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 117 to the branches was found to be almost without value.? But the commissioners worked on, closing the branches one by one until only those in Nashville and Beaufort were left open. In order to avoid heavy losses the commissioners were obliged after foreclosure to buy in nearly all good prop- erty. And then owing to the depressed financial condition of the country, they frequently had to hold this property for years before it could be disposed of without loss. Meanwhile, much of the income from it was absorbed by the expenses of caretaking. The headquarters building in Washington was leased for a time for the use of the Attorney General and the Court of Claims and in 1882 was sold to the United States govern- ment for $250,000. ) Although at first the trustees tried to control or embarrass the policy of the commissioners, their efforts could be ignored, and their organiza- tion finally went to pieces. Creswell and Purvis were on friendly terms with them, but Leipold, advised by the Treasury Department, refused to allow them to have anything to do with the affairs of the bank. They took revenge by making charges against him of improper con- duct in the administration of the business. Lei- pold was intensely disliked by the Negroes, who said that he “did not treat us politely, but would 2 In Congress, Representative Small, a Negro, from South Carolina complained that the commissioners were acting in collusion with pur- chasers in South Carolina in selling property at low prices, The com- missioners answered that it was difficult to sell property in the South at any price.—Bruce Report, p. 29; Reports of Commissioners, 1874-1879; Bruce Report, pp. 13, 17, 19, 31. % Bruce Report, p. 38.

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