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 VII. The work of the commissioners

Collection:: Economics Books

THE WORK OF COMMISSIONERS 109 warrant in law for the establishment of the branch banks; that the inspection was of little or no value because there was no disposition on the part of the authorities to remedy the defects reported by the inspectors; that the passage of the Act of 1870 was secured by and for the in- terest of the “Washington cabal” and the down- fall of the bank was thereby hastened. After condemning in detail the doings of the District of Columbia interests the committee recom- mended that the work of the three commissioners be turned over to one man in order to reduce the expenses of administration.” The concluding section of the report, quite Democratic in tone, is as follows: The inspectors provided by the by-laws were of little or no value, either through the connivance and ignorance of the inspectors or the indifference of the trustees to their reports. . . . The committee of examination . . . were still more careless and inefficient, while the board of trus- tees, as a supervising and administrative body, intrusted with the fullest power of general control over the manage- ment, proved utterly faithless to the trust reposed in them. Everything was left to the actuary and finance committee. Such was the practical working of the machine, . . . The depositors were of small account compared with the per- sonal interest of the political jobbers, real estate pools, and fancy stock speculators, who were organizing a raid upon the freedmen’s money and resorted to an amendment a the charter to facilitate their operations. The District of Columbia government, too, came in to hasten and profit by the work of spoliation thus inaugu- 15 The Douglas Report is House Report, No. 502, 44 Cong., 2 Sess. It contains thirteen pages of the committee report and 241 pages of testi- mony, documents, records of branch banks, tables of statistics and state- ments of the commissioners, Thirty officials and depositors testified before the committee.

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