That the Select Committee on the Freedman's Savings and Trust Company appointed by resolution of the Senate of April 7, 1879, is authorized and directed to investigate the affairs of said savings and trust company and its several branches, to ascertain and report to the Senate all matters relating to the management of the same and the cause or causes of failure, with such other facts relating thereto as may be important to a full understanding of the management and present condition of the institution and to a more economical administration and speedy adjustment of its affairs.
Following this resolution, Senator Bruce presented a petition of E. M. Hall, M.D., and others, citizens of Baltimore, Maryland, praying the passage of an act requiring the commissioners of the Freedman's Savings and Trust Company to close up the affairs of the institution and distribute the assets among the creditors thereof. This petition was presented on May 27, 1879.
The resolution and the petition had their desired effect. The services of the commissioners were dispensed with, thus saving $9000 a year for the depositors; and the final settlement of the claims was turned over to the Controller of the Treasury. To Senator Bruce's Committee, therefore, goes the credit of bringing a speedy close to the affairs of the defunct Freedman's Savings and Trust Company, with the minimum of further loss to the depositors. Later, Senator Bruce made a strong, but vain, appeal to reimburse the colored depositors of the Freedman's Savings and Trust Company for losses incurred by the failure of the bank.
His final dealings with the Freedman's Savings and Trust Company came in the third session of the Forty-sixth Congress, when he introduced the following bill:
That the Senate authorize and direct the purchase by the Secretary of the Treasury, for public use, the property known as the Freedman's Savings and Trust Company, and the real estate and parcels of ground adjacent thereto, belonging to the Freedman's Savings and Trust Company, and located on Pennsylvania Avenue
