The Freedmen's Savings Bank

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV. The good work of the bank

Collection:: Economics Books

46 THE FREEDMEN’S SAVINGS BANK tobacco, and maxims of economy such as, “Save your dimes and buy you a home or a farm.” GOOD RESULTS As a factor in Negro education there was then probably nothing better than this literature and the bank it represented and the good effects were soon observed. Many Negroes, who a few months before had been slaves, began to save and make deposits. It became the fashion to have a bank account, no matter how small. Sums were received from five cents up, and on deposits of $1.00 or more interest was paid semi- annually at the rate of six per cent. Of course the deposits of a year were not much larger than the withdrawals, but according to bank officials the money drawn out was often spent intelli- gently. The Negro would put money into the bank during the summer and fall to be used in the winter and spring when supplies were scarce. Thrift was encouraged; many saved in order to purchase homes, or to purchase farm stock and implements. Less money was spent for whiskey and for articles of worthless finery so dear to the African heart. The Negroes who had bank books were less easily swindled by the multitude of sharpers who came to teach them the ways of freemen. Many years later Booker T.Washington declared: “No work was ever undertaken for the benefit of the Freedmen more laudable in its pur- pose or more designed to assist a people who had just come out of slavery to get on their feet.” 7 Booklets, etc. Freedmen’s Savings Bank, 1867-1872. See Appendix. pp. 144-146. 8 Washington, Story of the Negro, 11, p. 214. See also Brawley, Short History of the American Negro, p. 126.

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