72 THE FREEDMEN’S SAVINGS BANK 
proposed amendment in the House, where it 
passed without discussion. In the upper house 
Senator Cameron of Pennsylvania vigorously 
objected to the amendment on the ground that 
it would endanger the funds, which were evi- 
dently now in the hands of irresponsible persons, 
that speculation and loss would certainly result, 
and that the bank would be destroyed. Those 
who were interested in securing the amendment 
stirred up the leading Negroes to remonstrate 
with Cameron, who said: “If they want to be 
cheated I will make no more trouble.” He then 
ceased his objection, and the bill became law.? 
Within three years Cameron’s predictions were 
fulfilled. As soon as possible every cent that the 
institution could command was loaned to private 
individuals and corporations. The law requiring 
that the real estate be twice the value of the 
loan was usually disregarded. Kilbourn and 
Latta, agents of a real estate combine and large 
borrowers from the bank, were appointed as its 
appraisers of real estate. Loans were made rap- 
idly and recklessly, on bills against the District 
government, on District securities issued without 
warrant of law, on second mortgages, on stock 
in promotion companies, and on other paper of 
doubtful value. The resources of the bank were 
soon tied up in loans of such a character that it 
was practically impossible to realize upon them 
without long delay. 
% Cong. Globe, March 21, April 15, 28, and May 2, 1870, pp. 2095, 
2726, 2732, 2738, 3038, 3064, 3147, 3344; Douglas Report, pp. 37, 38; 
The Nation, April 5, 1875. See Appendix, p. 136. 
# Even before 1870, $84,340.67 had been loaned on real estate, con- 
trary to the law.—Bruce Report, p- 288.