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 V. Mismanagement and other troubles

Collection:: Economics Books

THE FREEDMEN’S SAVINGS BANK The incapable ones were controlled by the few efficient ones who, after 1869-1870, were the District of Columbia members. The latter formed a kind of “ring” for their mutual benefit, and were involved in financial operations that made their connection with the Freedmen’s Bank of considerable value to them. They were at once officials of the bank, and officers of the Bureau, or of the army, or of the government of the District of Columbia, and some were in- terested in corporations which wished to borrow from the bank. The two Howards, Balloch, Whittlesey, Alvord, and Smith were Freedmen’s Bureau officials and were connected with How- ard University, and with other extensive bor- rowers; Cooke’ and Huntington were officials in the First National Bank, which unloaded some of its bad loans upon the Freedmen’s Bank; Cooke, Eaton, Huntington, Balloch, and Rich- ards were connected with firms that borrowed large sums, notwithstanding the fact that offi- cials of the bank were prohibited by law from borrowing from it, directly or indirectly. Several were also connected with the Building Block Company of Freedmen’s Bureau fame. There was hardly an officer after 1871 who was not connected with some outside interest that bor- rowed from the bank.” The trustees were under no bonds to secure 7 Henry D. Cooke, brother of Jay Cooke, was the first territorial tl fas District of Columbia (1871-1873).—National ye. Biog., , 510; Cyclopedia Amer. Biog.; Oberholtzer, Jay Cooke, 11, 556. 18 For example, the Seneca Sandstone Company and the Metropolitan Paving Company. © See Peirce, Freedmen’s Bureau, pp. 117, 123. 6R

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