FREDERICK DOUGLASS TO JOHN J. FREEMAN1

Washington, [D.C.] 24 Oct[ober] 1874.2

THE FREEDMAN’S BANK.

316 A ST., N. E.

MR. EDITOR:

It may be shown why Frederick Douglass issued his “Bull” to the colored
people of the United States after he became President of the rotton concern, “that it was in a better financial condition than it ever was before,”

The foregoing extract is from the leading Editorial of the “PROGRESSIVE AMERICAN” of October 22nd,3 discussing a threatened prosecution
of some of the Trustees connected with the Freedman’s Savings and Trust
Company. Now, though the allusion to me is manifestly, in an unfriendly
spirit, it is not necessary that I should believe it intentionaly misrepresents
me: I therefore beg to say to your respected readers, that I never stated at
any time during the three months I was connected with the Freedman’s
Saving & Trust Company. “That it was in a better financial condition than
it ever was before.”

This I never thought, said, or wrote While I thought and hoped that
the Freedman’s Savings and Trust Company might, under certain specified
favorable conditions, weather this storm in which I found it, and did what
I honestly could to encourage depositors to be patient, and in no case to
sacrifice their bank books. I never was over sanguine as to the prospects
of the Bank. In advising the depositors to make no run on the Bank, my
practice accorded with my precepts, for I am to day, (although being on the
inside, I could have withdrawn my money,) one of the largest depositors
in the institution, and in case it does not pay, I shall be among its greatest
sufferers. I, however, belive that larger percentage, of the deposits of the
Freedman’s Saving and Trust Company will yet be paid, though I do not
believe this result will be reached in less than two years from this time.4
There is, for the present, no market for the large property owned by the
Bank, especially in this city,5 and it would be ruinous to force sale, so that
the Commissioners, in whom I have full confidence, are wise in husbanding the resources of the Bank, and waiting the better times soon to come.

Yours, Respecfully,

FREDERICK DOUGLASS.

PLSr: Philadelphia , 5 November 1874.