Freedmen's Savings Bank - Washington, DC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 1, 1882
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 41509f16

Response Measures

None

Description

Article (New-York Tribune, 1882-06-10) reports the Controller of the Currency began paying dividends to Washington depositors of the Freedmen's Savings Bank on June 1, 1882, and will begin payments to other branches' creditors — indicating the bank was under government control/receivership and distributing assets. No run is described in this item; this is a suspension/receivership with ongoing liquidation payments, so classified as suspension_closure.

Events (2)

1. June 1, 1882 Suspension

Cause: Government Action
Cause Details: Bank was in the hands of the Controller of the Currency who began paying dividends to depositors and creditors (government receivership/liquidation).
Newspaper Excerpt: The Controller of the Currency began on June 1 the payment of a 15 per cent dividend to the Washington depositors of the Freedmen's Savings Bank.
Source: newspapers

2. June 10, 1882 Other

Newspaper Excerpt: To-morrow he will begin the payment of a similar dividend to the creditors of other branches of the bank.
Source: newspapers

Newspaper Articles (1)

1. June 10, 1882 New-York Tribune New York, NY

Article from New-York Tribune, June 10, 1882

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Article Text

WASHINGTON NOTES. WASHINGTON, Friday, June 9, 1882. Several petitions have been filed at the Department of Justice for the pardon of Thomas Ballard, the counterfeiter, now in the Albany Penitentiary. The Secretary of the Navy has awarded medals of honor to seamen James Troy and J. S. Sullivan, of the New-Hampshire, for gallant and meritorious conduct. The House Committee on Appropriations to-day agreed to recommend nonconcurrence by the House in the Senate amendments to the Army Appropriation bill, and to ask that a conference committee be appointed. The Foreign Affairs Committee will on Tuesday next continue the Chili-Peruvian investigation, and will on that day examine ex-Secretary Blaine, On the following day Mr. Trescot will be called upon to testify. The President has mitigated the sentence of Master Clinton H. Lyeth, U. S. N., from dismissal from the service to suspension from rank and duty for one year, on furlough pay, without loss of the number which he now holds in bis grade. The Controlier of the Currency began on June 1 the payment of a 15 per cent dividend to the Washington depositors of the Freedmen's Savings Bank. To-morrow he will begin the payment of a studiar dividend to the creditors of other branches of the bank. In the Senate to-day, during the discussion of the Japanese Indemnity Fund bill, Mr. Morgan construed an inquiry by Mr. Cockrell as an insinuation that he was interested in securing the payment of the money to Japan through the hands of third persons. Mr. Cockrell disclaimed having imputed any impropriety to Mr. Morgan. The bill was not acted upon. The sub-committee of the House Committee on Elections having in charge the South Carolina contested election case of Small against Tillman has decided that Mr. Tillman, the sitting member, was not elected, and is not entitled to the seat. The status of Mr. Small's claim has not yet been fully determined, but it is probable that a majority of the committee will agree to report to the House that Smallwas elected, and should be given the seat held by Tilman. Senator Hill, of Colorado, called up in the Senate today and secured the passage of his bill authorizing the extension of star routes for a distance of twenty-five miles beyond either of the termini established in the contract by the payment of a pro rata increase for the service, only one such extension to be made during the term for which a contract has been made. It is stated in favor of the bill that the necessity for such authority is seriously felt in the West, especially in mining distriets