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 VI. The administration of Frederick Douglass. The collapse of the bank

Collection:: Economics Books

90 THE FREEDMEN’S SAVINGS BANK About four months before this splendid institution was compelled to close its doors in the starved and deluded faces of its depositors, and while I was assured by its President and by its Actuary of its sound condition, I was solicited by some of its trustees to use my name in the board as a candidate for its presidency. So, I waked up one morning to find myself seated in a comfortable arm chair, with gold spectacles on my nose, and to hear myself addressed as President of the Freedmen’s Bank. I could not help reflecting on the contrast between Frederick the slave boy, running about at Col. Lloyd’s with only a tow linen shirt to cover him, and Frederick—President of a bank counting its assets by millions. I had heard of golden dreams, but such dreams had no comparison with this reality. And yet this seeming reality was scarcely more substantial than a dream. My term of service on this golden height covered only the brief space of three months, and these three months were divided into two parts, during the first part of which I was quietly employed in an effort to find out the real condition of the bank and its numerous branches. This was no easy task. On paper, and from the representations of its management, its assets amounted to three millions of dollars, and its liabilities were about equal to its assets. With such showing I was encouraged in the belief that by curtailing the expenses, and doing away with the non-paying branches, which policy the trustees had now adopted, we could be carried safely through the financial distress then upon the country. So confident was I of this, that in order to meet what was said to be a temporary emergency, I was induced to loan the bank ten thousand dollars of my money, to be held by it until it could realize on a part of its abundant securities. This money, though it was repaid, was not done so as promptly as, under the rer circumstances, I thought it should be, and these circumstances increased my fears lest the chasm was not so easily bridged as the actuary of the institution had assured me it could be. The more I observed and learned the more my confidence diminished. I found that those trustees who wished to issue cards and publish addresses professing the utmost confidence in the bank, had themselves not one dollar 5

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