2006. Freedmen's Bank (Washington, DC)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: October 17, 1872
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 0d99edeb

Response Measures

Accommodated withdrawals, Full suspension

Other: Commissioners appointed to liquidate/wind up; receivers named; statutory commissioners approved by Secretary of Treasury per articles.

Description

Multiple documented depositor runs (1872 and during Panic of 1873) preceded the institution's suspension/liquidation in mid-1874. Commissioners and receivers were appointed and the bank was wound up rather than reopened — a permanent closure. OCR noisiness corrected (e.g., Freedmen's Bank references and dates).

Events (6)

1. October 17, 1872 Run

Cause: Rumor Or Misinformation
Cause Details: Article describes 'widespread rumor' producing uneasiness and heavy withdrawals among depositors.
Newspaper Excerpt: ConsidWASHINGTON, uneasiness has existed for several days among the depositors ... a heavy run ... There was also a run on the Freedmens Bank.
Source: newspapers

2. September 19, 1873 Run

Cause: Macro News
Cause Details: Runs occurred in context of the nationwide Panic of 1873 and failures (Jay Cooke & Co., Fisk & Hatch etc.), causing depositor crowding and withdrawals.
Newspaper Excerpt: There is also a run on the Freedmens Bank. ... The Freedmen's Savings Bank report they had this morning $80,000, of which only $20,000 had been drawn. There are about seventy-five persons in the line at this bank.
Source: newspapers

3. April 27, 1874 Run

Cause: Local Banks
Cause Details: Run by uneasy depositors leading management to invoke the sixty days' notice rule (i.e., limit immediate withdrawals). The immediate trigger is depositor uneasiness (after ongoing troubles).
Measures: Invoked sixty days' notice limiting immediate withdrawals.
Newspaper Excerpt: The Freedmen's Bank was the subject of a run on the 27th inst., by uneasy depositors, and the officers fell back on the sixty day's notice.
Source: newspapers

4. July 2, 1874 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank entered liquidation/suspension after repeated runs, poor asset quality, and revelations of improper loans/speculation; trustees/commissioners placed bank into liquidation and payments were stopped. Receivers/commissioners appointed subsequently by trustees and approved by Treasury/Secretary (per articles).
Newspaper Excerpt: A large number of depositors ... were at the Freedmen's Bank to-day, to draw their funds, but without success, the uniform answer being that the institution had gone into liquidation ... The trustees ... nominated Robert Purvis ... Commissioners to settle up the concern.
Source: newspapers

5. July 10, 1874 Receivership

Newspaper Excerpt: SUSPENSION OF THE FREEDMEN'S BANK.-This institution has gone into liquidation and receivers have been appointed. ... the trustees ... have received orders ... to stop taking in and paying out money ... the bank cannot pay more than 50 per cent. on the deposits (Richmond report). (July 10 article).
Source: newspapers

6. July 13, 1874 Other

Newspaper Excerpt: The Commissioners of the Freedmen's Bank are directing sub-agencies to transmit funds to the parent bank to accumulate assets and declare a pro rata dividend; depositors in some places unwilling to surrender pass-books, delaying winding-up process (Aug. 4). (commissioners' wind-up activity).
Source: newspapers

Newspaper Articles (22)

1. October 18, 1872 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, October 18, 1872

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BY TELEGRAPH. Exclusively for the Register. By Pacitic and Atlantic Line. the Office. 110 Main Street. WASHINGTON. the Freedmen's Bank. Ranson October 17.-ConsidWASHINGTON, uneasiness has existed for sev- the erable among the depositors in eraldays Bank, in consequence of that its and 8 heavy run Large mas probable. Freedmen's widespread rumor amounts suspension on the of bank followed were withdrawn. The bank is money all 10 be quite solvent. Found entity. de Laft, charged with the Redwick of Peter Bennett, was yester- and munier guilty of manslaughter Penientenced found to eight years in the centiary secretary Boutwell his forthcoming report urge enable on willin additional legislation to the 4 and per to in him congress negotiate The manner which 41 he cent. pro- is accomplish the negotiation that which was offered last bonds session, proposed which subthe bill the national banks to which lieu of 6 per stitute t hold to keep in they will compel DOW in circulation. cent., Treasury Decision. Second Comptroller of the The decides on the admisability exTreasury for reasonable funeral and rouchers ticers who die at posts the Secpences other place when ordered by retary of War The Colored Cadet. ial information has been reNo orti Navy Department colored of any conduct towards the cadet improper Conyets by his fellow cadets. Naval change Captain E. Y McConley has been from duty at the Philadelphia for us Vary letched Yard and ordered to get ready The Knights Templar morning the Washington Hart- Com This of Knights Templar of mandery accompanied be a commit- of and Conn., the various commanderies visited see of with 8 band of music, scity. and all the the their respects. in President pay Cabinet Thev were offi- the cets to by the Vice President given East room. received where a concert was the visiting band. Fight with the Indians. The following has just been received here CHICAGO Itls. October 15. States Army To the Adjutant General of the United McKenzie's command has had north Col. with the Comanches on twentv-two, the fork of and right Red River. killing capturing and one hundred their camp home bodies and were children. found In addition and twenty Col- to squaws of Lieutenant Crosby, L. be killing Stanlev reports that Lieutenant wasmor onel of the 22d Infantry, the 4th D. tally Adair wounded by an Indian. 5th Lieutenant on net. and died on rounded the the Indian subse= Adair mortally and the Indian was ser* hot him. killed. Colonel Stanley's Indians, quently also killed by the caprant chased was him and came near engineer General Rosser. the be brought turing L'eatenant Ada r's body will command will Colonel Stanley . or 15th. Signed.] beat Atlantic Cut P on H the SHERIDAN, 14th Lieutenant General. Treasury Balances. Treasury balances at the close CurThe as follows: $5,660,654 coin. $76,887,070. certification cates ency. including $24,683,000 in coin Incorrect. a The reported interview between of business men delegation President, which from New took 80 York and the incorrect. place on Saturday last is questions pretends to give the Presiwhich as it the delegation asked the are menNo such questions asked. as dent. oned in said report were A Dental. Attorney General Williams author- teledenial of the the report he in229 & hence. to the effect that after the graphed resign his position of tended November to election, for the purpose of the the Chairmanship adjudiaccepting Commission to be appointed for e says cating the A 'abama claims. suggested never heard the idea reports. before I "I have heard of the contemplated, alleged and there No such is not thing a word is of truth in the state ment. The Visiting Knights Templar. Hotel, The banquet at the National Tembonor of the visiting Knights now in plan of Hart'ord, Connecticut, grand affair. progress. 18 an eminently bv a hop, will be succeeded ladies The banquet which the most dieringuished will parand gentlemen of the District ticipate. Sentenced. This morning, in the Criminal Brown, Court Daniel Brown, alias Buck Edward charged with the murder August of last, Babbington on the 21st of in the was sentenced to three years Albany Penitentiary. Military. Major John Hamilton. of the the First DeC. Artillery, has been ordered to Major partment of the South, and to the Rest the First Artillery,

2. September 19, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, September 19, 1873

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State securities are neglected. Government bonds are unsettled. Quotations are nominal. PHILADELPHIA, Sept. 19.-The run on the Fidelity Trust Co. continues among small depositors, but confidence is being restored. One depositor with five thousand dollars in the company applied for it, and the ten day notice was waived; after receiving the cash he deposited it again. This company has four thousand depositors and President Brown says is able to meet all demands. NEW YORK, Sept. 19.-E. D. Randolph & Co., bankers of the Penosylvania Central Railroad, and Wm. II. Connor have announced their suspension. WASHINGTON, Sept. 19.-There are no new developments in the failure of Jay Coooke & Co. this morning. No statement of the liabilities and assets can be obtained for several days yet. The failure caused a run on different banks of this city to-day. As early as six o'clock a line was formed in front of the Washington City Savings Bank waiting for that institution to open, the majority of those in line being women, who had small amounts on deposit. The President of the institution was on the ground and addressed the crowd, stating that the bank was perfectly able to pay all demands which is now being done. Later in the day several prominent depositors left the line, feeling perfect security in the institution. There was also a slight ruu on the Bank of Washington, immediately adjoining the Savings Bank, but it has entirely ceased. There is also a run on the Freedmens Bank. There is very little excitement. WASHINGTON, Sept. 19.--Elward L. Stanton, son of the late Secretary of War, has been appointed receiver of the First National Bank of this city.

3. September 20, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 20, 1873

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[Associated Press telegrams. NEW YORK, September 19. - Fisk & Hatch have suspended, also Robinson & Suydam, Richard Schell; White, Defrees & Rathbone, Bouis & Edwards, and Eugene Jackson. George Opdyke & Co. have not suspended. The wildest excitement followed the announcement of the failure of Fisk & Hatch. Wall street was in its shirt-sleeves and bareheaded. Stocks fell ten per cent., and are still sinking. De Haven & Co., of Philadelphia, have failed. NEW YORK, September .-The followingadditional failures are reported: Thomas Reed & Co., W. H. Warren, Greenleaf & Norris, George B. Alley, Thomas Biddle, A. M. Kidder. Western Union Telegraph stock opened at 78; it is now 68}. Like fluctuations in the whole list. WASHINGTON, September 19. 1 Dispatches from all cities report long lines of depositors crowding the bank doors. In this city there is no exceptior. NEW YORK, September 19.-Jay Cooke & Co. have assurances from their London house and correspondents in other cities that their bills will be protected. WASHINGTON, September -There is quite a rush on the Washington City Savings Bank and a slight demonstration on the Freedmen's Bank. Both give assurance of their ability to meet all demands. The Freedmen's Savings Bank report they had this morning $80,000, of which only $20,000 had been drawn. There are about seventytive persons in the line at this bank. There is no excitement about other banks. NEW YORK, September 19.-Fi-k & Hatch say their suspension is but temporary. Their advances are upon the Chesapeake and Ohio railroad and the Central Pacific. They expect to resume as soon as the panic ceases. Their office is strongly guarded by the police. Fitch & Co. and Versou & Hoy have suspended. A prominent Street broker says if

4. September 21, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 21, 1873

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WASHINGTON. CONTINUED UNEASINESS IN FINANCIAL CIRCLES-WHAT WILL THE GOVERNMENT DO ? [Special telegram to the Dispatch.] WASHINGTON, September 20.-The feeling regarding finances, notwithstanding the action of the Department last night, is one of continued uneasiness. The impressions that existed yesterday that the crash was at its worst have failed to be verified. and the panic was much greater to-day, dispatches from New York announcing it as far exceeding that of yesterday. Additional movements on the part of the Government are expected, but no one knows what it will be, though it is freely hinted that the legal-tender reserve will be used to stay the tide of disaster. SCENES AT THE FREEDMEN'S BANK ON FRIDAY. (Washington Star, 19th.] There were some droll scenes at the counter of the Freedmen's Bank to-day. The assembly is a mixed one, the colored race of course predominating, and many questions are asked which provoke laughter. One old colored man, with a black hat well crowded down over his eyes, looking very much as if a hen had hatched in it, having in his hands TWO UMBRELLAS AND A FISH-POLE, and a blanket wrapped around his tattered

5. September 22, 1873 Evening Star Washington, DC

Article from Evening Star, September 22, 1873

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THE SITUATION IN WASHINGTON. THE STORM ADOUT OVER. A Better and More Hopeful Feeling The excitement in this city, occasioned by the compension of Jay Cooks a Co., and other firms in New York, Philadelphia and elsewhere, is subsiding. A bobier Sealing is beginning to prevail, and the senseless run on a few of our banks is about over. There 18 a marked calm and quiet on 15th street, and that thoroughfare shows even less bustle and activity than it did previous to the financial troubles. Our people have evidently come to the conclusion to calmly await events, hoping for the best, yet prepared for the worst. The general interest now center in the news received from Wall street and from Philadelphia, which to-day is of a very favorable character. EX-COVERNOR COOKE eft for Philadelphia last night to confer with the officers of the parent house in that city The firm of Jay Cooke & Co., in this city, still keep their deers closed, although a large eler ical force is employed in adjusting the account of the firm. It is probable that the exact con dition of the house here will be presented in the statement which is expected to be issued by the Philadelphia house to-day. PRESIDENT GRANT arrived in this city on the early morning train. Between 9 and 10 o'clock 2. m. he called at the Treasury department and had an interview with Hometary Richards of upwards of three quarters or an hour duestion. The situation a that time remained inchanged, although the Scoretary had been advised that the banks of New York city had suspended currency pay ments and were issuing certified checks. This he thought was a wise measure on their part. He also received information that bonds were being offered for sale quite freely at the As sistant Treasury in New York city. WHERE THE MONEY TO BUY BONDS IS COMING FROM. There will be a sufficient amount of currency in New York to-morrow belonging to the government to buy all the bonds that may be offered. The Secretary of the Treasury has all that is necessary, and will look out that there is enough in the hande of the Assistant Treasurer to buy everything in the shape of government bonds that are presented for sale. Judge Richardson says he will look out that the government does its duty within the law and he knows exactly where to get all the funds that are necessary, but does not intimate a word about the much talked of legal tender reserve furnishing a part of the money to go to the Assis tant Treasurer at New York. THE U.S NAVY FUND IN LONDON. The Secretary of the Treasury emphatically denies the statement that the navy account fund of the United States has been transferred from the banking house of Jay Cooke, McCulloch & Co., in London. There is no intention of making such a transfer. THE FREEDMEN'S BANK. Unusual quiet prevails at this bank to-day The reporter of Tax STAR was in the institution upwards of half an hour and not five depositors called for settlement, although several made deposits. No further run is anticipated. Mr. Wilson, the cashier, who has been out of the city for several days returned this morning. He assured our reporter that they were in a firm healthy, financial condition, and prepared for any contingency. THE GERMAN AMERICAN SAVINGS BANK on 7th street was in its normal condition of quiet prosperity during the day. There were no signs of a run and the officers of the bank were engaged in transacting their business as usual. President Hits states that on Friday and Saturday last the deposits exceeded the disbursements, and that the bank has gained number of now depositors since the panic commenoed. Business deposits can be withdrawn try check at - time, but according to a rule of the bank, entablished, which nasalways been observed, other depositors are required to give fourteen days' notice before drawing. As a rule the Germans who constitute a majority of the depositors here, are less affected by such excitements than the Americans, and in this particular instance, the depositors, being guaranteed from loss by a provision in the law which makes the directors personally responsible, feel comparatively secure. The deposits here generally range from $100 upward. AT THE WASHINGTON CITY SAVINGS BANK this morning a line of perhaps 100 was formed by the applicants for their money before 9 o'clock, but by noon nearly all had been waited

6. April 29, 1874 Nashville Union and American Nashville, TN

Article from Nashville Union and American, April 29, 1874

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THE Washington correspondent of the Louisvllle Courier-Journal states that the Freedmen's Bank was the subject of a run on the 27th inst., by uneasy depositors, and the officers fell back on the sixty day's notice. The Cincinnati Times' special says: "The Freedmen's Bank closed its doors and suspended payments to-day."

7. June 9, 1874 The Daily Phoenix Columbia, SC

Article from The Daily Phoenix, June 9, 1874

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would be called in by July, 1876. He thinks that this could be done under a free banking law without injury to the business of the country. To aid in bringing about specie payments, and to prevent farther suspension after re- sumption has once taken place, the President would like to have the na- tional banking Act so amended that no notes of lower denomination than ten dollars should be issued. He says that it is his belief that if, since 1850, no bank had issued notes of low de- nominations "below ten dollars," and the same had been true of the green- back issue, no suspension of specie payments would have been necessary. The President has also said that he will go no further toward signing an expansion bill than he indicated in his veto message, as he feels more satisfied than ever with the position he then took. The House passed the bill relative to the Mississippi levees. This is re- garded as another act of justice to the South-west. It provides for the ap- pointment of a commission of two of- ficers of the engineer corps and three civil engineers, to make a full report of the best system for the permanent reclamation and redemption of the alluvial basin of the Mississippi, which report the President is to transmit to Congress at its next session, with his recommendations thereon. The civil members of the commission are to re- ceive $5,000 a year each and traveling expenses, and the secretary to receive $200 per month. An amendment mak- ing the commission consist of three army enginers and two civil engineers was adopted. The bill passed by riva voce vote. The Committee of Conference disa- greed about the Freedmen's Bank. The Senate insists on its bill, which provides for a complete winding up of the affairs of the bank in this city and all its branches. The House bill al- lows the bank and its branches to con- tinue to do business, but sets forth ex- plicitly upon what class of securities loans shall be made. The House Committee on Foreign Affairs has decided adversely on the claim of the widow of James L. Orr, of South Carolina, for extra allowance to him as Minister to St. Petersburg. Mr. Orr did not leave for his post until the second week in February, 1873, and died on the 5th of May, so that he actually did not serve as Minister more than two months. He received in all from the Government $9,273, which the committee think was very ample allowance for the servise per- formed. WASHINGTON, June 8.- Charles Francis Adams, in a letter to Senator Windom, expresses, in the light of his experience as Erie Road Commis- siener, dissatisfaction with the McCray bill to regulate transportation by rail, as going a great deal too far, and with Mr. Windom's suggestions of a simple measure for investigation, which don't go far enough. Adams does not be- lieve it possible for any nine men, no matter how honest and experienced, to properly revise all the running rail- road tariffs in use in the United States; and even if they could, that they would be able to reach the root of the present difficulty. The difficulty is the natu- ral outgrowth of the whole system and the theory of railroad constructing, and it cannot be regulated without up- setting the system, that of private ownership regulating competition. The Senate passed a bill to release C. L. Stevenson, of Virginia, of his political disabilities. The House re- fused to suspend the rules to take up the Senate Civil Rights Bill and refer it to the Judiciary Committee, by 136 to 87-not two-thirds in the affirma- tive. The House passed a bill for the admission of Colorado as a State. Probabilities-For the Northern portion of the Middle States and the lower lake region, threatening weather and rain, increasing Easterly or South- erly winds, high temperature and fall- ing barometer. For the South Atlan- tic and Gulf States, Tennessee, Virgi- nia and the Ohio Valley, partly cloudy and continued warm weather, South- east to South-west winds and slight changes in the barometer. The lower Missouri River will rise slowly. The lower Mississippi will fall during Tues- day. NEW ORLEANS, June 6 - The Cotton Exchange has adopted revised rules, looking to reformation in the manner of handling cotton at this port-the object being to prevent peculations, which have heretofore generally re- sulted in reducing the weight of each nogging bala

8. July 3, 1874 The Daily Argus Rock Island, IL

Article from The Daily Argus, July 3, 1874

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TELEGRAPHIC. More of Tilton's Palaver. D He Roosts Lower. S Delirium Tremens or Hy drophobia ? 's A Soaked Drunkard who Didn't like Water. S, About the Rumored Reduc tion of Transportation Rates. Defunct Banks. Arkansas Election. in Transportation Rates Minnesota The Grassbopper Scourge. A Crusader Detective Deteeted in Stealing. Accidents, Hangings, Etc. ge NEW YORK, July 2 The Golden A of Saturday next will contain the valedi g Theodore Tilton, who resigns the T in favor of Mr. W Clarke. contain further artithe Tilton Beecher scandal, which those who interpre as quite a letting down on Tilton part. The follow h the important parts of this second to remarkable paper, which the Golden Age says written to correct the misapprehen M sions created by the letter to Dr Bacon M He had been assailed by Dr. Bacon, who was to believe that he was a scandal monger and falsifier who had tried to ruin the most beloved of ministers Tilton character and standing as man among par men was involved and silence on his Ba was to acknowledge the justice of Dr pr of asperations and the correctness the erroneous statements by which they were supported. One sentence from Beecher lips or pen would have drawn the poisoned arrow and healed the smart Mr. Tilton called Mr. Beecher' attention to the offensive statements. and in the presence of witnesses, told him that unless he corrected the misrepre way, it would be necessary for him to correct them in own way, which would be and severe. no passed correction was made. on his part impossible. Mr. Tilton accused of in tending to strike Mr. Beecher stagger ing, not a fatal blow. Whoever reads his letter with care will see that he studi ously refrained from striking any blow at all, save thick network of calumny and `misrepresentations that had been droitly woven for his own entanglement and ultimate destr ruction. His sole pur pose to save himself after years of lence and endurance, when longer silence and endurance would have been fatal, and he refrained from mentioning Mr. Beecher all. except was necessary to do in order to set himself right. His reticence in this respect deserves commendation. If it were necessary to lift the curtain and series of disingenious and lexcusa ble transactions in order to vindicate him self he not to blame. The way is open if Plymouth Church and Mr Beecher wish to vindicate themselves. Mr. Tilton does not wish to injure Mr Beecher and hence refrains from the publication of that letter He would not rise by Mr. Beecher ruin if he could. He regretted having been matter, but Mr. were to blame they probably hasten laylight shine through dark places. Webster said the weight De confession of guilt. There are in which silence is out thing in this whole matter and grand that it deserves II tice has not received. We refer to the N coleration, sympathy and solicitude of the American people for the great and useful o nan under cloud of suspicions, thick and heavy enough to crush an ordinary charac Be er beyond recovery. A quarter of tices tury ago Mr. Beecher would have been ried before an ecclesiastical tribunal im mediately, and if he attempted to preach would have been mobbed America wishes his acquittal and him true in spite of the evidence, Fifteen million people refuse to condemn him T under impulse he did what was wrong \ hat may have been done in fit of fren does not counterbalance whole life urity and service. He only blamable or not acknowledging squarely what he oes not deny, and for allowing suspicion rest in the wrong place. himself Ir Tilton asks only justice. He has been uilty only of too great confidence in un northy persons. Dr. Hammond, after careful and the ugh investigation of the changes ase of Entwistle, the compositor. who was itten by dog twoweeks ago and died yesrday. says DO peculiarities could be found or were there any changes that would not observedsafter death from delirium treblood ens except the thickening of the essels, which had probably had been for of The Entwis eath been hard drinking The ent had fears of duced, perhaps, bite of the he hile in fear true but cannot drink it. Entwistle could and d drink when he really tried to It now stated that ding railroads have only discussed estion new schedule of freight larges, and thus far show disposition to wer freight somewhat. All railway lines the Pacific have reduced through from w York to San Francisco on the same asses very heavily Geo. Ellis, President of the defunct ank of the Commonwealth has been Id in $20,000 bail on an indictment char ng him with misapplying the funds of the nk. W ASHINGTON, July 2. -Numbers of de sitors, principally colored attempted to thdraw their deposits from the Freed en's Bank to-day. but were met by invaC able answers that the bank had gone into uidation and that the instructions were pay out no money. LITTLE ROCK, Ark., July 2 The offi-

9. July 9, 1874 The Weekly Clarion Jackson, Meridian, MS

Article from The Weekly Clarion, July 9, 1874

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The Freedmen's Liquidation Bank Goes Into WASHINGTON, D. C., July 2-A large number of depositors, principally colored men, were at the Freedmen's Bank to-day, to draw their funds, but without success, the uniform answer being that the institution had gone into liquidation, and the actuary had been instructed to pay out no more money. It was intended by the trustees to keep the proceedings as to the winding-up of the bank and its branches private until the Secretary of the Treasury had approved of the persons assigned by them to net as commissioners, which has not yet been done. The trustees of the Freedman's Bank have nominated Robert Pnrvis, (colored,) of Philadelphia, Postmaster General Cres. well and R. Leopold, Commissioners to settle up the concern. The work will require three years. It is thought with proper management 93 cents on the dollar can be realized.

10. July 10, 1874 Montgomery County Sentinel Rockville, Gaithersburg, MD

Article from Montgomery County Sentinel, July 10, 1874

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SUSPENSION OF THE FREEDMEN'S BANK.-This institution has gone into liquidation and receivers have been appointed. The principal office was located in Washington, but it has branches throughout the South, and their suspension will cause much suffering among the colored people who had deposited their money in them. The New York branch will proceed to wind up its affairs speedily, and have received orders from the national board of trustees at Washington to stop taking in and paying out money, and it is thought this order will throw the concern into bankruptcy. The Bank at Richmond, Virginia, has decided not to receive any more deposits or to pay out any more money. The loss will fall heavily on the colored people, as the bank cannot pay more than 50 per cent. on the deposits. The number of depositors is 3,600, with $140,000 on deposit in the institution at Richmond. The suspension of the Freedmen's savings bank at Memphis has caused some excitement among the people, though its business has been small since the panic last fall.

11. July 15, 1874 Knoxville Weekly Chronicle Knoxville, TN

Article from Knoxville Weekly Chronicle, July 15, 1874

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WASHINGTON. Receivers of Freedmen's Bank File Their Bond. Miunesota Threatened With Famine On Account of Locusts. WASHINGTON, D. C., July 7.-Jas. Gilfillan is appointed Chief Clerk of the Treasurer's office. Louis M. Martin, present Assistant, will probably succeed Vanderbilt of Clerk of the Treasury. WASHINGTON, D. C., July 9.-Govenor Davis, of Minnesota, asks that allowance of arms be commuted in provisions to relieve citizens, starving from ravages of locusts. The Attorney General has decided that under secton 19 of the act amendatory of the Bankrupt law, the United States Marshals and registers in bankruptcy, are not required to make the returns therein as provided for until they are furnished with circular forms and directing in resecpt thereto, by the Judges of the Supreme Court of the United States. WASHINGTON, July 11.-The National Republican learns from a leading Republican Senator, who has had a recent conversation with Vice President Wilson, that Wilson's resignation of that office will soon be made public, ill health being the cause of this unexpected and extraordinary step. The Tax Payers' Association of this District have adopted a plan of organization, which provides for the appointment of a Committee of seventy to guard their interests generally and to prosecute, in criminal and civil courts, such officers as the late District Government as have acted illegally in the collection and expenditures of the money and for other acts performed by them irrespective of law. Paying the District Debt Interest. President Grant leaves Long Branch Monday for Saratoga. The District Commissioners have a warrant on the Treasury for the July interest on the four millions loan advanced by the First National Bank of New York. It required an aggregate of $144,000 in gold to meet this demand, which has been forwarded. W ASHINGTON, July 13.-Secretary Bristow is expected to return on Wednesday. Fish is also expected to return that day. Navy department will not order north this summer, the vessels now in the Gulf of Mexico and cruising in the waters adjacent to the West Indies. They will all remain about their present stations so that, in case of necessity for the their presence in Cuban waters or elsewhere in that latitude, it will not be necessary to fit out and send vessels from the north to that quarter. The amount advanced to date for the payment of the indebtedness of the District of Columbia, is $473,046, of which $154,500 was paid in coin. The amount paid on the account of the claims of the loyal citizens for supplies furnished during the rebellion, as awarded by the Southern Claims Commission to July 13, 1874, is $277,033. The Indian Troubles.

12. July 16, 1874 Wilmington Daily Gazette Wilmington, DE

Article from Wilmington Daily Gazette, July 16, 1874

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157 General News. The suspension of the Freedmen's Bank, at Washington, has caused the death of three poor women who lost it all their savings. 'The rauche of J. C. Lavings, near Lost Nalley, Texas, wat attacked on Tuesday by thirty Indians. The savages, after a severe fight, were repulsed by fifteen whites, but carried off several horses in their retreat. John Health, one of the whites, was killed. The commandant at Fort Richardson sent fifty cavalrymen in pursuit of the Indians.

13. August 7, 1874 Nashville Union and American Nashville, TN

Article from Nashville Union and American, August 7, 1874

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FREEDMEN'S BANK TROUBLES. Washington Special (Aug. 4) to the Cincinnati Gazette. The Commissioners of the Freedmen's Bank are not having as smooth a time of it as they anticipated. Not many days ago they directed the snb-agencies, in all the States, to transmit what funds they had on hand to the parent bank, with a view of accumulating the assets and declaring a pro rata dividend. The responses come in slowly. In many instances the Commissioners have been notified that the depositors, in the cities where sub-agencies are located, are unwilling that the funds should be sent to Washington. This new trouble only adds to the complication of the suspended bank, and may delay not only the dividends but an actual knowledge of the condition of the institution for many weeks to come.

14. March 26, 1875 The Jasper Weekly Courier Jasper, IN

Article from The Jasper Weekly Courier, March 26, 1875

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# CURRENT NEWS. WASHINGTON. General Sheridan left Washington on the 11th, returning to New Orleans by way of Chicago. His conduct in the late troubles in that city it is stated is approved by the President. The following military changes are announced in a Washington dispatch, of the 11th: Generał Augur goes to New Orleans, to succeed General Emory; General Ord to San Antonio, to succeed General Augur; Genera Cook to the department of the Platte, to succeed General Ord; General Kountz takes command in Arizona. These changes indicate the retirement of General Emory, at present in Louisiana. According to a Washington dispatch of the 12th, the condition of the suspended Freedmen's Bank is much worse than heretofore supposed—so bad, in fact, that Commissioners Creswell, Leopold and Purvis have asked to be relieved from any further responsibility for or on account of said trust, provided their bond may be released from liability after their retirement, and new commissioners substituted in their places. They assign as the cause of their action the failure to obtain from Congress such legislation as they deemed essential to the proper and speedy execution of the trust reposed in them. The following sums are provided by the Appropriation bili for the completion of the public buildings now in process of construction in Western cities: Chicago, $750,000; Cincinnati, $600,000; St. Louis, $700,000; Covington, $25,000; Evansville, Ind., $50,000; Port Huron, Mich., $25,000; Grand Rapids, Mich., $50,000. In the construction of all these buildings it is provided that no change involving an increase in excess of 10 per cent. of the amount to which said building was limited shall be allowed or paid. This insures the completion of the various buildings named according to plans prepared previous to Mr. Mullett's resignation. The Secretary of War has addressed a letter to the Secretary of the Interior conveying the President's instructions regarding the disposition to be made of recently captured Cheyenne Indians. The ringleaders and such as have been guilty of crimes are to be sent to military posts, and will not be accompanied by their families. The remainder of the captured Indians, with the exception of two chiefs guilty of outraging the Germain girls, are to be turned over to the Indian Department, at their respective agencies. The two chiefs are to be held in confinement in such place as the Commanding General of the Military Division of the Missouri may direct. The President, on the 12th, issued an order to the heads of the several departments instructing those officers to recognize the present Government of Arkansas as being valid and in unobstructed operation. The following are the totals of the appropriation bills passed by the last Congress for the next fiscal year: Post-office. $37.524.361

15. April 14, 1875 The Daily Phoenix Columbia, SC

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Telegraphic--Foreigh News. LONDON, April the House of Commons, to-day, Disraeli stated that there had been great misapprehension and exaggeration in the Prussian gium matter. The Prussian note to Belgium was not a menace. It was only a remonstrance; and as no rejoinder had been made to Belgium's answer, he believed the question was concluded. Germany had showed her cordiality for England by communicating to her the correspondence. In conclusion, Mr. Disraeli declared that were Belgium's neutrality really threatened, her Majesty's Government was prepared to do its duty to the sovereign, and would not fear to meet Parliament. PARIS, April Union says the Pope made representations through the Patriarch of Venice to the Emperor of Austria, that the position of the church is becoming more and more intolerable. If unreasonable Prussia is not resisted by the Catholic powers, the latter will lose all its influence and become subject to the German Government, which is endeavoring to bring the whole German nationality under one sceptre. The Emperor, replying through the Austrian Ambassador at Rome, deplores the struggle between the church and State, and advises prudence. LONDON, April 13.-The Humane Society at Boulogne voted a gold medal to Boynton. The Rothschilds have issued a prospectus for a new Russian loan of £15,000,000, with interest at 41 per cent. BOMBAY, April 13.-The cholera has appeared in the province of Oude. PARIS, April 13. -The diplomatic conference upon the metrical system of weights and measures met here yesterday, Brazil, the United States, Venezuela and the Argentine Republic being represented. It was resolved to establish an international bureau of weights and measures. BERLIN, April 13.-The Post says its articles of the 9th, indicating the possibility of war, was not inspired by the Government. The North German Gazette accepts as re-assuring the disavowal of warlike intentions by the French press. The Berlin Post says the draft has been completed of a bill prohibiting religious orders in Prussin, except those employed in nursing the sick. Telegraphic---American News. WASHINGTON, April 13.-The Commissioners of the Freedmen'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. twenty-one branches. Many of the bank's depositors are ignorant COlored people, and they still decline surrendering the pass-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 declare 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 come to the conclusion that the assets are daily diminishing. The Commissioners hold, and it appears to be the prevailing opinion in official circles, that the Congressional demand for an investigation into the affairs of the institution started the ball in motion which has proved so destructive to the bank. It had three distinct runs upon it, and an institution which can stand up under such a clamor by the depositors as was set up when the investigation was begun, must have a romarkably sound management and a strong foundation. The Commissioners say that heart-rending appeals from the depositors are constantly being made, many of whom cannot understand where their money has gone. Moreover, the Commissioners stand with resignations in hand; but their resignations cannot be accepted, according to the Attorney-

16. September 16, 1875 The Cairo Bulletin Cairo, IL

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# FREEDMEN'S BANK The commissioners of the Freedmen's Bank say that they are $85,000 short of the amount necessary to pay 20 per cent. When this concern was in running order it had the universal confidence of black men in the Southern States, who deposited their available earnings in it for safe keeping. All the bank had to fear, in its

17. November 26, 1875 The Jasper Weekly Courier Jasper, IN

Article from The Jasper Weekly Courier, November 26, 1875

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the "Capital Publishing Co." In "securities of the United States" there was found, when the concern was pronounced insolvent in 1874, just four hundred dollars. The miserable truth was then apparent that the Washington Ring and its friends had descended on the earnings of the Freedmen and divided them between them, and the Great Party had nothing to say about the matter. It was too much occupied with the "intimidation" of the depositors at the South. The bank is now being wound up. There was no respectable reason why it should not be wound up under the Bankruptcy Act, like any other insolvent concern. Machinery for the purpose exists under the Act, and has worked with perfect success in the case of the Washington City Savings-Bank, under a receiver appointed by the courts. Instead, however, of leaving the affairs of the Freedmen's Bank to be settled in this way, the very Trustees who have played ducks and drakes with the funds of the institution were allowed, by an Act of June 29, 1874, to nominate three Commissioners, who, on approval by the Secretary of the Treasury, became statutory assignees, and are charged with the collection of the debts and the sale of the assets and the distribution of the proceeds among the depositors. The Commissioners are allowed $3,000 a year each as their compensation out of the assets, and they are authorized to employ "as many agents as are necessary to assist them in closing up the said company, and to pay them a reasonable compensation for their service out of the funds of the company." The Commissioners give a bond to the United States for the faithful performance of their duties, but no depositor or creditor has, under the statute, the right to sue on it. They are not required to make any report; they are not made account-

18. December 14, 1875 Evening Star Washington, DC

Article from Evening Star, December 14, 1875

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EVENING STAR. Washington News and Gossip. THE U. S. SUPREME COURT will take recess from Friday next to January 3d GOVERNMENT RECEIPTS To-DAY.-Inter nal revenue, $213.577 38: customs, $431,453.25 THE AMOUNT of national bank note rency received at the Treasury to-day gated THE London Quarterly Review for October received from Warren Choate & Co., Co. reprint,) is a superior number. A MONG THE CALLER3 at the White House to-day were Senators Harvey, Mitchell Hitchcock, and Representatives Willard DeBolt, Rainey, Bradley and Hyman. MR. BENJAMIN DURFEE, recently of Treasury department, has been appointed clerk of the Senate Finance Committee, T. M. Rees, dec eased. MR. DAVID MURRAY, of New Jersey, written a letter to members of Congress vocating thereturn of heJapanese indemni ty fund to the Japanese government. LAFAYETTE IN BRONZE.-B. H. Kinney of Worcester, Mass., presents a petition Congress asking for $100,000 to erect a heroi statue of Lafayette in bronze, to be place in this city in some of the public grounds. THE FIRST EFFORT to restore the franking privilege comes from the democrats, a having been introduced in the House morning by Mr. Bright providing for free transmission through the mails of Congressional Record. PERSONAL-General Butler is in town *Senator Cameron is not sick. Speaker Blaine has prepared an elaborate speech on the currency question which will endeavor to deliver in the House Thursday. IT IS UNDERSTOOD that Frank Smythe, Va., has been appointed the doorkeeper the House reporters' gallery. It is under stood, further, that the occupants of the lery are in a state of mind concerning the pointment. MR. BLAINE'S SCHOOL AMENDMENTIn the House, this morning, Mr. Blaine troduced his school amendment to the stitution. It was ordered to be referred the Committee on the Judiciary when THE INCREASED POSTAL RATE.-Mr Starkweather, in the House this morning gave notice that on the first Monday House shall be in session he proposed toasi suspension of the rules to pass his bill pealing the increased postal rate on thire class matter and newspapers. SPECIAL MESSAGE ON SOUTHERN FAIRS-The President will send to Congress at an early day, a message on southern affairs with special reference to the troubles in Mississippi and the mode of ducting elections in that state, the inform tion having been gathered by persons nated for that purpose. THE STATUE of General Baker, who killed at Ball's Bluff, and for which gress appropriated $10,000, being the work of the late Dr. Stone, who died recent ly in Italy, was shipped at Leghorn on 19th ult. for this city, and on its arrival Hose em JO new PIO on of person eq IIIM Representatives. THE FREEDMEN'S BANK-The old bill last session, looking to the bringing of by the commissioners of the Freedmen's bank against the old trustees, and to them personally responsible for the losses sustained by depositors, was introduced the House this morning by Mr. Whitthorne of Tennessee. THERE WAS APPOINTED to-day by doorkeeper of the House a new incumbent raise the American flag over the chamber occupied by the assembled wisdom of people. His proportions are SO large cally that it is with difficulty he can through the trap leading to the roof. "the flag is still there." ONE TERM AMENDMENT.-Mr. Randall this morning, introduced a proposed amend ment to the Constitution providing after the beginning of the next Presidential term and after it shall have been ratified the several state legislatures the term of President and Vice-President in office shal not exceed six years, and making the incumbent of the office ineligible to re-election. A MONSTER PETITION.-Mr. Randall at the Speaker's desk to-day a mammoth petition praying for the repeal of the stamp check act. The petition was enclosed in a handsome walnut box. It is 706 feet about one-eight of a mile in length; it tains 30,219 names, representing 33 states five territorfes. It was gotten up under personal efforts of J.T. Heald, of Wilmington, Delaware. THE SENATE COMMITTEES on Finance

19. February 19, 1876 The White Pine News East Ely, Treasure City, Taylor, Ely, NV

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# THE FREEDMEN'S BANK. The Virginia Chronicle's Washington correspondent writes the following in regard to the affairs of the Freedmen's Bank : # THE PLUCKED RAVENS. The investigation into the affairs of the broken Freedmen's Bank of this city promises rich results. It will be remembered that this bank was chartered by Congress as a safe place for deposit of freedmen's earnings. The affairs of the bank were placed in charge of certain Christian statesmen, among whom was ex-Mayor Bowen of this city, Major General Howard and others. The institution ran along smoothly until the guileless freedmen's deposits footed up the snug little sum of $3,000,000. Then the vultures prepared for a grand swoop. By the terms of the original charter the deposits were required to be invested in Government securities, and in nothing else. The vultures applied to Congress for authority to extend the investments to real estate as well, and it was granted. Very soon after the bank exploded, and then it was found that nearly the whole $3,000,000 belonging to the poor blacks had vanished. # WHAT THE COMMITTEE HAVE FOUND OUT. The Committee have, after much effort, succeeded in getting a list of the persons to whom the bank "loaned" money, in direct violation of law, without any security at all, or on such as was absolutely worthless, and which has never to this day been repaid, nor never will be. Here it is: W. Bowen, President of the bank, $28,000 Young Men's Christain Association, $33,000. Washington Club, by James G. Berrett (the Pacific Mail subsidy man) $28,500. S. T. Suit (whisky man), $25,000. W. J. Murtagh, editor National Republican, $12,000. (This was a bribe to keep the Republican quiet.) S. P. Brown & Co. (navy contractors), $10,000. George H. Williams, Attorney General, $15,000. (Bribe to keep the Department of Justice off the trail) Howard University (General Howard's pigeon), $75,000 at 10 per cent., neither principal nor interest paid. S. C. Pomeroy, then United States Senator, $6,000. (Bribe to prevent Congressional investigation.) Maryland Mining and Manufacturing Company (Bowen and others, bank directors, principal stockholders), $75,000. J. V. W. Vanderburg, one of Boss Sheppard's contractors, $230,000-$22,000 repaid. The Committee say they have only just got on the trail, and that they expect to run it close to the White House before they get through.

20. January 8, 1879 The Louisiana Democrat Alexandria, LA

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-A WASHINGTON correspondent thinks that it is about time Congress should take hold of the Freedmen's Bank swindle and wind the concern up, or the luxury of maintaining commissioners will eat up all the assets not yet maile available. From July 13, 1874, to November, 1878, the salaries of these commissioners sum up $39,558 32; those of the attorneys $31,378 82, and those of agents $64,289 57. These, with the other expenses, aggregate $318,753 64 since the bank was turned over to the custody of the commissioners. A sum nearly equal to one half to the dividends paid out was thus consumed in expenses alone. That is to say, it cost over $75,000 a year to run this broken bank, or to eat up the little that was left by the thieves after the burglar alarm had been sounded. The responsibility for this most disgraceful of all steal ing belongs primarily to Cougress which took away the safeguards ol the charter.

21. February 20, 1880 The Wheeling Daily Intelligencer Wheeling, WV

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he AT THE CAPITAL. of m he he The Meeting of the Peabody Trustees and nthe National Educational Association e-SenateConfirmationsandRejec M. tions- The Star Postal ey Routes to be Cut Down. ill g g BRUMIDI in WASHSNGTON, February 19.-Brumidi, a the well known fresco artist, died this morning. g SILVER PURCHASE. The Treasury Department to-day purchased ounces oi or the San New Orleans and Francisco, 494,000 fine silver Philade]phia Mints. e THE PEABODY EDUCATIONAL FUND. e At a meeting of the Board of Trustees e e of the Peabody educational fund Chief Justice T. C. Manning, of Louisiana, was 11 unanimously chosen to fill the vacancy on a the board occasioned hy the death of Gen. Richard Taylor. , 8 CORFIMATIONS AND REJECTIONS. 3, The Senate confirmed Louis H. Aymg, h United States Consul at Meridia; Byron 8 C. Stiffany, Register of Land Office 8 Grand Forks, Dakota; Edgar W. S Register of Land Office at Cheyenne Wm. J. Anderson, Receiver of Public Monies at Grand Fork, Dakota; Wm. H. James, postmaster at Berea, Ohio. The S Senate rejected the nomination of Henry e K. Gibson, to be Supervisor of Census, First district of Tennessee. The greater t portion of the session was occupied with a debate on this nomination. It was rejected by a strict party vote. THE PACIFIC RAILROADS. The Committee on Pacific Railroads received report of Representative Ellis, from the sub committee, to whom was referred a to of the to the petition act asking incorporate repeal the Texas 22d section and Pacific and to the of franchises and in the said to rights R. R. Company, section, the lands New declare granted Orleans, Co. Baton and and that said forfeited, favor Rouge Vicksburg Orleans section Pacific be R. reenacted R. in of the New R.R. Company. The report favored the petition and was accompanied by the bill embodying the desire of legislation. Representative Ellis was instructed to report to the House with the request that it be printed and recommitted. THE NATIONAL EDUCATIONAL ASSOCIATION. The National Educational Association convened to-day. Representatives were present from almost every State in the Union. A resolution was adopted that a committee of teu be appointed to take into consideration the formation of a Na tional Council of Education and to report a plan of organization to the Board of Directors of the National Teachers' Association at their meeting at Chautauqua in July next. The Chair appointed as the committee Messrs. Bycknell (Mass.), Wilson (D. C.), Wickersham (Pa.), Harris (Mo.), Hagor (Mass.), Tarbell (Ind.), Carleton (Conn.), Smart (Ind.), Shepherd (-), and Orr (Ga.) POSTOFFICE ANNOUNCEMENTS. The Postmaster General issued orders to-day forbidding the delivery of registered letters and money orders to Smalley & Gale, No. 35 Broadway, New York, who are said to be engaged in frandulent stock operations. A general order will be issued by the Postoflice Department to-morrow cutting down the mailservice on the "Star" routes in this country to one trip a week. The order is to gointo effect the first of March. The object of the Department in taking this action is simply to keep the expenditures for the "Star" service within the limits of the appropriations for the present fiscal year, pending the future action t of Congress. if THE FREEDMAN'S BANK. e WASHINGTON, February 19.-The Senate f select committee on Freedmen's Bank net to-day. Anson M. Sperry, General Field Agent and Inspector of Branches, g testified to the solvency of the bank and to the marvelous increase in business from the to 1874, had in start deposits up grown the time from of $300,000 its failure. in He cause of 000 The 1866 in to 1874. $31,000,000 stated 1872, that and the to $55,000,the bank's failure was, primarily, a violation of the company's charter in entering general business in the branches which opened its 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 8 loss through the dishonesty of the colored men in charge of any of the branches. Marshal Frederick Douglass, former President of the bank, resumed his testimony, from which it appeared tha during his short administration he had been able to gain but little insight into the true in wardness of the concern.

22. September 24, 1880 The Interior Journal Stanford, KY

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The Republican Record. "Our party," says a Republican contemporary, "points with pride to its record." Let us refer to some features of Republican record during the last twelve years. Briefly stated:- EIGHT YEARS OF GRANT, With his offensive nepotism and disreputable pets. The Boss Shepherd Ring in Washington. The Whisky Ring in St. Louis. Plundering carpet-baggers in the South. The "Black Friday" scandal. The bloody shirt and the inculcation of sectional hate. The Credit Mobilier bribery. The DeGolyer contract. The back pay steal. The Freedmen's Bank swindle. The Belknap disgrace. The financial panic of 1873. The gathering of troops at Washington to overawe the Democrats and defeat the will of the people. The infamous steal of the Presidency. Reckless squandering of the people's money. FOUR YEARS OF HAYES, A minority President, fraudulently placed in office. The reward of every man prominently concerned in the theft of the Presidency by the bestowal of a fat office. Civil Service Reform sham. Persistent demand for troops at the polls. The will of the people frustrated by repeated use of the veto. A minority party with this infamous record demands four years more of power. The people say: "No!"