2012. Freedmen's Savings Bank (Washington, DC)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: September 19, 1873
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: ce073ce9

Response Measures

Accommodated withdrawals, Partial suspension, Full suspension, Books examined

Other: Commissioners appointed to wind up affairs; sixty days' notice invoked; eventual winding up and dividends planned after asset collection.

Description

Newspapers report runs on the Freedmen's Savings Bank during the financial panic of Sept. 1873 (related to Jay Cooke failure) and earlier. The institution later invoked the 30/60-day withdrawal rule and ultimately suspended (reported July 15, 1874) and went into wind-up/receivership with commissioners collecting assets by Aug 1874. Classification: run → suspension → permanent closure/receivership.

Events (7)

1. September 19, 1873 Run

Cause: Macro News
Cause Details: Run coincided with the wider financial panic associated with Jay Cooke & Co. failure and New York money-market disturbances; news from New York increased excitement.
Measures: Bank paid currency for small demands; officers prepared for contingencies; assurances to depositors that demands were met.
Newspaper Excerpt: The run on the Freedmen's Bank, however, continues to some extent, but hourly grows more languid.
Source: newspapers

2. September 20, 1873 Run

Cause: Macro News
Cause Details: Continuation of panic sentiment following national financial disturbances (Jay Cooke collapse); heightened by New York news.
Measures: Paid out demands to close of business; enacted certified-check arrangements among associated banks; attempted to meet withdrawals in currency.
Newspaper Excerpt: The run on the Freedmen's Savings Bank continued this morning ... The former has paid out sixty-three thousand dollars.
Source: newspapers

3. September 23, 1873 Run

Cause: Macro News
Cause Details: After initial panic days, withdrawals subsided as currency and assurances arrived.
Measures: Payments resumed at normal levels; run subsided.
Newspaper Excerpt: The run on the Freedmen's Savings Bank has entirely ceased...
Source: newspapers

4. July 15, 1874 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Institution suspended amid revelations of mismanagement, bad loans and corruption; commissioners later appointed to wind up affairs (not a mere rumor). Articles cite insolvency and corrupt loans as causes of suspension rather than mere rumor or government closure order specifically blocking payments (though charter withdrawal rules were used).
Newspaper Excerpt: The suspension of the Freedmen's Savings Bank ... is the chief subject of conversation among them.
Source: newspapers

5. July 16, 1874 Other

Newspaper Excerpt: Three deaths have resulted indirectly from the suspension, the victims being women, who went into a wild state of imbecility and collapse at the loss of their savings.
Source: newspapers

6. August 30, 1874 Other

Newspaper Excerpt: The sixty days notice of the Freedman's savings bank expired yesterday, but affairs remain unchanged and business still suspended. Commissioners to wind up its affairs are busily engaged collecting assets and loans of the bank. They declare when twenty per cent is collected a dividend be paid to depositors.
Source: newspapers

7. August 31, 1874 Receivership

Newspaper Excerpt: The affairs still remain unchanged and business is still suspended. The commissioners to wind its affairs up are busily engaged in collecting the assets and loans of the bank.
Source: newspapers

Newspaper Articles (22)

1. October 17, 1872 Evening Star Washington, DC

Article from Evening Star, October 17, 1872

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Condensed Locals. It is underst ood that the Cha lottesville (Va.) int 1. gencer has been sold to Mr. J. P. Tustin, of this city, for 32,035. Nast's Tidal Wave" cartoon in Harper's Weekby for October 26, (received from Parker,) must ie seen to be appreciated. a rom Shillington we have Godey's Lady's Book for November. The engarving "Kept In," is above the average. Ruberstein, the great planist, and Wieniawski, the renowned violinies, are to give concerts here about November 1st, at Lincoln Hall. We learn that the Philbarmonic Society are to give the Stabat Mater, with Miss Cary, Miss Carl tta Patti, and others, early this season. The Marine band open air concerts in the Capitol and Executive Macsion grounds, on Wednesdays and Saturdays, have been discontimed. Mr.C. T. Heltzclaw, of thefrm of Holtzelaw & Graham. who was hurt by ralling from a building on F street last Monday, is improving slowly. The George V. Williams, 2 clerk in one of the departments, who was engaged in a fight with George Her ault. as stated in yesterday's STAR is not George W. Williams, of the Secretary office, Treasury department. Rev. Dr. Boynton delivered a very interesting lecture on the history of the King James' translatic n of the Bibe before the class for Christian workers at the Young Men's Christian Association rooms last evening. Chas. T. Widstrand, of this city, has received a patent for a pen-helder. Richard K. Evans, of this city, is assignor for John J. Wright, of Rickmond Va, who has received & patent for a horse-collar. Company D. Washington Light Infantry, Capt. R.C. Lewis, which left here on Tuesday morning to attend the Frederick county (Md.) fair, arrived here about 1 @'clock p. m. to-day, well pleased with their trip. The reports of a FUE upon the Freedmen's Savings Bank, in this city, and the unsteady condition of its affairs, were started joe previous to the election here, to induence the colered vote. The reports bac the effect of learsing a slight run upon the back. but every demand was met promptly, and the confidence of the devesitors was fully restored. The claim of Mrs. Anna M. Fitzhugh, of Fairfax county. Va., was heard yesterday by the Southern Claims Commission. This claim lethe largest in amount of any yet filed, $375,000 being the sum claimed of the government for wooden from off the farms of the claimant. About twenty-five witnesses are to be examined to prove the claim. A meeting of the Northern Market House com mission was held yesterday afternoon at the exec ative office, and the secretary was directed to notify Mr. Naylor that his bid had been accepted, and to request him to be present with his Londsmen on Monday afternoon, when the contract would be signed. The Howard republican club of the 2d district have elected the following officers to serve for the ensuing year: R. G. Cunningbar, president; James Harris, vice president; James R. Hunt, secretary; Madison Jack on. treasurer. O.S. B. Wall, John Higgies, Walter Butler, Sole mon Phillips, John N. Hunt, Joseph T. Settle and Allan Poindexter. executive committee. The name of the club has been charged from "Howard" to "Columbiz."

2. October 24, 1872 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 24, 1872

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There was no ground, it is asserted, for the recent panic with regard to the Freedmen's Savings Bank, in Washington, as it has no less than four millions on deposit. -

3. September 19, 1873 Evening Star Washington, DC

Article from Evening Star, September 19, 1873

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of others, for that institution was more or less complicated by the banking business of Jay Cooke & Co., and the Pacific railroad bonds, with which they are heavily loaded. The other banks of this city invested mostly within this District or in government securities, and are not involved in outside operations. Mr. Davis then stated their deposits to-day had about balanced that of the withdrawals made, and he antictpated no run on their house. Should it come they are abundantly able and ready to meet all demands. He thought depositors would return their money with Mr. Ruff in a few days again, as he could see no cause for alarm. He expressed his belief that the Freedmen's Savings Bank would not suffer much inconvenience, as they had plenty of currency to meet demands. ACTION OF GOV. SHEPHERD. At an early hour to-day Gov. Shepherd, with commendable forethought, anticipating, perhaps, that some of the banks might be run, and cramped for currency. called upon Secretary Richardson and made an arrangement both with him and Treasurer Spinner, to the effect that any bank of the District depositing at the sub-Treasury in New York, and that fact being telegrap hed to Treasurer Spinner, could procure all the currency desired, direct from the Treasury here. This will enable any bank to convert by telegraph any collateral securities they may hold into currency, and furnish abundant means to meet any emergency. AN ADDITIONAL NOTICE. At half-past one o'clock the following was placarded on the doors of the First National bank: Paper maturing this day in the hands of the First National bank may be found at the Metropolitan bank, (next door.") INTERVIEW WITH MR. TENNEY. At two o'clock, THE STAR reporter was admitted to the banking house of Jay Cooke & Co., and was received by Mr. Tenney, when the following conversation ensued: Reporter.-"Mr. Tenney, THE STAR is anxions to inform the public of the latest news concerning the unfortunate suspension of the banks you represent?" Mr. Tenney.-"You may state that all the clerical force of the office is busily engaged in preparing a statement for the public, and that it will be submitted to them as soon as practicable. You may also state that the firm expect in a few days to open their doors and resume business." THE EXCITEMENT OVER. At o'clock 15th street was virtually deserted, and did not present as animated an appearance as usual. There seems to be a growing contidence that all is well, and that the business of the bank will resume at an early period. The run on the Freedmen's Bank, however, continues to some extent, but hourly grows more languid. FIRM AS A ROCK. At half-past two o'clock the reporter of THE STAR called upon Mr. Stickney, of the Freedman's Savings bank. The rush at that hour still continued. He was informed that the bank would keep open until its usual honr-4 p. m.and that up to that hour he (Mr. S.) did not think that thirty thousand dollars would have been drawn. This is owing to the small individual deposits carried by the bank. There 18 a general feeling that the run will subside tomorrow, although the officers are preparing for any contingency. A RECEIVER APPOINTED At half-1 last two o'clock, Edwin L. Stanton, Secretary of the District of Columbia, called upon Controller Knox and accepted the position as receiver of the First National Bank. He will take charge at once.

4. September 20, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, September 20, 1873

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rectors. Various Matters. Patrick Lyons was arrested to-night for killing James Lestrange this evening in a quarrel. At the investigation into the Kelsey murder to-day at Huntingt n, L. I., the sister ot Kelsey gave damaging testimony against Royal Sammes and others. The Transportation Committee. BUFFALO, Sept. 49. - The Transportation Committee visited the harbor and parks here to-day, heard the views of several merchants here to-night, and Seuator Window adjourned their tour. They separated till the meeting of Congress. WASHINGTON. Postponed, WASHINGTON, Sept 19.-The banquet to exGov. Cooke, which was to take place Saturday evening, has been deferred. No Run on the Banks. There has been no run upon the national banks or bankers here, and business has gone on as usual, There was a run upon the Washing City and Freedmen's savings banks, where all the demands were met to the close of business hours. Economy Counselled. The Secretary of War has issued an order counselling discretion and economy on the part of company officers in issuing rations. He advises the sale of all over the regular allowance, and purchase of articles of diet peculiar to the locality. The company fund must be expended for the sole benefit of the soldiers. Purchase nf Bonds. The Secretary of the Treasury has directed the Assistant Tr easurer at New York to purchase on Saturday $10,000,000 worth of bonds.

5. September 22, 1873 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, September 22, 1873

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BY TELEGRAPH. Exclusively for the Register. By the Pacific and Atlantic Line. Office, 110 Main Street. WASHINGTON WASHINGTON Sept. 20. Secretary Richardson is in receipt of the following LONDON, Sept. 19-Evening.-The Syndicate accounts are all in perfect der. There is a universal sympathy towards Jay Cooke, McCulloch Co.'s House here, which continues transact= ing business as usual. Signed, A. G. COLTELL." WASHINGTON, Sept. 20.-There is highest authority for etating that at conference held in the Treasury Der partment last night, at which prom nent officials were present, telegraphic communication with the President cided that in case an offer to buy $10,000.000 of bonds did not allav the ex. eitement in New York, the Secretary the Treasury shall draw on the $44 000,000 reserve to any extent necessary Secretary Richardson is in receipt despatches from New York bankers asking him to let them have greenbacks on gold and bond securities, which they will deposit with the Assistant Treasurer at New York. The Secretary declines to do this on the ground that he has DO authority The run on the Freedmen's Savings t Bank continued this morning. News e from New York increased the excite( ment in financial circl (8. Things looks panicky, but more conservative men business predict Washingto banks will weather the storm succesefully. As to shipment it is ex. pressed here that Secretary Richardson instead of offering to buy bonds did not place the entire currency eurplus in uncertain banks of New York, tak ing Government security as a collateral The opinion is expressed that the President eventually decided this policv to be adopted as the only means of affording relief and advertise the gen1 crash The President has issued a proclamation relieving from discrim ating dutiee, the imports on French vessels. i The London Syndicate Accounts in Good Order The following wrs received from London by the Secretary of the Trear surv The Syndicate account is in perfect order. There is a universally kind feeling toward Jay Cooke, McCulloch & Co., who continue their business 88 usual. The run on the Freedmen's and Washington City Savings Banks con. tinues to-day. but is much less tean yesterday. The former has paid out sixty-three thousand dollars There are about seventy-five persons (the majority being colored) awaiting their turn at the counter, and the actuary says it 18 about the usual Saturday a ternoon crowd. Proposed conference with Indian Agents. Commissioner Smith left enerday for Fort Sill. He will hold a conference with the Indian agents in Ne. braska and Kaneas, and get their views of affairs of Indian tribes in these places. Fariens Forney. Forney's Sunday Chronicle replying in an editorial OD the present financial curses, says that it appears that the terrible results of financial power now upon U8 might have been averted by timely action on the part of the Secretary of the Treasury The currency balance on hand, according to the daily cash statements, wasquite large Secretary Richardson day that the failure of Jay Cooke Co. was announced, was urged by per ties who knew that the effect of the and nouncement on the money market in would be to put out some currency the ebape of the purchase of bonde. The Secretary did not know what he could do, in fact he did not comprebend the situation. It was as easy for him no purchase ten or filteen millions dollars worth of bonds on Thursday as it will be two weeks hence. That amount of currency thrown upon light panicky money market would have relieved thousands and prevented numerous suspensions understand it was not until Secretary Richardson was peremptorily ordered DE President Grant to purchase bonds that he ieened order late on Friday night The opportenity to do good has passed. The experience of the last week only shows the necessity of have ing a statesman of comprehensive in the Treasury The Panic. At all the hotels and public places day the conversation turned altogether upon the prospect of the renewal of last week's excitement on the opening 01 business to-morrow As a general thingt! impression was that the woret is over. Those. however, who look be low the surface express fears of worse troubles to come Hopes are entertained that the conference held to-day in New York, between President Grant and Secretary Richardson, may result in the adoption of some mode of relief which will prevent further serious trouble.

6. September 24, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 24, 1873

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WASHINGTON. AFFAIRS OF THE NATIONAL BANKDISTINGUISHED SUFFERERS BY THE SUSPENSION. WASHINGTON, Sept. 23.-A dispatch ays the most prominent depositor in the first National Bank of that city next to In President Grant was Andy Johnson. the First National Balk he has always kept his account since he was made President, and it will be remember ed that while General Butler was making an in vestigation as to the causes which prevented the impeachment of Mr. Johnson, the latter's bank account was pried into, and it was found that his worldly wealth didnot exceed $75,000. At the time of the suspension of the bank Mr. Johnson had $60,000 to his eredit, on which he was receiving six per cent interest, which was his only revenue. Should the bank be unable to discharge its obligations a contigency is by no means impossible, and ex- President Johnson will be almost penniless. Another case which will excite sympathy is that of Mrs. John G. Wilson, whose husband, a member of Congress, elected from Oregon, recently died. Mr. Wilson had one thousand dollars on deposit in the bank when he died, and arrangements were making by Judge Williams and Senator Kelley to obtain money for the widow, who is wholly without means, and is now teaching school to support her family. The Smithsonian Institute had $10,000 on deposit; the Children's Hospital, a benevolent institution, which has done much good in Washington, had $19,000; Judge McArthur, of the District Court, lost $10,000. Senator Patterson, of South Carolina, it is said, had $14,000 in one of the suspended banks. Admiral Rowan had $6,000; the widow of a former navy agent had $17,000, the proceeds of the sale of all the property that she had; and it is said that General Hunter had large-balance to his credit. Even Mr. Knox, collector of currency, whose money was in the bank, said he hadn't money enough to gorto market with the day after the suspension. The run on the Freedmen's Savings Bank has entirely ceased, and comparatively few depositors are at the door of the W ashington City Savings Bank awaiting their turns.

7. September 25, 1873 The Daily Phoenix Columbia, SC

Article from The Daily Phoenix, September 25, 1873

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banks throughout the city. No suspensions of payment has occurred -day. The directors appear to be more confideut. $2,500,000 loan certificates were issued by the Clearing House. The Government bought over $2,500,000 in bonds. 3.50 P. M.-The street is very quiet at this hour; the day closes hopeful, but rather gloomy. WILKESBARRE, Ps., Séptember 24 Brown & Gray attribute their failure to Henry Clews. The miners were large depositors. CHICAGO, September 4-Bank ness good and a comfortablefeelingprevails. HALIFAX. September 24-Brown WOD by several lengths. PATTERSON, N. J., September 24)415 locomotive men were discbarged from the Rogers locomotive iron works to-day-making 1,000-twi-thirds force. WASHINGTON, September 24.-The Freedmen's Savings Bauk is enforcing the legal thirty days' notice from lepo sitors. MILWAUKEE, September 24.-The Chamber of Commerce adjourned Monday, 29th. The resolutious don't interfere with former contracts, but commend that all outside trading ceuse. CHARLESTON, September 24.Money is 80 stringent here that no obligations are contracted, and all business limited in amount. There is some demand for cotton, at low figures, but the difficulty in negotiating exchange stops sales, and the relief from that source is 80 slow in coming, that factors would, at the moment, accept low rates for most articles of produce. Paper falling due is renewed in full, or with a small payment on account, and creditors are disposed to be indulgeut. No failure has been reported. The banks pay checks as usual and there has not been the first symptoms of a run. RICHMOND, VA., September 24 -The Dollar Savings Bank closed this morning. Isaacs, Taylor & Williams, baukers, suspended, on account of scareity of currency. The assets are double the liabilities in both the above concerns The stone-cutters employed at the Go vernment stone yard were depositors to a large amount. There is considerable excitement in the neighborhood of the various banks, and a run of small depositors on the banks, but all are holding out as yet, and will doubtless weather the storm through the day. The Freed man's Savings Bank require legal notice, as also the private institutions. A general meeting of the members of the Chamber of Commerce, Corn Exchange, Tobacco Association and the leading merchants was held at 1 o'clock, to con sider the state of affairs and adopt some measure to strengthen public conti dence. It was the largest gathering of the kind ever held in Richmond. The greatest interest was manifested to prevent a financial crisis. A series of resolutions was adopted with great unanimity, in effect as follows: That the present condition of Affairs in Richmond has arisen from causes and influences external to banking a mercantile busiis in no or on gular ness, and operatious wise attributed undue expansion merchants; to irrethe part of the banks or that the banks of the city are at present believed to be of undoubted solvency, and that no loss can result to creditors, if the banks are allowed to proceed as heretofore; that the meeting deprecates the uneasy feeling prevailing in the city, astending to produce a panic and a rnn on the banks, thereby being likely to cause their suspension, as well as to arrest and overthrow all business; that in view of the undoubted solvency of the banks, and to prove their confidence therein, the members of the meeting themselves to abstain from runand to necessary pledge ning strictly the banks, regular and contine themselves checks and drafts in the course of businessmaking them as limited as practicable, and continue as heretofore to make deposits; and that they urge upon all persons having business with the banks to a like course the of and pursue avoiding greatest disaster. of contingencies confidence, No further thus all prostration suspensious out till reported. closing hour, The paying banks held the up promptly. The excitement has greatly subsided. ALLENTOWN, Pa., September 24. Thomas B. Parker shot his wife, this morning. and then blew his brains outcause jealousy. The parties are very wealthy. The wife is supposed to be mortally wouuded. The tragedy causes intense excitement. UTICA, N. Y., September 24.-The Republican Convention nominated Francis A. Thayer for Secretary State: Nelson

8. September 30, 1873 Evening Star Washington, DC

Article from Evening Star, September 30, 1873

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Wallach, chairman, was appointed to wait upon Mr. Mattingly, receiver, and the officials of the bank, in relation to the probability of resumption, and at 2.15 the representatives of the press were informed by gentlemen of the committee that the general meeting of depositors[which was to take place at 3 o'clock this afternoon had been postponed until Thursday at noon. It is reported that Mr. Mattingly, the receiver, and one of the prominent officials of the bank discountenance the proposition to place Mr. Ruff again in charge, but exactly on what grounds cannot be ascertained. THE ASSOCIATED BANKS. At the National Metropolitan Bank affairs are progressing to-day in encouraging style under the system of certified checks. and the clerks are quite busy receiving the special currency deposits of the large number of customers of this sterling old institution. The National Savings Bank is constantly receiving deposits, the receipts yesterday and today considerably exceeding payments. The Freedmen's Savings Bank is pursuing the even tenor of its course, and is engaged for the most part in receiving again the deposits drawn out in the late run upon it. Lewis Johnson & Co., who have a large deposit account, seem to have the entire confidence of their customers, who fall very readily into the certified-check arrangement. The Second National bank continues to pay small demands in currency, and thus far has given but few checks. Mr. McKelden is confident that the monetary stringency will be relieved in a very few days, when business will go on as usual. There were but few calls to-day for money at this bank, and the deposits were double the disbursements. Everything was quiet at the German-Ameri. can Savings bank on 7th street. Here also currency is still paid in small sums, and but few checks have been issued. There has been no run whatever on this bank. THE CONTROLLER OF THE CURRENCY for the past week has been overwhelmed with telegrams from the national banks in every section of the Union, asking him to expedite forwarding of circulating notes, to transmit or sell surplus of bonds, to exchange bonds, to give information in reference to the suspension of banks, and in many instances asking for the immediate appointment of receivers. He has thus far, however, appointed receivers for but four national banks since the panic commenced-one in New York, one in Washington, and two in Petersburg, Va. The newspapers announced the necessity for the appointment of receivers at Chicago, New Orleans, Salt Lake City, and many other points, but from information received (by the controller this morning from his own examiners, who are upon the ground, in almost every instance it is thought that such banks will either resume or go into voluntary liquidation and close their own affairs under section 42 of the banking act. The controller is of the opinion that the skies are now brightening, and that the affairs connected with his office have a more cheerful look to-day than at any time for the last ten days.

9. April 28, 1874 New-York Tribune New York, NY

Article from New-York Tribune, April 28, 1874

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CURRENT TOPICS AT THE CAPITAL. THE VACANCY ON THE BENCH OF THE COURT OF CLAIMS. WASHINGTON, Monday, April 27, 1874. The leading candidates for the vacant Court of Claims judgeship are now Representatives Maynard of Tennessee and Scefield of Pennsylvania. Both are Representatives at Large from their respective States, and as there is every prospect that the Republican party will be beaten in those States next Fall, a life position on the bench would naturally be highly acceptable to them both. It is but just to say that the position would be creditably filled by either. Mr. Maynard was first in the field as a candidate, and has probably the recommendation of the larger number of Congressmen, but Mr. Scofield has the most influential support. His appointment is urged upon the President as one that would give the Court added dignity and ability and cause it to possess the contidence of Congress to a greater extent than heretofore. A BILL AMENDING THE SHIPPING COMMIS. SIONERS ACT. For the first time this session, the Monday morning call of the States for bills for reference was completed to-day before the hour was exhausted and the second call, for resolutions, was begun. The rules permit the introduction and immediate passage of bills under this call, if the previous question is seconded without debate, and Mr. Hale of Maine, in this way got an important bill through amending the Shipping Commissioners act, so as not to make it applicable to vessels on the lakes or in the coastwise trade; or to those trading with ports in the British North American colonies; or to cases where seamen are entitled to participate in the profits of a voyage. THE FREEDMEN'S SAVINGS BANK. Reports were in circulation to-day that the Freedmen's Savings Bank had closed its doors, but they were unfounded. During the forenoon a few depositors called at the bank with their check-books for the purpose of closing their accounts by withdrawing their deposits; but fearing a run on the institution, the management applied the rule in their chartor which authorizes the Bank to require sixty days' notice previous to the withdrawal of deposits. Depositors requiring money for current business purposes were accommodated.

10. April 28, 1874 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, April 28, 1874

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LOCAL NEWS. FREEDMEN'S SAVINGS BANK.-The officers of the Freedmen's Bank in Washington have prepared a statement to creditors, based on the figures of the Examiners' report, and claiming that the value of securities are sufficient to pay depositors dollar for dollar. The hope of ultimately paying the depositors in full is based upon the supposition that the securities for loans made in Washington will meet the face of the loan, but by no possibility can this result be attained. The greater part of the sum due depositors in the branch here has been forwarded to the Washington house. But a few small loans have been made in this city, and they are amply secured. The branch here has been creditably managed, but it had no option in the matter of transmitting its deposits to Washington. The report that the main bank. in Washington, had closed its doors yesterday was incorrect, but the bank there takes advantage of the sixty days privilege and refuses to close up accounts. There has been no ruo on the branch here. Some few small depositors called and withdrew their deposits; but one, who did not live here, and who had a larger suw deposited. and who had been sent for to withdraw it, was refused until after sixty days. though a small sum was supplied him. The deposits in this city since the branch was organized here, just two years ago, have amounted to over seventy-six thousand dollars.

11. May 12, 1874 The Spirit of Democracy Woodsfield, OH

Article from The Spirit of Democracy, May 12, 1874

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The Freedmen's Savings Bank, which was gotten up with the same loud professions of philanthropy that originated the Freedmen's Bureau.appears to be turning out like the latter institution, a gigantic swindle. It has received, chiefly in small sums from Negroes,over four millions of dollars, and refuses to pay out, without two months' notice,any sums exceeding five dollars. Much of its money has been used by the Wash ington ring and similar borrowers. This philanthropy for Negroes seems to have been nearly always so managed as to run money into somebody's pock ets. There is danger that the very name of philanthropy will soon become a synonym for sheep's olothing on a wolf.

12. May 16, 1874 The Democratic Advocate Westminster, MD

Article from The Democratic Advocate, May 16, 1874

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The slime of corruption seems to be thickly spread over nearly every institution which has an existence at Washington. The Lancaster Intelligencer says:-Not 8 street has been graded, not a pavement has been laid, not a public improvement of any kind has been made, not a stone has been placed in a government building for years which has not yielded unlawful revenue to some member of that political organization which sanetimoniously assumed the title of "the party of great moral ideas." Nothing from which any profit could be fraudulently made, nothing which has had a paying job in it, has been suffered to pass without being eagerly seized upon. The disgusting story of such crimes can never fully reach the ears of the people, for time would fail. No newspaperin the country has space enough to give -a full account even of those notorious transactions which have compelled investigation. All that we can hope to do is to make a brief mention of the most important revelations. "The last ulder submitted to the probe at Washington is the Freedmen's Savings Bank. This institution was organized under the auspices of General Howard and other radical philanthropists, whose loyalty was of the most approved stripe. Such negroes in Washington and elsewhere throughout the South as showed the capacity for saving money, were induced by their preachers and others to deposit in this bank. Henry D. Cooke, the Washington partner of the great firm of "Christian bankers," was chief of the finance committee. "An investigation into the affairs of the concern shows just what might have been expected. The institution is bankrupt, and the poor negroes who became depositors may whistle for the money which they scraped together by dint of hard labor in menial occupations. Their little piles have gone into the pockets of patriotic and sanetimonious rogues. "A list of the assets of the concern shows where much of 'the money has gone. Hallet Kilbouru and John 0. Evans, two notorious members of the District Government ring, were allowed by Messrs. Howard and Cooke to draw out $50,000 in good money upon a deposit of a seventyfive thousand dollar mortgage upon the Seneca Sand Stone Company, in which President Grant had an interest. J. W. Vandenburg, another Ring contractor, was loaned a hundred thousand dollars upon depreciated bonds, which are not worth one half their face. The Washington Club, a political concern, modeled and run after the style of Tweed's New York Club, was loaned twenty-eight thousand dollars. Sixty-two thousand dollars were borrowed by Gen. Howard and Henry D. Cooke, upon hypothecated stock of the Young Men's Christian Association of Washington, a concern which is believed to be both morally and financially bankrupt. The list, embracing a huge aggregate of items, which We have not space to enumerate, would not be complete without mentioning the fact that the Howard University is a creditor to the extent of seventy-five thousand dollars. "The particulars which we have given only exhibit specimen items of a monstrous swindle by which the Freedmen's Savings Bank was robbed as deliberately and more disgracefully than if it had been broken into with burglar's tools. When we glance at the array of crimes which have been perpetrated by those connected with the government of the District of Columbia, it is not to be wondered at that Congress is said to be ready to abolish the rotten concern. The roboers who constituted the Ring have heretofore been protected, aided and abetted by the President, the Administration, and a combination of venal members of Congress. The abolition of the existing government may prevent future abuses, but cannot remedy mischief already done. It is not likely that any of the thieves will be punishedstill less probable is it that the negroes who trusted their little all to Howard and Coold's Savings Bank will ever get their money."

13. July 4, 1874 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, July 4, 1874

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Andrew L. Roberts, recently ti forging Central railroad bonds, and trial resulted in a disagreement of tl was this morning admitted to bail b Brady in the sum of $15,000. OUGHT TO BE STOPPED. The reef in this harbor, upon wl steamship Greece struck, some tim proves, upon official examination, been formed entirely of ashes, thro the harbor by steamers and tug boa MR. GRINNEL'S FUNERAL Henry Grinnell was buried this n from Trinity church. The funeral tended by many bankers, brokers at ness men, besides a delegation fi American geographical society of deceased was at one time presiden interment took place at Greenwo etery. PLYMOUTH ADOPTS THE SILENT PC It is announced that Plymouth el its regular meeting to-night will transact the ordinary business of t ety, such as the admission of new m etc. So far as is at present kno church, like its pastor, intends to a the policy of silence with referenc Beecher-Tilton scandal. MORE CARELESSNESS WITH A PIST Michael Shea, aged seventeen yes morning accidentally shot Michae aged eighteen, at 193 Front street, entering the right nipple and lodgin chest. The boys were employed il ricultural shop, and were larking revolver. Both partiessay it was acc ABSCONDED. A. II. Esler. a real estate broke ported to have emigrated to Canada some $20.000 of other people's mor CLOSED. The Freedmen's savings bank in which is virtually abranch of that ington, has closed. A circular given to depositors, signed by Free lass, appealing to the honor of the people to support the institution, ing the blame of the suspension 1 prejudice of the whites, hatred of ored race, and senseless runs on ti THE REAPPOINTED POLICE COMMISSI SENTIMENTS OF THE PRESS. I be leading topic for conversatio morning papers IS Havemever's reing the convicted police commis Charlick and Gardner. He is un to have consulted the most emin yers as to their eligibility, and to a technical observation. be has a; Charlick to Gardner's vacant seat. versa. He does not regard their of a violation of the oath of office or ving any moral wrong, and quote Brady's remarks in passing senter the circumstances disclosed the cas judgment, and do not justify me i ing more than a fine, because it wa sisted on the part of the prosecuti in this particular case, there was a of wicked or willful intent to de The Herald denounces the re-app as an outrage on the community, Gov. Dix must be called upon to Mayor Havemeyer. The World mayor an impudent old scoundrel, he has committed P flagrant iasu whole community. The Sun treat as a cunning trick, exhibiting rer coolness on the part of the mayor hot weather. The Tribune thinks both natural and to be expected, se political offices are bestowed to ser san purposes, and says the city wi tunate if it never gets police comm who will be guilty of anything m technical violation of laws. PROSPECT OF A DEAD LOCK. Grand Sachem Kelly says Tamm will take all possible legal steps to the reappointed commissianers fr ing, and to test their eligibility pointment. There is some appreh a dead lock in the police board, the necessity for the election of dent and treasurer, and the possib tie vote, as the board is now com only four members, and Disbec Duryea may refuse to vote to Charlick and Gardner in their posi GOV. DIX ON THE POLICE COMMIS The Herald reports an intervi Gov. Dix in this city yesterday, the governor is represented as say in his opinion, the conviction of t commissioners vacated their offi rendered them inelligible to reappe Nevertheless, he remarked, if tl should reappoint the two convie missioners. the question of the le the appointments being made, standing my notification. would be before the courts to be decided. I ing the mayor, as I have done, I h my duty according to law." WHAT THE MAYOR'S ORGAN S The Star, which is now regard mayor's organ, since it announce appointment of Charlick and ahead of all other papers, says mayor is sustained in his views of by Gov. Dix, Corporation Counse District-Attorney Phelps, Geo. ] Oakey Hall, Judge Fullerton and Davenport. Rest Page

14. July 16, 1874 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, July 16, 1874

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BY TELEGRAPH TO THE WHEELING REGISTER. Associated Press Peport. by Western Union Line, office Northwest cor. of Main and 12th Sts. WASHINGTON. WASHINGTON, July 15. Suspension of the Freedmen's Savings Bank. The suspension of the Freedmen's Savings Bank, which retains the savings of many industrious colored persons, is the chief subject of conversation among them. Three deaths have resulted indirectly from the suspension, the victims being women, who went into a wild state of imbecility and collapse at the loss of their savings.

15. July 23, 1874 Fayette County Herald Washington Court House, OH

Article from Fayette County Herald, July 23, 1874

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Washington. The issue of postage stamps this year is fourteen and one-half per cent. greater than last. The Government loses between $30,000 and $40,000 by the destruction of the Chicago Postoffice. The amount of National bank notes received for redemption under the cur rency act to date is $2,862,070. George S. Bange, General Superintendent of the Railway Postal Service has gone to Chicago to look after the, interests of the Postoffice Department. According to the Star, ex-Postmaster General Creswell has decided to connect himself with his uncle, Jacob Tome, of Port Deposit, Md., who pro poses to go to Washington City and engage in the banking business. The Library Committee of Congress have purchased recently Stuart's por trait of Jefferson, and Moran's paint ing of "The Chasm of Colorado," a companion to his celebrated "Canon of the Yellowstone." The Stuart pieture will be hung in the White House, and a place for Moran's pictures will be assigned to the Capitol. The suspension of the Freedmen's Savings Bank, which retains the savings of many industrious colored persons, is the chief subject of conversation among them. Three deaths have resulted indirectly from the suspension, the victims being women who went wild into a state of imbecility at the loss of their savings. The cotton planters' reports to the Department of Agriculture show an increase in the condition of the plant in every State. The percentages of the average condition are higher than in June by the following figures : Louisiana 4, Arkansas 6, Florida 7, South Carolina 9, Mississippi 10, Alae bama 11, Georgia 12, Tennessee and Texas 13. The National Republican learns from a leading Republican Senator, who has had a recent conversation with Vice S President Wilson, that his (Wilson's) resignation will soon be made public, ill health being the cause of this extraordinary and unexpected step. Per is contra, a dispatch from Boston says n the report from Washington of the int tended resignation of Vice President Wilson has no foundation in fact.c The Vice President's health is better et than it has ever been sirce his illness. e e The Treasurer has decided that National banks will be permitted to make good amounts charged to the five per cent. fund for redemption of their notes by the remittance of National r bank notes, thus saving the expense of e remitting legal tender notes from the S. Treasury Department in return for bank notes redeemed, and of the re mittance of legal tenders by the banks t. to make good the five per cent. fund n The first deposit of five per cent. must however, be made in legal tenders in all cases.

16. August 31, 1874 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, August 31, 1874

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) (1) WASHINGTON. GOLD SELLING. WASHINGTON, August 80.-The Secretary of the Treasury directed the Assistant Treasurer at New York to sell gold during the month of September as follows: $1,000,000 on the first and second Thursdays and $500,000 on the third and fourth Thursdays, respectively, making in all $3,000,000. Rev. J. G. Ames, of Ohio, has been ap. pointed Superintendent of Documents and Librarian of the Interior Department in place of C.C. Adams, who resigned. The sixty days notice at the Freedmen's Savings Bank expired yesterday, but the affairs still remain unchanged and business is still suspended. The commissioners to wind its affairs up are busily engaged in collecting the assets and loans of the bank. They declare that when 20 per cent is collected a dividend will be paid to the depositors.

17. August 31, 1874 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, August 31, 1874

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The Freedmen's Savings Bank. WASHINGTON, Aug. 30. The sixty days notice of the Freedman's savings bank expired yesterday, but affairs remain unchanged and business still suspended. Commissioners to wind up its affairs are busily engaged collecting assets and loans of the bank. They declare when twenty per cent is collected a dividend be paid to depositors.

18. October 9, 1874 Nashville Union and American Nashville, TN

Article from Nashville Union and American, October 9, 1874

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WASHINGTON. More Troops for the Southern Elections. The War Department at the Service of Landanlet Williams. WAHINGTON, Oct. 9.-In compliance with the request of Secretary Belknap made yesterday upon Gen. Sheridan to detach a regiment of troops from his department for duty in the South, that officer yesterday issued orders directing the 13th Infantry, commanded by Col. R. R. Detrobel, to report for duty in that department. The Secretary of War this morning received telegrams announcing that six companies of the regiment, under Lieut. Col. Morrow, had started for the South, and the other companies will follow as soon as they CRE be collected. The Last Desperate Resort. Special to the Cincinnati Enquirer. It is obvious, from the inflammatory publications authorized by Attorney General Williams, that the Administration have resolved Oil a reign of terror in Alabama, as their last desperate resort to prevent the State from going Democratic. The Secretary of War has io-day notified Gen. Sheridan to send infantry regiments, if possible, to the South. It is understood that when this officer was present in Washington the other day to attend the Sherman wedding, he told Attorney General Williams that to withdraw any of the force now under his command would cripple him in his operations designed to check the hostile Indians on the frontier and the plains, and it was then understood that he was not to be called on for troops, It would appear that some political or pecuniary influence has been brought to bear to change the policy then determined upon. A Strange Bequest. Special to the Cincinnati Gazette. Mr. Gassaway B. Lamar, just deceased, who recovered a cotton claim not long ago amounting to $579,000, out of which he had to pay Ben Butler $25,000 and other attorneys $57,000, left by his will the sum of $100,000 for the purpose of founding a home for indigent negroes in the city of Savannah, Ga. This donation is the more striking as Mr. Lamar left numerous descendants and relatives. The Freedmen's Savings Bank Swindle. Special to the Cincinnati Commercial. A meeting of the depositors of the Freedmen's Savings Bank was held here last night. Commissioner Purvis was present, and made a lengthy statement of the condition of affairs, which was more favorable than many believed it would be, but was not so promising as some of his previous statements, making a liberal estimate of the value of the doubtful assets and collaterals held by the bank. Purvis thought that by going slowly, in time a dividend of ninety-six cents on the dollar might possibly be paid. He was very severe OD "a ring, designated the Finance Committee," which soon managed to involve the institution in a way that lead to its subsequent collapse. On being asked who composed this ring, he answered, "William S. Huntington, formerly cashier of the First National Bank, a prominent member of the District ring, since dead, and Henry D. Cooke. He denounced the Seneca Stone Company's securities, second mortgage bonds, as of no value. He continued: "The bank holds of North Pacific bonds, 965. They are the bonds of Mr. Jay Cooke, the plous money changer, who thought he could build a great railroad by his own energy and enterprise, even if Uncle Sam had to be robbed of fifty-seven millions through a Credit Mobilier, to construct a similar enterprise." He said of the $317,000 loans on personal security, that a large part was not worth the paper on which the notes were written, but refued to give any names in that connection. The meeting finally adopted a resolution but of confidence in the Commissioners, condemning "the men who, in their official connection with the Freedmen's banks, proved themselves recreant to their trust by defrauding the depositors of their hard earned savings," etc.

19. December 30, 1874 Alpena Weekly Argus Alpena, MI

Article from Alpena Weekly Argus, December 30, 1874

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A Washington special to the Chicago Times states the report of the special commissioners on the affairs of the defunct Freedmen's Savings Bank presents such a glaring record of plunder and corruption as to excite alarm among Repubhcans, who have fathered the institution in and out of Congress. In a word the poor white and colored people of the district and of the South have been simply robbed of hundreds of thousands of dollars of their aggregate savings. The tables of assets presented are replete with the most astonishing items, showing that the funds of the poor freedmen have been worse than thrown to the winds. An instance of what was done in the district was the loaning of $219,000 to J. B. W. Vandenburg, of which he still owes $160,088. The ring manipulators and contractors seem to have had free run of the bank, and familiar names appear on every page-such as A. B. Mullett, treasurer of the Morris Mining Company of Colorado, who obtained $1,400 on 100 shares of stock. The branches were managed in a man-

20. November 19, 1875 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, November 19, 1875

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# INTERESTING SUIT On Wednesday suit was entered against the Freedmen's Savings Bank in Washington by G. W. Shawyer to recover the full amount of his deposit instead of accepting a dividend, he having given the requisite sixty days' notice for withdrawal before the institution suspended. The case excites considerable interest on account of its bearing on similar institutions.

21. November 23, 1876 The Bolivar Bulletin Bolivar, TN

Article from The Bolivar Bulletin, November 23, 1876

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THE NEGRO DEMOCRATIC VOTE Various ingenious Republican writers are endeavoring to show that the number of Republican votes ought to have been greater ic certain portions of the Southern States, because the negro population is greater than the reported Republican vote. They assume that the consus report tells us exactly what the Republican vote is. This error is in supposing that the negroes are unanimously Re publican. The truth is, that the negro Democratic vote is *growing every year. The negro is finding ou; that his inter. ests are better guarded by his former friendly owners than by carpet-bag thieves. He is finding out that the Southern whites are honest, and mean to deal fairly with him. He is finding out that the carpet baggers and the general run of the Republican politicians in the South are thieves. The Freedmen's Savings Bank failure opened his eyes, and the frequent confiscation of colored men's property for taxes stolea by the carpet-baggers, have served to keep them open. The spectacle of 3 poor negro going about with a subscription paper, asking for small sums to keep bis little patch of ground from being sold from under him for taxes has been a familiar one in South Carolina in the past year. The negroes know who levy these oppressive taxes, and who steal them, and they have ceased to be solid for the Republican party. This is what the election of Wade Hampton means in South Carolina, and what & Democpatic victory in Florida means. As for Louisiana; that has been Democratic for four years, though it has been counted Republican. So; when your Republican friend talks negro census to you, tell him that the census was taken six years ago, and that since that time the color line has been broken, as it should be.

22. March 16, 1879 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, March 16, 1879

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sutlice to drown at the Supreme Tribunal the cries of the poor whose hearts have been broken and whose trust in their fellow-men has been shaken by this tremendeus calamitr. Nothing in the affair is more extraordinary, in fact, than the amount of sympathy expended on the "saintly Archbishop and Father Edward, and the amount of solicitude expressed for the possible effect of the affair on the credit of the Episcopate, compared with the amount of concern shown for the unhappy crowd who surround the doors of the Archiepiscopal residence bewaiting the loss of what to a large number of them must have been their sole defense against an old age of destitution. The truth is that nothing in the financial crisis through which the country is now passing has been so unfortunate as the blow it has given to the prudence of the poor. To create this prudence is or ought to be one of the chief objects of government and philanthropy. The civilization of a country IS high or low according to the amount of it which is to be found within its borders. To encourage the poor to save, and to deny themselves in seasons of prosperity, is to promote the national welfare in the bighest and best sense, as it is to raise the character of the peoplc. The result, therefore, of the panic which is most to be regretted is not the bankruptcy of traders and corporations, and the losses of the professional classes, serious as these things are, but the diffusion among the frugal and industrious workingmen and women, through the breaking down of savings-banks and insurance companies, of the feeling that there is no use in saving, inasmuch as there is no one to whom they can safely entrust money after they have saved it. The dismal process of destroying their confidence was begun on the poor uegroes by the Washington Ring in the Grant period, when they plundered the Freedmen's Savings Bank with the thoroughness and audacity of burglars. It has been continued since by the widespread break-down of savings-banks and tife-insurance companies, largely through fraudulent management, and it may be said to have received the finishing touch in the failure of an Archbishop for $4,000,000, without intelligible accounts. The worst of this mischief is that it cannot be all seen. It will drive, and has driven, thous into habits of improvidence, and into