The colored people have suffered much on account of the failure of the
Freedman’s bank. Their loss by this institution was a peculiar hardship,
coming as it did upon them in the days of their greatest weakness. It is
certain that the depositors in this institution were led to believe
that as Congress had chartered it and established its headquarters at
the capital the Government in some way was responsible for the safe
keeping of their money.
Without the dissemination of this belief it would never have had the
confidence of the people as it did nor have secured such an immense
deposit. Nobody authorized to speak for the Government ever corrected
this deception, but on the contrary, Congress continued to legislate for
the bank as if all that had been claimed for it was true.
Under these circumstances, together with much more that might be said in
favor of such a measure, we ask Congress to reimburse the unfortunate
victims of that institution, and thus carry hope and give to many fresh
encouragement in the battle of life.