32 THE FREEDMEN’S SAVINGS BANK 
known that most of the directors were to be 
“dummies.” Besides, the law was specific as to 
the disposition to be made of the deposits—two 
thirds must be invested in United States securi- 
ties and the remainder must be held in “avail- 
able” form. As Congress might have the books 
inspected at will, no misuse of the funds seemed 
possible. 
ORGANIZATION OF THE BANK 
The trustees elected as president William A. 
Booth* of New York, and, as had been planned, 
established headquarters in New York City. 
Alvord, who was now inspector and superintend- 
ent of schools for the Freedmen’s Bureau, was 
made corresponding secretary of the bank. The 
salary of President Booth was fixed at $1,000, it 
being understood that his duties would be merely 
nominal.’ Alvord’s duties were to travel through 
the southern states organizing branch banks and 
soliciting deposits. His position as inspector of 
the Freedmen’s Bureau schools under General 
Howard would enable him all the more success- 
fully to perform his work as bank missionary. 
Paymaster Sperry, who with his associates had 
been endeavoring to consolidate and perpetuate 
the military savings banks, had recognized the 
advantages of Alvord’s scheme and had joined 
4 Wm. A. Booth (1805-1895) was a prominent banker of New York 
City. The only available sketch of his life makes no mention of his con- 
Pecos Fa the Freedmen’s Bank. (National Cyclopedia of Biography, 
5 Booklet, Freedmen’s Savings Bank, 1867. Tn 1867 the officers were 
Mahlon H. Hewitt, president; John W. Alvord, first vice-president; 
Lewis Clephane, second vice-president; D. L. Eaton, actuary. In 1868 
Alvord became president. The presidents before him seem to have had 
little to do with the administration of the institution.