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

Collection:: Economics Books

THE COLLAPSE OF THE BANK { THE BANK IS CLOSED In a few days it was found that the bank as a business institution was dead. The trustees de- cided on June 28, 1874, to close the doors and to nominate commissioners to wind up affairs. But even the last days were not free from queer prac- tices on the part of the officers. On June 30, 1874, the day after closing, we find that one Juan Boyle borrowed from Stickney on slender security, $33,366.66. Stickney later explained this by saying that Boyle had the money already but that the bank had no evidence of the debt. Consequently on June 30 he had accepted Boyle’s note and any security that the latter was willing to give. This, he thought, was better than nothing. Later the commissioners found that Boyle had been employed by Alvord to sell securities for the bank and that out of each transaction he had kept back money until he was due the bank $33,366.66. But this matter like several others was never fully cleared up.® Stickney and the bookkeepers also violated the law of June 20, 1874, by not keeping all deposits made after the passage of the law sepa- rate from the business of earlier date.®® And, further, after the bank was closed Stickney with- drew the Rost Home Colony fund and carried it to a new bank—“The People’s Bank” —organ- ized by himself.’ 15 Bruce Report, pp. 140, 157, 181. 18 Bruce Report, p. 15. 17 See above, p. 34. 18 Douglas Report, pp. 77, 78, 182, 187. gq”

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