154 THE FREEDMEN’S SAVINGS BANK 
The effect of the legislation recently enacted upon the 
bank will naturally inspire confidence. It is indirectly a 
strong indorsement of the honesty and ability of the trus- 
tees of the institution. It puts the destiny of the Freed- 
men’s Savings and Trust Company more completely than 
heretofore within their power and discretion. It devises 
an honest method of keeping the institution in continued 
and successful operation, while it at the same time enables 
it to accomplish all the objects usually sought in suspen- 
sion. It completely divorces the past from the present and 
future; it separates the old from the new, and allows the 
dead past to bury its dead; it aims to protect the new 
depositor from all the mistakes and misfortunes connected 
with the management and past condition of the bank. 
For the interests of the old depositors, it enables the 
trustees to hold their securities as long as may be necessary 
to reap the full amount of interest they are capable of 
drawing, and then allows the trustees to fill up the chasm 
which may exist between assets and liabilities. It puts it 
in the power of the officers and agents of the Freedmen’s 
Savings and Trust Company to say with confidence and 
truth to all our old depositors, give us time and we will 
pay you every dollar due you from the company. To the 
new depositors it enables us to say with even more confi- 
dence, you may deposit with safety and profit. You are 
neither affected by past losses nor past mismanagement. 
Your money shall not be in any way mixed up with the 
old nor taken to pay old debts. It shall be Bron special 
and invested for your special benefit. 
In one aspect this bill may be said to place the old bank 
in liquidation while it at the same time creates a new one. 
It preserves the old body but infuses it with new life, and 
gives it a better assurance of continued existence. What 
is now needed is wisdom, courage, skill, determination. 
With these the Freedmen’s Savings Bank may be made 
not only a success in itself, but a grand means of success 
to the colored people of the South, to whom it has already 
taught important lessons of industry, economy, and 
saving. 
The history of civilization shows that no people can 
well rise to a high degree of mental or even moral excellence