156 THE FREEDMEN’S SAVINGS BANK
ing institution in the land can well afford to invite runs
upon its deposits, and it is not generous to excite such
runs without good and almost irresistible necessity.
Within the last eighteen months the Freedmen’s Bank,
by reason of suspicions set afloat through the press and
otherwise, has suffered three heavy runs upon its deposits.
The last one of these, which occurred during the late
financial panic, required half a million dollars to carry the
bank safely through it, and the fact that it was able to survive
 a shock which brought other long-standing and longtrusted
 institutions to the ground may just now be stated,
without boasting, in its favor.
The Freedmen’s Bank, as its name imports, was especially
 established to encourage and assist the freedmen to
save and increase their hard-earned money and thus to
help them in the race to knowledge and higher civilization.
This institution has been in existence less than ten years,
and during that time it has held and handled with profit
to its depositors not less than $25,000,000. The bank now
comes before the public after the severest valuation of its
property, rating articles at their lowest cash value in these
dull times, with its liabilities $217,000 in excess of its
assets. Every business man will see at once that with
assets amounting, as they do, to more than $3,000,000, if
only tolerably well managed and let alone, a few months
only would be required to enable it to overcome this small
excess of liabilities and pay all its depositors a small
amount of interest.
My connection with the Freedmen’s Bank as its president
 is of very recent date. I accepted the position with
the honest purpose to forward, as well as I might, the
beneficent objects had in view by its founders, to watch
and guard the hard earnings of my people, and to see that
those earnings shall be kept to their profit, if possible, but
kept safely, at any rate.
In regard to the condition of the branches, I sent last
night through the Associated Press all over the Southern
States a quieting telegram, assuring our depositors that,
in the opinion of the officers of the bank, if the depositors