118 THE FREEDMEN’S SAVINGS BANK 
go on writing when we would speak to him.” 
He wanted to do some of the work himself for 
the attorney’s fees and remarked that he was 
“not here to make sacrifices for the colored 
race.” When the depositors would worry him 
with questions he would say, “What are you 
pestering me for?’ He told them that they had 
no business trusting such a bank—*“Who ever 
knew of a Freedmen’s Bank? . . . If I had not 
taken up this bank you would not have a dollar. 
We brought you out of slavery. You had nothing 
then and you need not think of these little 
losses.”” He was accused by his enemies of specu- 
lating in the property under his control and of 
trying to purchase claims of depositors, but no 
proof was ever adduced, and there is little likeli- 
hood of his having done so. Although he did not 
like Negroes, he nevertheless managed their ac- 
counts with honesty and efficiency. 
DIVIDENDS 
As money was collected by the commissioners 
from loans and from sales it was placed in the 
United States Treasury to await division among 
the depositors. Although large sums were kept 
in the Treasury, no interest was allowed by Con- 
gress, nor were the commissioners permitted to 
invest the funds in interest-bearing United States 
securities. Had this been done the income would 
have gone far to cover the rather heavy expenses 
of administration. On December 2,” 1878, the 
three commissioners united in a letter to Speaker 
# Douglas Report, pp. 77, 165, 166. 
2 Report No. 502, Ri 2 Sess., p. 117. 
# Douglas Report, pp. 16, 77, 106, 1f7-155, 558; Bruce Report, pp. 
29, 196; Leipold’s letter in National Republican, April 22, 1876.