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

a THE FREEDMEN’S SAVINGS BANK There had been, he stated, too much competition with old and well established banks and too rapid expansion which had resulted in too many weak paying branches. Promising economy and prudence in future management, he showed that new depositors were protected from old debts of the institution, while the best arrangement pos- sible had been made for the old depositors. Here- after, he stated, the constant drain of deposits to Washington from all over the country would cease, and investments would be made in the vicinity of the branches. This last concession, he explained, was in response to a widespread ob- jection on the part of the depositors to the prac- tice of sending in all deposits to Washington or New York." The trustees tried to begin reform by making Stickney, the actuary, give bond as required by law. It was found that he had held his position for two years and had never made bond. At first, it seems, he had not been asked to make bond, and later, when requested to do so, he refused on the ground that the business of the bank was so involved that it was not safe for him to com- ply. Now when called before the trustees, who suspected him of crooked practices, he again re- fused to give bond, and as Purvis, one of the trustees, said: ‘Then Stickney commenced to cry. That was pretty good evidence of his guilt for we were not in a prayer meeting.”’* 13 Bruce Report, Appendix. For example, Rainey, a Negro congress- man from South Carolina, complained that the South Carolina Negroes had put half a million in the bank but that not a dollar had been loaned in the state.—Cong. Record, March 3, 1875, p. 2262. 14 Bruce Report, p. 139, and the report of the committee; Douglas Report, p. 76. Qf

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