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"White man bery unsartin": "Nigger haint got no friends, no how"; the blackest chapter in the history of the Republican Party; the men who robbed and combined to rob the freedmen of their hard earnings. cover

"White man bery unsartin": "Nigger haint got no friends, no how"; the blackest chapter in the history of the Republican Party; the men who robbed and combined to rob the freedmen of their hard earnings.

Chapter 10: FOOTNOTES
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About This Book

The pamphlet examines a commissioners' report on the liquidation of the Freedmen's Bank and accuses local political and financial leaders of conspiring to divert African American depositors' savings into worthless securities. The author details an investigation that includes a whistleblower's transcript of suspect loans, examples of hypothecated paving and quarry stocks and worthless bonds, and descriptions of official complicity and moral failure. Interwoven are personal recollections of meetings and protests, an argument that political patronage enabled the fraud, and a forceful denunciation of the betrayal of the bank's intended beneficiaries.

FOOTNOTES

[1] My old friend, General Spinner, can further enlighten the reader on Leipold’s fitness for a commissioner to wind up the affairs of the Freedmen’s Bank.

[2] Since writing this, one S. A. Peugh, a Claim and Pension Agent, was convicted by a jury of this District for taking an excessive fee. Compared with Attorney-at-Law Totten’s charges, his fee was extremely moderate.

[3] Mr. Johnson, the Auditor, to whom the Court referred for adjustment certain accounts of the Freedmen’s Bank, has just furnished me with the following statements:

In the case of Freedmen’s Savings and Trust Company vs. Abbott Paving Company, No. 4465, found balance due the bank, $63,890.80.

To meet this there is on hand, in depreciated and worthless securities, $44,165.67.

Freedmen’s Savings and Trust Co. vs. Vandenburgh. No. 4463.

Found balance due the bank, $85,372.64.

Securities on hand to meet this, depreciated and worthless $75,208.21.

Stickney’s shameful and criminal mismanagement is forcibly told in the above. If we had a Tweed to tell us the true inwardness of the Abbott Paving Company, and the men behind its scenes, the story would be doubly interesting.