estimated, cost $20,000, and then it is not certain that the concern will be pronounced in good condition."

22. May 5, 1910 The Times Dispatch Richmond, VA
Article from The Times Dispatch, May 5, 1910

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MAY PAY DEPOSITORS Committee Reports Favorably on Freedman's Bank Bill. Washington, D. C., May 4.-The bill to pay the depositors of the Freedman's Bank, carrying an appropriation of $1,291,000, was favorably reported out of the Committee on Banking and Currency in the House to-day. Three Democratic members of the committee-Representatives Gillespie, of Texas: James, of Kentucky, and Pujo, of Louisiana-voted against the bill. The Freedman's Bank was organized in 1865 by prominent Republicans and Abolitionists as a philanthropic Institution. A charter was granted by the Federal government, and the bank established in Washington, where many millions in deposits were received from former slaves in all parts of the United States. The original charter required the bank to invest its funds in government bonds, but this was changed by act of Congress in 1871, allowing it to invest in real estate. The funds were consequently invested in suburban property in the city of Washington, and the panic of 1873 drove it to the wall. But 62 per cent. of the deposits were paid, and bills have been pending for years to reimburse the depositors who did not receive their money. It was reported favorably from committee in the Sixtieth Congress, but failed to pass. The proponents of the bill take the ground that the government had stood sponsor for the institution in so many ways that it could not escape a degree of liability.