Proposed new customs tariff

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Monograph

Identifikator:: 1016540337

URN:: urn:nbn:de:zbw-retromon-79957

Document type:: Monograph

Title:: Proposed new customs tariff

Place of publication:: London

Publisher:: Printed under the authority of His Majesty's Stationery Office by Darling and Son, Limited

Year of publication:: 1914

Scope:: 1 Online-Ressource (IV, 110 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Section 3. Mineral products

Collection:: Economics Books

74 THE FREEDMEN’S SAVINGS BANK finance doubtful enterprises, and to furnish cheap loans. Jay Cooke and Company, the fi- nanciers, through their control of the finance committee, were able to borrow $500,000 at one time paying only 5 per cent interest, while the Freedmen’s Bank was paying 6 per cent to depositors on the same money.” Between 1870 and 1873 the Freedmen’s Bank was practically controlled by Jay Cooke and Company and the First National Bank. It suf- fered much under this control. H. D. Cooke and W. S. Huntington, president and cashier respec- tively, of the First National Bank of Washing- ton, were trustees of the Freedmen’s Bank and members of its finance committee. When Cooke’s bank made a bad transaction, these men used their position and influence to transfer the poor securities to the Freedmen’s Bank. They also used the latter as a dumping ground for the bad private claims of themselves and friends. Hunt- ington lived in a house belonging to one R. P. Dodge and, in order to get his rent reduced, negotiated for Dodge a $13,000 loan from his own (the First National) bank. This bank held Dodge’s notes until they were due and then through Huntington’s influence with Eaton, the actuary, transferred the paper to the Freedmen’s Bank. After Huntington died Dodge was asked to pay but objected on the ground that the money from the loan went to Huntington, not to himself. Stickney, the actuary who succeeded Eaton, said of Huntington, “If he wanted to have anything done, it was done.” Trustees 2 Douglas Report, pp. 8, 11, 12; Bruce Report, p. 179.

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Object: The Freedmen's Savings Bank

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