The Freedmen's Savings Bank

Bibliographic data

Monograph

Identifikator:: 175265076X

URN:: urn:nbn:de:zbw-retromon-129631

Document type:: Monograph

Author:: Fleming, Walter Lynwood http://d-nb.info/gnd/120660560X

Title:: The Freedmen's Savings Bank

Place of publication:: Chapel Hill

Publisher:: Univ. of North Carolina Press

Year of publication:: 1927

Scope:: x, 170 S.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VII. The work of the commissioners

Collection:: Economics Books

118 THE FREEDMEN’S SAVINGS BANK go on writing when we would speak to him.” He wanted to do some of the work himself for the attorney’s fees and remarked that he was “not here to make sacrifices for the colored race.” When the depositors would worry him with questions he would say, “What are you pestering me for?’ He told them that they had no business trusting such a bank—*“Who ever knew of a Freedmen’s Bank? . . . If I had not taken up this bank you would not have a dollar. We brought you out of slavery. You had nothing then and you need not think of these little losses.”” He was accused by his enemies of specu- lating in the property under his control and of trying to purchase claims of depositors, but no proof was ever adduced, and there is little likeli- hood of his having done so. Although he did not like Negroes, he nevertheless managed their ac- counts with honesty and efficiency. DIVIDENDS As money was collected by the commissioners from loans and from sales it was placed in the United States Treasury to await division among the depositors. Although large sums were kept in the Treasury, no interest was allowed by Con- gress, nor were the commissioners permitted to invest the funds in interest-bearing United States securities. Had this been done the income would have gone far to cover the rather heavy expenses of administration. On December 2,” 1878, the three commissioners united in a letter to Speaker # Douglas Report, pp. 77, 165, 166. 2 Report No. 502, Ri 2 Sess., p. 117. # Douglas Report, pp. 16, 77, 106, 1f7-155, 558; Bruce Report, pp. 29, 196; Leipold’s letter in National Republican, April 22, 1876.

Access restriction

Copyright

fullscreen: The Freedmen's Savings Bank

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation