22 THE FREEDMEN’S SAVINGS BANK 
it out. Consequently at the close of the Civil 
War these large unclaimed sums prevented the 
military banks from winding up their business.* 
PLANS OF SPERRY AND ALVORD 
When the war was drawing to a close it was 
evident that something must be done to safe- 
guard the unclaimed deposits in the military 
banks, and since large sums in pay and bounty 
were still due the Negro soldiers, it was also be- 
lieved that a plan ought to be devised to help 
them save something. So, early in 1865, two 
distinct efforts were being made to organize per- 
manent savings banks for the benefit of the 
Negroes. The first attempt was made by A. M. 
Sperry, an army paymaster, and several associ- 
ates. They planned to found an institution which 
they hoped would be endorsed by the United 
States government, and would then absorb and 
continue the military savings banks at Norfolk 
and Beaufort and the Free Labor Bank in New 
Orleans, and with its branches would also serve 
as a savings bank for the Negro soldiers still in 
service. The Negro troops were being mustered 
out more slowly than the white troops, and it 
was expected that several thousand would be 
retained in the regular service. Moreover, there 
were thousands of Negro soldiers who had un- 
settled claims against the United States for pay 
and bounty. Sperry expected to have an agent 
of the bank with each Negro regiment for the 
purpose of soliciting deposits and arranging for 
¢ Douglas Report in House Rept., No. 502, 44 Cong., 1 Sess. (1876), 
24; Bruce Report in Senate Rept., No. 440, 46 Cong., 2 Sess, 24; Doug- 
lass, Life and Times, p. 487.