76 THE FREEDMEN’S SAVINGS BANK 
fortable lack of a sense of responsibility and also 
his notions of business: 
Mr. Richards: 1 know that judgment was taken against 
me as an indorser, and I am free to say that if the Lord 
ever puts money enough into my pocket I will pay it. 
The Chairman (Senator Bruce): The Lord will not do 
it for you. You must do it yourself in some way. 
Mr. Richards: Well, the Lord may help me to do it. 
I have got a good deal of confidence in the Lord yet. 
The Chairman: The Lord, Mr. Richards, doubtless is 
engaged in more profitable business than putting money 
in your pockets. 
Sometimes no collateral of any kind was put 
up. Eaton, the first actuary, formed the habit 
of making loans and investments without con- 
sulting the finance committee. These he reported 
as “cash” or as ‘““available.”® As Stickney, the 
second actuary, said, the available fund soon 
became ‘“‘very unavailable.” Much of it was 
finally lost, for out of it the most unsafe loans 
were made. 
It was often the case that those who borrowed 
and those who negotiated the loans on the part 
of the bank were practically identical persons. 
Trustees and officials were members of com- 
panies that borrowed from the bank, or sold to 
it doubtful securities. Cooke, Huntington, Cle- 
phane, Eaton, Howard, and Balloch were promi- 
nent among those who borrowed from the bank 
in which they were officials. Howard University, 
the Y. M. C. A., and several churches and 
schools were able to borrow because of the con- 
nection of members of their governing bodies 
with the bank. The Seneca Sandstone Company 
» Bruce Report, pp. 129-136. 
# Douglas Report, pp. 67, 91, 149; Bruce Report, pp. 27, 140, 282,