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

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. Organization and expansion of the Freedman's Bank

Collection:: Economics Books

34 THE FREEDMEN’S SAVINGS BANK 1865, and from it the New York branch secured £170,000 of soldiers’ unclaimed deposits. The New Orleans “Free Labor Bank” was not taken in until January, 1866. The total deposits in this bank are not given in the records, but one fund was included which amounted to more than $20,000, presumably representing profits from the Rost Home Colony! On July 11, 1865, a branch bank was established in Washington, District of Columbia, and a month later its de- posits amounted to $843.84." ! Effective work was done by Alvord and Sperry, who went south in the fall of 1865 to organize branches in each southern state and to secure deposits. Sperry obtained permission from the War Department to accompany the Negro troops and to be present at the army pay tables in order to solicit deposits from the sol- diers. He went with the army to the Mexican border and secured deposits amounting to $120,000 from the Negro regiments of the 25th Army Corps. Soon after his return Sperry became an inspector of branch banks. 9 See chapter 1. The affairs of the Rost Home Colony were never straightened out. It is impossible to say anything with certainty as to what finally became of the money belonging to this colony. The planta- tion belonging to Judge Rost was worked by Negroes under the super- vision of the Freedmen’s Bureau. According to some accounts $15,000 or more was cleared in 1866 and by order of General Howard this amount was placed in the New Orleans branch to be used for Negro education. Under the Freedmen’s Bureau Act of 1866 this money should have been deposited in the United States Treasury. But later it was invested in 5.20’ and transferred from New Orleans to the Ireedmen’s Bank in Washington, D. C. Finally, by some trick of bookkeeping it was with- drawn into private hands and disappeared. Douglas Report, pp. 182-187. See below, p. 97. 10 August 1 is another date given. 1 flo. Misc. Doc. No. 16, 43 Cong., 2 Sess., p. 91; Sen. Misc. Doc. No. 88, 43 Cong., 2 Sess., pp. 2, 3; Bruce Report, p. 246; Douglas Report, p. 66.

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