Freedman's Savings & Trust Company (Washington, DC)

Episode Information

Episode UID
7632989590885
Episode Type
Run → Suspension → Closure
Bank Type
federal
Bank ID
763298959 hash
Start Date
September 22, 1873
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b154a5feda4bcf86

Response Measures

None

Description

Receiver appointed in 1875; suspension and winding-up by commissioners follow runs and evidence of insolvency.

Events (5)
1. September 22, 1873 Run
Cause
Macro News
Cause Details
Panic following the suspension/compromise of Jay Cooke & Co. and related financial disturbances prompted heavy withdrawals in Washington.
Measures
Bank continued operations; officers reassured public and later (April 1874) applied sixty days' legal notice for withdrawals.
Newspaper Excerpt
Unusual quiet prevails at this bank to-day ... not five depositors called for settlement, ... No further run is anticipated.
Source
newspapers
2. October 18, 1873 Run
Cause
Macro News
Cause Details
Renewed panic rumors in October (Clews & Co. and related failures) led to further runs on the savings banks including Freedman's.
Measures
Banks 'held out'; time-rule/notice provisions generally enforced by savings banks.
Newspaper Excerpt
At Washington ... there were continued runs upon the Freedman's and City Savings Banks, but both held out
Source
newspapers
3. April 27, 1874 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Institution faced losses and impaired liquidity from earlier panic withdrawals and alleged mismanagement/illegal loans leading to suspension of payment practices and invocation of charter's notice rule.
Newspaper Excerpt
Reports were in circulation ... that the Freedman's Savings Bank had closed its doors, but they were unfounded. ... management applied the rule in their charter which authorizes the bank to require sixty days' notice previous to the withdrawal of deposits.
Source
newspapers
4. July 16, 1874 Other
Newspaper Excerpt
the mother Freedman's Savings Bank ... will be able to pay ninety-five cents in the dollar on its liabilities. This is a better showing than was apprehended when it suspended payment.
Source
newspapers
5. June 17, 1875 Receivership
Newspaper Excerpt
Grant v. Freedman's Savings Bank. Order appointing J. B. Wilson receiver.
Source
newspapers

Newspaper Articles (23)
1. 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

2. September 24, 1873 Evening Star Washington, DC
Article from Evening Star, September 24, 1873

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good, but I won't. You may state, however, that I have abiding confidence in the integrity of ex-Governor Cooke, and the firm of Jay Cooke & Co., and I believe that all moneys held by him in trust in a fiduciary capacity will be paid, even if he has to sacrifice his property. Reporter.-Does his appointment by the board make him a government officer? Mr. Sargent.-Certainly; and as such he bonds under the law governing such officers, and gives bonds for the faithful performance of the duties. ### OTHER DISTRICT CHARITIES AFFECTED BY THE CRASH. It is stated that there was deposited in the First National bank $20,000 to the credit of the St. John's Sisterhood, a charity connected with the Fpiscopal church of St. John's; $10,000 o the uninvested funds of the Smithsonian Institution; $11,000 belonging to the Soldiers' and Sailors' Orphan Home, of which ex-Governor Cooke acted as trustee and treasurer-from the sum set apart for its appropriation by Congress a warrant for $15,000 had been drawn, of which vouchers for $4,000 have been audited, leaving an unexpended balance of $11,000. ### OTHER HEAVY DEPOSITORS. It is said that ex-President Andrew Johnson had $60,000 to his credit in the First National bank, on which he was receiving six per cent. interest; Senator Patterson, of South Carolina, $14,000 in one of the suspended banks; Admiral Rowan, $6,000. Mrs. Wm. H. Scott, widow of a former navy agent, had $17,000, the proceeds of the sale of all the property she had. Gen. Hunter had a handsome credit in Jay Cooke & Co.'s. Col. Webster, register of wills, had all his savings deposited there. ### THE STOCK OF THE FIRST NATIONAL. Of the five thousand shares of the First National bank, about thirty-five hundred shares are owned either by Jay Cooke & Co. or individual members of the firm. ### OUR BANKS TO-DAY. Matters financial are in their normal condition throughout the city to-day, and the banks are transacting business as usual. Many depositors who drew their money under the prevailing excitement have returned their funds and express the fullest confidence in the security of the banks. The general conviction is that a portion of the community here became unduly and unnecessarily frightened. ### MR. STICKNEY, OF THE FREEDMAN'S SAVINGS BANK, says the reason that institution deemed it expedient to require the legal notice of sixty days for those desiring to withdraw their deposits was because all the books which had not such notice posted therein were now paid, and that the failure of Clews & Co., announced yesterday, left bank officers in the dark as to where the trouble would end. He deemed it a matter of prudence to require the full legal notice. Payment, however, in special cases, are being made.

3. October 18, 1873 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, October 18, 1873

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bonds, it wasthought probable they would sell them and deposit the proceeds in the national banks, which would give them relief. At Washington, on Saturday, there were continued runs upon the Freedman's and City Savings Banks, but both held out In Philadelphia the Union Banking Company suspended; in Chicago, the Franklin Bank, and at a meeting of the officers of the different savings banks it was unanimously resolved to notify their depositors, that they will avail themselves of the privilege given them by their charter of giving sixty days' notice before paying their depositors. Special Commissioner Felix R. Brunot has concluded a council with the Utes, the result of which was the ceding by the Indians of some 3,000,000 acres, being most of the land lying between the 37th and 38th degrees of latitude and 107th and 109th degrees of longitude, except a narrow strip on the southern side, on which many of the Utes have farms. It is proposed to gather the Wennihus, Muache and Capote Utes, and a portion of the Jacarilla Apaches now at Tierra Acravilla, and Cimarron agencies at New Mexico. This arrangement disposes of the two troublesome sub-agencies and gathers these wandering bands of the Utes upon their reservation. The price for land most mineral is to be given for the support of the new agency and for those Indians for which there has been heretofore no regular provisions made by the Government. Thearrangement with the Utes is not a treaty, but only an article of agreement entered into in accordance with an act of Congress authorizing negotiations. The managers of the Eastern railroads have come to a determination to issue return passes to stock drovers on and after October 1st. The Assistant Treasurer at New York continued purchasing all the 5-20 bonds that were offered by the banks on Monday, for the purpose of easing the money market. Both the Stock Exchange and Gold Exchange continued closed during the day. A run was commenced on the sayings banks in the early part of the day, but later a feeling of greater security prevailed, and the crowds disThe a general persed. day closed of with depositors confidence that the crisis was entirely over. The New York Stock Exchange continued closed on Tuesday, but the Gold Exchange was open and regular transactions resumed. Up to 2 o'clock p. m. the monetary situation might have been e summed up in a sentence, Confidence is t restored, the banks are conducting business as usual;" but just as the street was beginning to feel that the end of the panic h had been reached, the pamful rumor starte ed that the house of Henry Clews & Co. y had suspended payment. As soon as the announcementwas made that the doors of this banking had closed, the most intense excitement again prevailed, only equaled by the first announcement of Jay Cooke & Co. 's failure. The run on the savings banks was continued moderately f throught the day, but the time rule allowing banks to require thirty days' notice on all sums over one hundred dollars, was generally enforced. A London tele11 gram announced that Jay Cooke, McCulloch & Co. were throwing out drafts drawn n by the American house and which have come to hand since the news of their suspension was received. A Petersburg dispatch announces that the Merchants' Nao tional Bank, Planters' and Mechanics 8 Bank, Peoples' Bank, and First National all of that city, had suspended: I Citizens' Bank, although not susis declines payment. Rumors of 96 4 heavy mmercial failures were also rife in 4 that city 5 Then Pennsylvania, Railroad Company 58 havereque dediours of work for laborers 00 00 androad men forweight day, and the 00 0 pay rolls will be accordingly. The laborers, it is saideswill strike against al the new rule. n The President has issued a proclamation d exempting French vessels from all dise, criminating duties.

4. April 28, 1874 National Republican Washington, DC
Article from National Republican, April 28, 1874

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TO THE DEPOSITORS AND FRIENDS OF THE FREEDMAN'S SAVINGS AND TRUST COMPANY: Next to the late Freedman's Bureau our Savings and Trust Company has, to a certain class of the American people, been a standing offence. Having little sympathy with the colored race and no faith in the policy of emancipation, they have been prompt toexpose every fact and circumstance connected with the Freedman's bank which could awaken distrust and cause a run upon its deposits. The fact that within ten years after gaining their freedom the freedmen have built up an institution counting its assets by millions does not tally. well with the popular theory that the negro needs a master and cannot in freedom take care of himself. While it may not be that this statement explains all that is said and done to discredit the Freedman's bank there is no denying that it explains the chief ground of the assaults made upon this institution. Money is power, and no people need this power more than we who are just emerging from the harbarism of slavery to the civilization of freedom. The Freedmen's bank was wisely organized with a view to assist the freedmen in saving and adding to the gains of their industry, and has in a large measure accomplished this much-needed work. If it has not accomplished all that was desired and expected, this result is due to repeated efforts to destroy confidence in its soundness and cause a run upon its deposits. The latest effort of this sort is the publication of a garbled report of the bank examiner, Mr. Meigsomitting everything that attended to show that the bank is resovering from the mistakes made in its earlier management. The Committee on Banking and Currency had the report in their hands for nearly three months, and after a rigid examination found that the bank had, for the past two years, been conducted honestly, and that the mistakes of the past were being corrected. Mr. Meigs says in his report that "& great and favorable change has occurred during the past one or two years, and I atticipate a much better condition of things in the future." The late panic has resulted in sacrifices to raise money to meet the demands of depositors, but in this respect their experience is only that of every moneyed institution in our country during this national calamity, and it is creditable to the institution that has survived a storm which has swept so many entirely away. The officers of the bank believe that were they to close to-day they can pay dollar for dollar, and that If the depositors will exercise due patience in twelve months the bank will be in a better condition than ever. FRED'K DOUGLAS, President.

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

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THE FREEDMEN'S SAVINGS. of the Condition Institution-The Branch Office in this City-The Sixty Days' Rule Regarding Deposits Enforced. WASHINGTON, April 27. 1874. Reports were in circulation to-day that the Freedman's Savings Bank had closed its doors, but they were unfounded. During the iorenoon a few depositors called at the bank with their check books for the purpose of closing their accounts by withdrawing their deposits; but, tearing a run on the institution, the management applied the rule in their charier which authorizes the bank to require sixty days, notice previous to the withdrawal of deposits. Depositors requiring money 10r current business purposes were accommodated. In order to arrange the atlairs ol the institution, the Committee on Banking and Currency to-day agreed to report a bill authorizing the closing of the unprofitable branches of the bank. and, with the advice and consent of the Comptroller of the Currency, whenever it may be deemed proper, to close the main office in Washington. The responsibility for the conduct of the business does not rest with the present managers, who have been in office but four weeks, but the alleged violation of law and suppression of important facts, which, it is said, have been withheld from the Committee of Banking and Currency by the Comptroller, leave it optional with the House to censure the Comptroller 10r his alleged concealment or the Banking Committee for their inefficiency. The bank, if finally closed now, will be able to pay seventy or seventy-five cents on the dollar. Meanwhile it is advertised that depositors will get seven per cent on their deposits.

6. July 16, 1874 The Weekly Clarion Jackson, Meridian, MS
Article from The Weekly Clarion, July 16, 1874

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The Freedman's Savings Bank. The latest report is that the mother Freedman's Savings Bank which has its head-quarters at Washington, and its affiliated branches all over the Union, will be able to pay ninety-fivece in the dollar on its liabilities. This is a better showing than was apprehended when it suspended payment. This institution is an offshoot of the defunct Freedman's Bureau, and was established under pretence of a safe and profitable investment of the earnings of thrifty and industrious class of colored people who have been outrageously swindled while the sanctified knaves who originated and managed the concern, have accumulated fortunes.

7. August 5, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, August 5, 1874

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COLUMBIA, D. C. ednesday Morning, August 5, 1874. The Lesson of the Freedmen's Bank. The Freedmen's Savings and Trust Company, at its inception, had about is some marks of interest and concern in the prosperity of the colored people. But these were either baits which were put in to allure and deceive from the first, or, being available for this purpose, were captured and turned against those whom they professed to protect. The institution soon took on $ party character, and was placed under the wing of the Government. Depositors were led to believe that the Government guaranteed the safety of their money. It became an engine for political purposes, and the funds which poured in freely from branches sll over the country were intended to the used, and were used, to promote objectswhich are foreign to the legitimate-business of a bank. What more natural than that the freedmen should Joek with confidence to an institution which sent forth circulars announcing that the company was "chartered by the Government of the United States on March 3, 1865?" The effect was to inspire the belief in their minds that the Government guaranteed the se. surity of the deposits. But it did not; itionly allowed its name to be used in this way. The bank sailed under Government colors, and the money came in freely. The branches were kept busy feeding the mother bank at Washington. Certain special allurements were devised to induce the money to flow thither with a rush. The bank promised to pay six per cent. interest on all sums deposited. Da some of the branch bank books, it was announced that deposits were payable on:demand-a promise which transact redeemed. But the use to smbich the deposits were put was worse, if anything, than the deceptions by which they were gained. A portion was invested in the bonds of the District of Columbia, and the remainder Zent 40 favored customers on doubtful security, and on mortgages of real estate not worth more than half of the Sean. The list which was published seme time ago looked like the seouridies on which the money of the Bank of the State has been lent here. It plainly had degenerated into, or developed into, a local machine, run by Shepherd and those connected with Inim in his disreputable government. Such a machine could not be wound up to run long, and the end came, and the colored depositors and supporters Hound out, too late, that something very like a swindle had been practiced sathem. The matter went before Congress, and the same disposition which had mained the bank manifested itself as to the mode of settling up its affairs. It was attempted to close it up by a slow and complicated method, which, taking it through the intricacies of courts, would afford a chance for further pickZags and spoils. Fortunately, the Seaste bill, which proposed to appoint a receiver, and would have distributed the property among the officers of the slaw and special commissioners, to the Retriment of the depositors, failed to pass the House. A bill was at last massed, which seeks to protect the remunt which is left of the colored man's money. It provides that all Auture deposits, until July 1, 1875, shall be held as special deposits, and repealed the dangerous feature of the sriginal charter, which required that the branches shall send all their money to Washington. This bill was devised and passed in the real interest of the freedmen, chiefly through the sagacity, Terseverance and love of right and fair play of two members of Congress from

8. October 6, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, October 6, 1874

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lending its assistance to prevent damage to the country. There is a panio in the Stock Exchange in South American stock, in consequence of the insurrection in the Argentine States. The Scotia is proceeding up the channel for Liverpool, under sail, having her shaft broken. Four persons were burned to death during a fire in the town of Raisley, Scotland, last night. BERLIN, October 5.-The Prussian Bank has advanced its rate to five per cent. Telegraphic-Amertcan Matters. NEW YORK, October 5.-Henry Clews & Co. have decided, in fairness to their customers, to suspend, for a day or two, receiving of deposits, and have transferred the remittances recoived during the past few days to the custody of the Continental Bank and credit of those who remitted them. The firm do this as a prudential matter, though's much larger loan than the £100,000 already negotiated in London is expected in a few days. Theodore Tilton and Francis D. Moulton were' officially notified this morning of indictments found against them by the grand jury, for libel and slander against Mr. Beecher. The bail in each case was fixed at $3,000, which they will be required to furnish by to-morrow. BOSTON, October 5.-The steamer Flag, hence.for Charleston, is hard aground. A portion of the freight was discharged. It is hoped the next tide will float ber. SALT LAKE, October 5.-Brigham Young is better, but not yet safe. ST. LOUIS, Ostober The convention of chiefs of fire departments of the various cities met here, to-day. Many representatives of insurance companies are in attendance. The cases of the Atlantic and Pacific, Missouri, Facific, St. Louis, Iron Mountain and Southern Missouri, Kan8a8 and Texas, and Chicago and Southeastern Railroads, which have been argued for several days before the United States Circuit Court, on an application for injuncti n to restrain Counties from collecting taxes on their property, has 80 far progressed that Judg Miller, yesterday, decided they should pay from 59 to 62 per cent. of the taxes levied on or before January 2, 1875. Otherwise, the temporary injunction granted by Judge Dillon would be dissolved. This payment will in no way be a recognition of the validity or légality of the vote of the State Board of Equalization; bu the Court decided that some taxes are due and must be paid before the Court will provide in other cases. WASHINGTON, October 5.-The General of the armies departs to night for Sr. Lonis. Official reports show that Pensacola is the only Southern port where yellow fever has secured a foothold. The Gulf ports are reported unusually healthy. Saville opened his National Theatre for the season, with Janauscheck, tonight, who is playing brilliantly to a brilliant audience. The commissioners to settle the affairs of the Freedmen's Savings and Trust Company wrote to a correspondent: It is impossible yet to say when the first dividend will be paid. They have now only $45,000 in the treasury, and $600,000 are required as the basis of a dividend of twenty per cent. In the present condition of the money market, and on account of the high rates of taxation in the District of Columbia, the collections are slow and very small; 80 that it will take FL long time to raise sufficient fouds to make such 8 dividend. The approximate liabilities on 1st of July were 82 800 000 and the en 700 000

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

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

10. June 17, 1875 National Republican Washington, DC
Article from National Republican, June 17, 1875

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Special Term-Judge Wylie. This court made the following orders yesterday: Plant VF. Davis. Restraining order continued. Sawyer VS. Hunt. Decree for a new conveyance. Grant VE. Freedman's Savings Bank. Order appointing J. B. Wilson receiver. Richie VS. Shoemaker. Order confirming trustee's sale and of reference to auditor. Kaufman VS. Eaton. Decree appointing trustee to make release. Wallack V8. Wallack. Order to file bill of revival. Alexandria and Washington Railroad Company VS. Wilkes et al. Case continued until July 15, with leave to amend pleas. In re Philip Nolan. Order appointing W. H. A. Wormley committee of alleged luuatic. Phelps VS. McDowell. Case argued and submitted. Gross VE. Barrick. Order for issue of restraining order. Haase VE. Haase. Order for appearance of absent defendant. Hough VS. Tait. Order confirming trustee's report. McNamara VS. Blumenburg. Order discharging restraining order. Adjourned.

11. September 10, 1875 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 10, 1875

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LOCAL MATTERS. THE FREEDMAN'S BANK-A LETTER FROM ONE OF THE COMMISSIONERS.-Charles Spencer, late cashier of-tbe-Freedman's Savings Bank in this city, has just received the following letter from R. H. T. Leipold, one of the Freedman's Bank commissioners, in response to inquiries made by him for the information of parties interested in Richmond. Mr. Spencer thinks it will about or three months before a dividend will two be declared. The bank at Washington has now $515,000 in band, and will pay a dividend when they get $600,000: Office of the Commissioners of the Freedman's Savings and Trust Company, Wash. ington, D. C., September 6, 1875.-Dear We reply that we have auSir,thorized no persons to act for or to represent us in the matter of paying dividends, and that we prefer to deal with the depositors direct, rather than through any self-constituted agents. In fact, we propose to dispense with all agents at the branches. and to pay dividends from this office direct in the following manner-viz.: When we sball have got in the Treasury of the United States the sum required for the payment of twenty per cent. pro rata-say about six hundred thousand dollars-we shall declare a dividend, and advise depositors accordingly through the public press such other means as may to us at the proper themselves and by time. suggest When so declared we shall pay the dividend to deother than those at our on ton positors, branch, by checks the the Assistant WashingTreasurer of the United States. in New York, drawn to the order of the depositors respectively. To get these checks depositors will have to send us by or any or the we enter mail, Upon through receiving only bank books their bankers. pass-books shall the payment thereon and return them, with the proper check enclosed, to the depositors in such manner as each one may direct. These checks any depositor ought, and DO doubt will be able, to get cashed at any bank in your city without cost, and with no other trouble than that attending the necessary identification. Just how soon we shall be able to declare a dividend we canuot say. Of the $600,000 required we have now in hand some $515, 000. If you will be at the paios to explain to depositors the plan above indicated, and will add thereto that the commissioners advise them to hold on to their books until a dividend shall be ready, and then to send them direct, or through some reliable bank. you will have done them such service as is at present possible. Those depositors who have not had their books balanced since the suspension of the company should send them to us to be verified, in order to save delay when a dividend shall be ready. They will be returned in due course of mail. Respectfully yours, R. H. T. LEIPOLD, of the commissioners.

12. October 3, 1875 The Morning Star and Catholic Messenger New Orleans, LA
Article from The Morning Star and Catholic Messenger, October 3, 1875

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Publication Office-No. 116 Poydras street, corner of Camp. "HOW BE VOLUME VIII. Term and in favor of a speedy retarnto specie string Star and Catholic Messenger. payment The mills at Fall River opened on the 27th to give the strikers. numbering NEW ORLEA SS. SUNDAY OCTOBER 3. 1875. 15,000, a chance to go to work. A large oumTELEGRAPHIC SUMMARY. ber availed themselves of heapportunity and since then daily every mill has gained hands. FOREIGN. THE HERALD STANLEY EXPEDITION-Some months ago the New York Herald sent H. M. ROME.- The Pope has appointed Mgr. Diaz Bishop of St. Christopher, Caba. Cardinal Stanley, the discoverer of the longlost Livingston, to find the sources of the Nile. On the McCloskey took possession of the Church of Sancta Maria Supra Minerva on the 30th Sept. 27th the Herald received advices from Stanley, He entered the Church with thirty Dominican dated village of Kagehiji. district of MetramFathers and several prelates and, after a short bra, March 1st, and May 15. He had reached Victoria Nyarza Lake, having accomplished prayer, seated himself in the Episcopal chair. the remarkable march of 720 miles in 103 days. IRELAND.-Cor Sept. 28.-The river rose Dering the journey he passed through a totally several feet, inundating a portion of the city new country, much forest and jongle, where and flooding the country for miles around. he suffered from honger and attacks from the Accounts of floods come from other parts of Irenatives for several days. A fight resulted in land. The damage to the crops in Longford, the loss of twenty-one of his followers. Kerry and Tipperary is said to be enormous. MISCELLANEOUS. BAVARIA-Munich, Sept. 29.-The UltramonVery Rev. P.B. O'Connor, V. G., dicoese of tane (Catholic and National) party have elected the President, Vice President and other officers Vincennes, is dead. The Washington Board of the Bavarian Diet by a majority of two. of Health declares that wooden pavement, of which that city has 60 miles, engenders dis GERMANY.-The London Pall Mall Gazette ease. Madame Titiens, the Prima Donna, has the following: Dean Susezinsky has joined and Chas. Bradlaugh, the British Radical, the Old Catholics and married. The Old Caarrived in New York on the 25th alt. There tholics were thus obliged to decide the quesare $373,941,124 legal tender notes in circulation in regard to priests marrying, and decided tion. The City of Berlin recently made the affirmatively. The Government has resolved trip from Queenstown to New York in 7 days 12 to protect Dean Sasezinsky in the enjoyment hours and 2 minutes, the fastest time on reof his temporal ties. The Emperor has gone cord. The Third Avenue savings bank, New to Baden-Baden. He goes from there to Italy York, has suspended. It had 8,000 depositors on the 10t h inst. to whom $1,340,000 are due. Mr. W. C. DurENGLAND-Early in the past week a great yea, of New York, has failed. Liabilities $3,storm passed over England. Accounts from 557 500 nominal assets, $921,518; real assets, the Northern part report great damage to $114,127 Columbus Delano, Secretary of property. Theinjary to Liverpool is immense, the Interior for six years, and now under the nearly every building in the city having sufmost serious charges of peculation in office, fered some damage. has tendered Lis realguation and Grant has FRANCE.-Le Temps confirms the report that accepted it. The commissione rsofthe Freedthe Government has determined to make the men's Savings and Trust Company, will comadoption of the system of voting by arronmence paying a dividend of twenty per cant. dissements. instead of departments, a Cabinet on all audited claims on the 1st of November question. It adds that President McMabon next, at their office in Washington, upon declared at a Cabinet meeting that he could be presentation of pass books or other evidences RO longer in favor of immediate dissolution of of indebtedness.

13. November 18, 1875 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 18, 1875

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Suit was yesterday entered against the Freed-men'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.

14. 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.

15. December 14, 1875 Evening Star Washington, DC
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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

16. 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.

17. May 11, 1877 Puget Sound Weekly Argus Port Townsend, WA
Article from Puget Sound Weekly Argus, May 11, 1877

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# FOLLOWING HIGH EXAMPLES. When in Franklin, Simpson county, Ky., a gentleman gave me an account of a negro who played the role of banker in a very sharp manner; in fact, equal to any of his carpet-bag friends down South. He ran short of funds, and, strange to say, for a penniless man, he proposed to start a bank. He started out among his country friends to "talk up" the bank and get them to take stock, saying: "Do you know why the white folks can always get money when they want it and we colored people can't" "No, we don't know." "Well, I has found it all out since I been living in town." "Well, how is it, Uncle Jim?" "It's just 'cause the white folks have banks. When they need any money, they just checks on the bank and gets it. We colored people always will be poor and hard run for money till we have banks like the white folks." In this manner he soon talked up a bank fever among the negroes. When they asked: "But how are we to manage it? We don't know how to 'tend to these things like the white folks," he replied: "I has done learned all about it since I been living in town. You see, you just has to take stock 'cording as you is able. Some put in five dollars, some four, some three, some two, and so on. I'll manage the bank, and in four or five months after the bank gets a start you all can begin to check on it when you need money." He soon made up seventy or eighty dollars among his friends, who were much elated at the idea of holding stock in a bank. Jim returned to Franklin and lent out his banking funds to the grocers for flour, bacon, sugar, coffee, whiskey, and other luxuries of life-in fact, he lived like a banker as long as the seventy dollars lasted. In the course of time, some of the stockholders being "hard up" for funds, came into town to check on the bank. Imagine their surprise when Jim very coolly said to them: "The bank is done broke." "Why, how is this? Didn't you tell us you was gwine to manage it just like the white folks, and we would all have plenty of money? Now you done cheat us out of our money, and we've a great mind to beat you for it, you nigger you." "Why, you fool niggers you, don't you know the white folks' banks sometimes break, and does you 'spect me to be smarter than the white folks? Where is you been all this time, that you ain't hern tell of the Freedman's Bank bustin' up at Washington, and losin' all the colored people's money; and the white folks was managing it, too." From the Religious Herald.

18. February 9, 1878 The Daily Clarion Jackson, MS
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THE Commissioners of the suspended Freedman's Bank, at Washington, have issued a circular to the creditors of the institution, stating that a dividend of 10 per cent. would be paid about March 20, next, that being all their present available cash balance, and that no doubt will be all they will ever realize.

19. March 18, 1879 National Republican Washington, DC
Article from National Republican, March 18, 1879

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AUCTION SALES. FUTURE DAYS. XTENSIVE SALE OF REAL ESTATE. E The Commissioners of the Freedman's Savings and Trust Company will resume the SALE OF REAL ESTATE belonging to said company. at their :office. on Pennsylvanta avenue, between Fifteenth and Fifteen-anda-half streets northwest, on WEDNESDAY, MARCH 26, 1879, at 11 o'clock a. m. The properties to be offered comprise a large num ber of Dwelling Houses and Vacant Lats in all parts of the city and District, as well as as several choice Farms. Great bargains may be expected. Call at the office of the Commissioners for list of mchi5-eod&ds properties to be sold. TRUSTEE'S SALE OF PROPERTY ON NINTH STREET EAST, By virtue of R. decree of the Supreme Court of the District of Columbia, passed in equity cause No. 6148. docket 18, and also by virtue of a deed of trust re corded among the land records of the District of Columbia. in Liber No. 762, follo 45, I will offer for sale at auction. on WEDNESDAY, the 26th day of March. 1879, at 5 o'clock P: m., in front of the prem. ises, lots No. 27 and 28, in Charles Just's recorded subdivision of square No. 935, in this city, Theselots each have a front of 20 feet on Ninth street east, between F and G streets north, and run back with that width 106 feet to a public allev. Lot 28 is improved by a well-built two-story frame House. Lot 27 is unimproved. Terms: One-fourth of the purchase money in cash, and the residue in three equal installments, at six twelve, and eighteen months, with 6 per cent. interest. A deposit of $50 on each lot at time of sale, Conveyancing at purchaser's cost. REGINALD FENDALL, Trustee. STEIGER & LIEBERMANN, Auctioneers. mchis-eoddeds

20. June 6, 1879 The Jasper Weekly Courier Jasper, IN
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CURRENT NEWS. WASHINGTON. The Commissioners appointed under an act of Congress to wind up the affairs of the Freedmen's Savings and Trust Company report that, in addition to the 30 per cent. dividend heretofore paid, another dividend of 20 per cent. will probably be declared, making 50 per cent. in all. In order to enable them to do this, however, they ask Congress to purchase the Freedmen's Bank building in Washington, a large portion of which is now rented for Government offices, and a bill will soon be introduced for that purpose. The Commissioners have heretofore asked to be relieved from the duties imposed, and on submitting this bill, will reiterate that request. The President has nominated William J. Gilbraith of Iowa, Associate Justice of the Supreme Court of Montana; John F. Morgan of Illinois, Chief-Justice of the Supreme Court of Idaho; Norman Buck of Idaho, Associate Justice of the same court. A Washington dispatch of the 22d says: There is a decided disposition on the Republican side of the House to prevent the consideration of any general legislation after the disposal of the Warner Silver bill, and prominent members of the party said to-day there was no doubt but that all the Republicans would follow this course if an attempt should be made to take up any of the various other measures which have been reported by committees the present session other than those making appropriations for the Army and the Executive branch of the Government. To accomplish this, the Republicans will have to refrain from voting, which will leave the House without a quorum. The President has nominated Eugene Schuyler of New York, Consul General at Rome, and also the following Consuls: Judson A. Lewis, Sierre Leone, at that place; Wilson King, Pennsylvania, at Birmingham; Wm. F. Grinnell, New York, at Bremen; Alex. McLean, New Jersey, at Guayaquil. Supervising-Architect Hill, having been fully exonerated from the charges brought against him in connection with the construction of the Chicago Custom-house, has been reinstated in office. In reply to numerous inquiries, Secretary of Treasury Sherman states that the reason why he does not advance the price of refunding certificates is that the act of Congress makes it mandatory for him to exchange them at par for lawful money of the United States. If these securities, the Secretary says, could only be sold to actual investors in limited sums, it would be a wise disposition of them, and it is believed that a great majority do get into the hands of such people, but the Postmasters and other disbursing officers can not distinguish between real investors and those who buy to sell again. The Secretary of the Treasury on the 27th stopped the sale of $10 certificates in the large cities of the East. Up to this time $36,000,000 had been sold, and two-thirds of these east of the Alleghanies. The Secretary says he will try to get the remaining $4,000,000 into the hands of the people of the small Western towns until all are disposed of. Cincinnati, St. Louis and Chicago are to have but $40,000 worth a day. At a Cabinet meeting held on the 27th it was decided that Capt. Eads was entitled to the $500,000 payment for the depth of 25 feet in the Mississippi jetty, over which payment the authorities have been hesitating six weeks. The Cabinet has reached the conclusion that under the law the depth and width are secured, the payment is to be made and the only requirement as to the maintenance of depth and width is after 30 feet has been reached, for which $1,000,000 is to be held as security for a term of years. Holders of called bonds which mature before the first of July next, are requested by Secretary Sherman to send them to the Department for payment during the month of June. In this way holders of such bonds will receive payment for them with interest to maturity before the bonds mature. All United States bonds forwarded for redemption should be addressed to the Loan Division, Secretary's office, and all registered bonds should be assigned to the Secretary of the Treasury for redemption. WEST AND SOUTHWEST. The Iowa Democratic State Convention was held at Council Bluffs on the 21st. Judge H. H. Trimble was nominated by acclamation for Governor, the other nominees being J. V. Yeoman for Lieutenant-Governor, Reuben E. Noble, Supreme Judge, and Irvin Baker, Superintendent of Public Instruction. The resolutions indorse the action of Congress and denounce the President's vetoes; favor the substitution of Treasury notes for national bank notes and the abolition of national banks of issue; the reduction of the bonded debt as fast as possible.

21. April 7, 1880 Vermont Watchman and State Journal Montpelier, VT
Article from Vermont Watchman and State Journal, April 7, 1880

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# A National Disgrace. Mississippi's colored senator, Bruce, as chairman of a special committee, has just made a report on the Freedmen's savings bank at Washington, which is endorsed by all the members of the committee who have examined the subject. The causes assigned for the failure are few, and they are stated with a degree of candor that deserves commendation. Instead of following the business for which the bank was established, a heavy discount business was undertaken. There was lack of responsible oversight, and the powers vested in the trustees were exercised by three members of the finance committee, and even by the actuary, acting alone. This downright robbery of more than seventy thousand poor, ignorant but innocent negroes amounts to a national disgrace. The institution was established at the close of the war, avowedly for the benefit of the freedmen as a safe depository of their hard and scanty earnings. The government had dealt generously with the emancipated slaves, and they in turn, regarding this as an act of benevolence toward them, poured their scanty earnings into its bottomless coffers with the utmost confidence. And when congress looked quietly on and saw a set of graceless villains rob these unsuspecting depositors of nearly or quite two millions of dollars, we say it not only amounts to a national disgrace, but it constitutes a claim upon the general government of the nation as equitable as any that ever existed. To make the outrage still more palpable, it seems by this report that more than ten per cent of the claims against the bank ($350,000) has been expended in liquidating its affairs. The report gives encouragement that in all about fifty per cent will be paid to depositors; but this leaves the loss at about $2,000,000.

22. February 5, 1883 Savannah Morning News Savannah, GA
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STILL CHANGING DUTIES. BOTH HOUSES OF CONGRESS ON THE TARIFF. Vance's Protective Memorial in the Performance of Duty-Cotton Thread and Warps Yarn in the Senate-General Discussion in the House-Resolutions on Representative Lowe. WASHINGTON, Feb. 3.-In the Senate Mr. Maxey (Dem., Texas) presented the credentials of his colleague, Mr. Coke, (Dem.), re-elected Senator from Texas. which were read and filed. Mr. Vance (Dem., N.C.) presented as a matter of duty the memorial of certain members of the Legislature of North Carolina, asking for a protective duty on tale. At the close of the morning's business, the Senate, on motion of Mr. Kellogg (Rep., La.), went into executive session. the doors were the When bill re-opened the debate tariff was taken up, and on the amendments to the cotton yarn schedule was resumed. All the amendments which had been debated for the last two or three days were lost. Finally, after a long discussion on the motion of Mr. Beck (Dem., Ky.), the duty on cotton thread, yarn, warps or warps yarn valued at over 25 cents, and not over 40 cents per pound, was made 15 cents per pound; over 40 and not over 50 cents, 20 cents per pound; over 50 and not over 60 cents, 25 cents per pound; over 60 and not over 70 cents, 33 cents per pound; over 70 and not over 80 cents, 38 cents per pound; over 80, 48 cents per pound. Mr. Beck offered another amendment relating to knit cotton goods, but before a vote on the amendment could be had the House resolutions in relation to the death of Representative Lowe, of Alabama, were received. Mr. Morgan. of Alabama, offered corresponding resolutions, and after addresses by him and Mr. Laphami, of New York, the resolutions were adopted, and the Senate at 4:30 p. m. adjourned. HOUSE PROCEEDINGS. In the House, on motion of Mr. Money (Dem., Miss.), the Senate bill to encourage the holding of the World's Industrial and Cotton Centennial Exposition in 1884 was passed. Mr. Randall (Dem., Pa.). from the Commitee of Ways and Means, reported a bill to prevent the importation of adulterated tea. Mr. Beach (Dem., N. Y.) objected to its present consideration, and it was referred to the committee of the whole. On motion of Lynch (Rep., Miss.), the bill to reimburse the depositors of the Freedmen's Savings and Trust Company was referred to the Committee on Education and Labor. Mr. Singleton (Dem., Ills.) offered a resolution directing the Committee on Naval Affairs to inquire into the condition of affairs at the Naval Academy and report the cause of the trouble between the students and Superintendent of that institution; whether there has been any insubordination on the part of the students; and whether the Superintendent has been exacting, oppressive and tyrannical in his management. Mr. Reed (Rep., Me.) objected to its present consideration, in the hope that the government could run a school without the interference of Congress. The resolution was referred to the Committee on Naval Affairs. The House then went into committee of the whole on the tariff bill. The glass and crockery schedule was again considered. A long discussion ensued, which took a wide range, touching upon the relative merits of a protective and revenue tariff, embracing the abstract question of rates of wages in this country and Europe, by lighted up at rare intervals flashes of humor, but seldom addressed to the subject of duty OH glass. The only change in the tariff made in the committee was in imposing a duty of 35 per cent. ad valorem on flint and lime, glass bottles and vials, instead of 2 cents per pound as provided in the bill. The committee then rose, publio business was suspended, and the House proceeded to the consideration of appropriate resolutions on the death of Hon. Wm. Lowe, of Alabama After eulogistic addresses by Messrs. Jones, of Texas, Ford and Burrows, of Missouri, and Oates and Herbert, of Alabama: the resolutions were adopted, and as 4:30 p. m. the House as an addistonal mark of respect to the memory of the deceased, adjourned.

23. March 4, 1886 The Abilene Reflector Abilene, KS
Article from The Abilene Reflector, March 4, 1886

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THAT "SAVINGS" BANK. How the Republicans Robbed the Colored People-Present, Condition of Their "Institution." The act of February 21, 1881, repealed the law under which three commissioners were appointed to settle the affairs of the Freedman's Savings Bank, and made the Comptroller of the Currency a single commissioner, with a salary of one thousand dollars a year, in addition to his regular pay, for performing that service. Eleven years have now been consumed in that business. The whole cost of this protracted "settlement" has fallen upon the assets of the poor depositors whose hard earnings we stolen by a ring of Republican thieves. By the act above cited all claims not presented within six months after its passage, and all dividends not called for within two years, were barred, and their amounts were to go to the benefits of other depositors. In 1883, at the expiration of this limitation, the doors were reopened under certain restrictions. The last report of the commissioner shows that the receipts during the year were $9,379.08, and the disbursements $9,001, exclusive of $1,500 deposited as security for costs in causes before the Supreme Court of the United States. Of this latter sum there was paid for dividends $1,405.19, and for barred claims under the act of 1883, $3,931.05, or a total of $5,336.24. The remainder of $3,664.76 was paid for salaries, attorneys' fees, commissions and a multitude of little expenses. That is to say, more than a third of the whole disbursements went into the maws of leeches that are sucking the few remaining drops of blood in this shameful concern. The record is revolting, but it is consistent with the whole legislation on the subject. After the ignorant depositors had been robbed by Republican laws, which took away their original security, Congress imposed on them three commissioners with $3,000 a year each, and a costly machinery of attorneys, clerks and the like, whereby a large portion of the assets were eaten up during seven years of this scandalous burden. When public opinion revolted at that outrage, then the law was changed to the present form, which. on a most limited scale, continues the imposition by like methods. And it is coolly proposed by the commissioner that Congress shall make good the stolen deficiency by an appropriation of the people's money. This recommendation is made after Republican Administrations allowed the thieves to escape without an attempt at punishment, and, indeed, elevated some of them to prominent places in the Government. Thousands of these deluded colored people either died without having received a dividend or disappeared without leaving a trace behind them. It is high time the business was wound up, and a clerk of one of the departments should be assigned to that small task without any compensation or charge against the little fund that still remains to be distributed. And Congress should at once repeal the act allowing theComptroller of the Currency an additional thousand to his salary for signing his name at the expense of these victims of rascality.-N. Y. Sun.