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 VII. The work of the commissioners

Collection:: Economics Books

THE WORK OF COMMISSIONERS 115 sioners, failing to get relief from Congress, were forced to proceed with their disagreeable task. This task was to close up the branch banks and transfer all accounts to Washington; to bring the chaotic accounts of the institution into some order; to manage the property belonging to it; to collect debts and claims, to turn assets into cash; and finally to pay dividends to the deposi- tors as soon as funds were available. The Ne- groes were so averse to seeing the branches closed that for several years it was necessary for the commissioners to keep agents on small salaries? at some of the old branches to explain the situa- tion to the depositors and persuade them to send in their claims. Although the commissioners advertised far and wide for the pass books to be turned in, the depositors for a while held back, as their suspi- cions had been excited by that faction of the trustees who had opposed the closing of the bank and by the speculators who wanted to buy pass books for a small fraction of their value. The accounts of about 50,000 depositors were quite small, and it was found that these were easily discouraged and soon became somewhat indiffer- ent. Some of the former trustees continued to announce that the bank would certainly be re- opened, declaring that the recent legislation of Congress relating to the bank was merely a Democratic attack upon the Negro race and that the closing of the institution was nothing but a political measure. Charges were also made that Leipold was speculating in bank books. To pro- 22 10 to $25 a month.

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