APPENDIX 155 
without wealth. A people uniformly poor and compelled 
to struggle for barely a physical existence will be depend- 
ent and despised by their neighbors, and will finally despise 
themselves. While it is impossible that every individual of 
any race shall be rich—and no man may be despised for 
merely being poor—yet no people can be respected which 
does not produce a wealthy class. Such a people will only 
be the hewers of wood and drawers of water, and will not 
rise above a mere animal existence. The mission of the 
Freedmen’s Bank is to show our people the road to a 
share of the wealth and well being of the world. It has 
already done much to lift the race into respectability, and, 
with their continued confidence and patient co-operation, 
it will continue to reflect credit upon the race and promote 
their welfare. 
It has long been a bitter complaint against the Freed- 
men’s Bank that it withdrew money from distant localities 
and invested it here at the capital. The bill which has now 
become a law has removed all ground of complaint on 
this point. It provides that loans shall be made in the 
vicinity of the different branches, so that the people who 
deposit their money may now feel assured that it will not 
be withdrawn to build up Washington, but will be em- 
ployed to quicken industry and improve the condition of 
the country where it is collected. This feature of the bill 
alone goes far to recommend the Freedmen’s Savings and 
Trust Company to the confidence and favor of the colored 
people. 
Freperick Doucrass, President. 
(CIRCULAR NO. 2) 
Washington, April 29, 1874. 
To tue Eprtor or THE NEw York HEraLD: 
The reference in the Herald of Tuesday to the present 
condition of the Freedmen’s Bank was not only just but 
considerate and generous and displays your well-known 
love of fair play. While that reference told the simple 
truth about the bank, there was nothing to produce dis- 
trust and start a run upon its deposits. Of course no bank-