THE FREEDMEN’S SAVINGS BANK 
The incapable ones were controlled by the few 
efficient ones who, after 1869-1870, were the 
District of Columbia members. The latter 
formed a kind of “ring” for their mutual benefit, 
and were involved in financial operations that 
made their connection with the Freedmen’s 
Bank of considerable value to them. They were 
at once officials of the bank, and officers of the 
Bureau, or of the army, or of the government 
of the District of Columbia, and some were in- 
terested in corporations which wished to borrow 
from the bank. The two Howards, Balloch, 
Whittlesey, Alvord, and Smith were Freedmen’s 
Bureau officials and were connected with How- 
ard University, and with other extensive bor- 
rowers; Cooke’ and Huntington were officials 
in the First National Bank, which unloaded some 
of its bad loans upon the Freedmen’s Bank; 
Cooke, Eaton, Huntington, Balloch, and Rich- 
ards were connected with firms that borrowed 
large sums, notwithstanding the fact that offi- 
cials of the bank were prohibited by law from 
borrowing from it, directly or indirectly. Several 
were also connected with the Building Block 
Company of Freedmen’s Bureau fame. There 
was hardly an officer after 1871 who was not 
connected with some outside interest that bor- 
rowed from the bank.” 
The trustees were under no bonds to secure 
7 Henry D. Cooke, brother of Jay Cooke, was the first territorial 
tl fas District of Columbia (1871-1873).—National ye. Biog., 
, 510; Cyclopedia Amer. Biog.; Oberholtzer, Jay Cooke, 11, 556. 
18 For example, the Seneca Sandstone Company and the Metropolitan 
Paving Company. 
© See Peirce, Freedmen’s Bureau, pp. 117, 123. 
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