a THE FREEDMEN’S SAVINGS BANK 
There had been, he stated, too much competition 
with old and well established banks and too 
rapid expansion which had resulted in too many 
weak paying branches. Promising economy and 
prudence in future management, he showed that 
new depositors were protected from old debts of 
the institution, while the best arrangement pos- 
sible had been made for the old depositors. Here- 
after, he stated, the constant drain of deposits to 
Washington from all over the country would 
cease, and investments would be made in the 
vicinity of the branches. This last concession, he 
explained, was in response to a widespread ob- 
jection on the part of the depositors to the prac- 
tice of sending in all deposits to Washington or 
New York." 
The trustees tried to begin reform by making 
Stickney, the actuary, give bond as required by 
law. It was found that he had held his position 
for two years and had never made bond. At first, 
it seems, he had not been asked to make bond, 
and later, when requested to do so, he refused 
on the ground that the business of the bank was 
so involved that it was not safe for him to com- 
ply. Now when called before the trustees, who 
suspected him of crooked practices, he again re- 
fused to give bond, and as Purvis, one of the 
trustees, said: ‘Then Stickney commenced to 
cry. That was pretty good evidence of his guilt 
for we were not in a prayer meeting.”’* 
13 Bruce Report, Appendix. For example, Rainey, a Negro congress- 
man from South Carolina, complained that the South Carolina Negroes 
had put half a million in the bank but that not a dollar had been loaned 
in the state.—Cong. Record, March 3, 1875, p. 2262. 
14 Bruce Report, p. 139, and the report of the committee; Douglas 
Report, p. 76. 
Qf