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 speculating
 in the property under his control and of
trying to purchase claims of depositors, but no
proof was ever adduced, and there is little likelihood
 of his having done so. Although he did not
like Negroes, he nevertheless managed their accounts
 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 Congress,
 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.