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

116 THE FREEDMEN’S SAVINGS BANK tect depositors the commissioners ruled that no assignments would be allowed, and the pass books began to flow in.® METHODS EMPLOYED BY THE COMMISSIONERS When all of the accounts of the branch banks that could be obtained were collected in Wash- ington, it was found impossible to reduce them to good order. Many Freedmen’s Bureau ac- counts were turned in from the branch banks and papers belonging to the Freedmen’s Bank were found in the Bureau archives. There was a difference of $42,297.50 between the accounts of the branches and the accounts at headquarters as to the balance due depositors. Pass books were found to be more nearly correct than the ledgers, so the depositors were paid according to their pass books. Each loan had to be investi- gated to see how much had been repaid and how much was still due. Seldom could a loan be col- lected without a lawsuit. Between 1874 and 1879 over three hundred cases were carried to court by the commissioners, but frequently the law- yers’ fees took all, or nearly all, of the collections. Every obstacle was put in the way of the com- missioners. There was strong opposition by de- positors in some localities to the sending to Washington of the proceeds of collections, as they believed that the money would never be returned. The courts in the different states and in the District of Columbia were easily prevailed upon to issue injunctions preventing the sale of property for the bank. Much property belonging 2 Report of Commissioners, Dec. 14, 1874, in Ho. Misc. Doc., No. 16, 43 Cong., 2 Sess.; Bruce Report, p. 17, and Appendix, p. 6.

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