86 THE FREEDMEN'S SAVINGS BANK 
1874, and assumed office in April. He stated 
afterwards that he accepted the presidency, not 
because he had any experience in banking, but 
because he thought that his influence with his 
own race would strengthen the institution and 
enable it to weather the storm. Both Alvord, the 
outgoing president, and Stickney, the actuary, 
assured him, he said, that the bank was sound. 
Alvord knew no better, and probably Stickney 
hoped that it would pull through. Alvord then 
accepted the presidency of the ill-famed Seneca 
Sandstone Company, in order, he said, to recover 
the amount due the bank.’ 
Douglass, when he took charge, knew little of 
the previous mismanagement of the business, 
and some of the officials, especially Stickney, 
took care to keep him in ignorance of actual 
conditions. So he was without difficulty induced 
to issue circulars assuring the depositors that the 
bank was safe. But he was alarmed when he 
learned of the report of the national bank ex- 
aminer made in January, 1874,® but which he 
had not seen before he became president. Never- 
theless, he assured the public that the existing 
deficit could soon be made good. He further ex- 
plained that the troubles had been caused by the 
forced sale of the bank’s best securities during 
runs which had been brought about by news- 
paper criticisms.* 
But his suspicions were soon aroused by the 
evident efforts of the actuary and others to keep 
* Douglas Report, p. 31. 
3 See pp. 84, 151. . 
4 Letter, dated April 29, to New York Herald, in Bruce Report, 
Appendix, p. 44. See below, pp. 151-156.