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26 27 Others are promising to do so. But there are large sums which cannot yet be touched by the proper owners. I gathered, by your direction, papers and testimony in a number of notorious instances, and have transmitted copies of the same to the financial officer of the Bureau; action having been taken thereon which it is hoped will result in the detection of the guilty. Such action, however, as now pending, prevents my giving names, or going into any specific details. It is respectfully suggested that a standing commission, empowered to call for persons and papers, and with transportation to all parts of the country, should be appointed by the War Department to pursue every cause of this kind of fraud to as final issue. SAVINGS AND TRUST COMPANY. The Savings and Trust Company for freedmen, chartered by the Congress last winter, and placed under your advisement, has gone into successful operation in nearly all the States south, and promises to do much to instruct and elevate the financial notions of the freedmen. The trustees and friends of the institution believe that the industry of these four millions furnishes a solid basis for its operations. Pauperism can be brought to a close, the freedmen made self-supporting and prosperous, paying for their educational and Christian institutions, and helping to bear the burdens of government by inducing habits of saving in what they earn. That which savings-banks have done for the working men of the north, it is presumed they are capable of doing for these laborers. I was charged by you, in my late tour, with this subject, and can say that everywhere, privately and publicly, the freedmen welcomed the institution. They understand our explanations of its meaning, and the more intelligent see and fully appreciate its benefits. Calls were made upon me at all the large towns for branches of the bank. In fifteen of the more central places, viz., Washington, Richmond, Norfolk, Newbern, Wilmington, Charleston, Beaufort, Savannah, Mobile, New Orleans, Vicksburg, Huntsville, Nashville, Memphis, and Louisville, such branches were established. Most of these begin to make returns. I here insert the report of the actuary at the principal office in New York of the business condition of the institution on the 31st day of January, and the amount done during that month: Amount due depositers December 31, 1865 $201,126 55 Amount of deposits received at branches during the month of Jan.: Vicksburg, $5,087 00 Wilmington, 902 44 Norfolk, 491 20 Newbern, 35 00 Louisville, 4,895 15 Huntsville, 390 22 Memphis, 620 00 Nashville, 4,259 96 Washington, 4,369 05 Savannah, 1,579 55 Mobile, 4,809 00 Charleston, 424 15 Richmond, 170 15 Beaufort, 498 20 28,531 07 229,657 62 | Less drafts paid depositors during the month 54,704 90 Balance due depositors 174,952 72 Balance on hand at branches $17,132 43 Balance on hand at New York 6,577 83 U.S. securities at New York 181,600 00 205,310 26 Surplus (on the books) 30,357 54 $15,000 to $20,000 of this surplus is only in statements or drafts which have not been received at the principal office in New York, and contingent expenses not paid. Hence, the true surplus, as near as we can estimate it at the present stage of affairs, (our securities being valued at par.) is about ten thousand dollars. A dividend of five per cent. per annum has been declared on all sums which have been on deposit six months previous to January 1, 1866. The trustees are encouraged, from this auspicious beginning of their work, to go forward with high hopes of large benefit to these millions of freedmen, "and their descendents," and, if the amendment to their charter now before Congress shall pass, connecting the bank more intimately with your Bureau, they will entertain no doubt of is perfect success.
