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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Chapter

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 99 New York, N. Y........ 344,071 Saint Louis, Mo......... 58,397 Norfolk, Va............ 126,337 Tallahassee, Fla... ...... 40,207 Philadelphia, Pa........ 84,657 Vicksburg, Miss, ....... 114,348 Raleigh, N. C........... 126,705 Washington, D.C... .... 384,789 Richmond, Va.......... 166,000 Wilmington, N. C....... 45,223 Savannah, Ga........... 153,425 nn Shreveport, La.......... 030.312 Total............53,299,201 Thus ended in failure a most promising plan to aid the Negro race. The various causes lead- ing to this failure have been discussed at length and may be summed up as follows: Poor business management; neglect of duty by the more honest and capable trustees; the failure of Congress to make an investigation in time; the general de- pression of business in 1873; hostility to the bank as a race institution and as a connection of the Freedmen’s Bureau; dishonesty and in- competency in the branches; and finally and fundamentally the careless and corrupt use of its funds by the “ring” of District of Columbia trustees and officials. The Freedmen’s Bank had a fine field and according to expert opinion could have survived all other troubles had it not been for the lack of honesty on the part of those who for a time controlled its management at Washington. Like so many other enterprises throughout the United States during that period it fell a prey to the general corruption that prevailed during the Reconstruction period.? * Bruce Report, pp. 248, 249, 273, 274; Douglas Report, p. 17; Cong. Record, April 22 (1876), p. 2707. See Oberholtzer, Jay Cooke, passim, as to banking conditions in the 1870%.

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