153 THE FREEDMEN’S SAVINGS BANK
today any such organization as a board of trustees of the
Freedmen’s Savings and Trust Company exists. If the
thing can be legally done, I would for my own part prefer
to have the government in form as well as in fact, take
the assets of the defunct institution in its own hands. I
believe the creditors will have nothing to lose by this
absolute possession. If the clause is retained, it may cause
some delay in getting the approval of the trustees, and for
one I am anxious that the depositors shall get something
out of this institution without delay.
Your bill recommends itself strongly in substituting one
for three commissioners, for while I esteem the three pres-
ent commissioners as honest and honorable men, I cannot
think there is work enough to justify their retention. At
the outset, when the affairs of the bank were much en-
tangled, there may have been work for them all; but I
think it is to their credit that they have in five years
placed the affairs of the Freedmen’s Savings and Trust
Company in a condition to be easily managed by one
commissioner. I have been informed that neither of the
present commissioners wishes to be retained in his position,
and this is well, for since there has been some want of
harmony between them I am inclined to think that your
bill should be so shaped that a new man shall be put in
charge, and this without prejudice to either of the out-
going commissioners. It was not supposed when they were
placed in charge of the Freedmen’s Bank six years ago
that they were to continue indefinitely. Their continuance,
in part or in whole, will lead to unfriendly comments.
Economy here is sufficiently strong to commend your bill
at this point.
I see that you make it the duty of the Solicitor of the
Treasury under the direction of the commissioner, to in-
stitute civil and criminal proceedings against trustees and
managers of the bank for mismanagement and fraud. I
hope this will be found unnecessary. The assets of the
bank should not be further diminished by litigation from
which no money can be recovered. The trustees who may
be charged with mismanagement are poor, and nothing
could be got out of them. Mind, however, I do not object
