Full text : The Freedmen's Savings Bank

124 THE FREEDMEN’S SAVINGS BANK
depositors with government checks through
United States depositories; he was given full
authority to sell the remaining property and to
wind up all business; and wherever it was possible
 he was to begin prosecution against former
officials and trustees who were charged with
violations of the laws safeguarding the bank.
The Comptroller disposed at once of all property
 that could be sold and paid a dividend of
15 per cent on June 1, 1882, and one of 7 per
cent on May 12, 1883, making a total of 62 per
cent returned to depositors. In 1882 he sold the
bank building in Washington to the United
States government for $250,000. To December
1, 1909, $1,731,854.01 had been repaid to depositors
 and $1,208,071.21 was still due. The government
 then had $7,991.58 belonging to the
bank, but there was little likelihood that this
balance would increase. No prosecutions of
former officials were undertaken.
THE DEMAND FOR RELIEF OF DEPOSITORS
As soon as it was seen that the bank had failed
because of improper management a widespread
demand arose that the government reimburse
the depositors. From every southern state, from
all the cities where branches were located, from
Negro church congregations, from southern
state legislatures, both Radical and Democratic,
came memorials demanding that Congress make
good the losses. The petitions asserted that the
2 Hoffman, Race Traits, p. 290; Reports of the Commissioner, 1881-1909.
 Circular letters now tio27) sent out by the Comptroller’s office
state that there are no more funds. For table of dividends see Appendix
 pp. 141-143.
            
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