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 119 Randall, of the House of Representatives, asking for legislation which would permit the payment of five per cent interest on bank funds deposited in the United States Treasury. They also asked that the bank building be purchased by the United States government. The balances in the Treasury for five years had been: December 31, 1874, $143,526.60; December 31, 1875, $156- 867.34; December 30, 1876, $253,479.08; Dec- cember 31, 1877, $376,893.30; November 30, 1878, $230,826.36.” It was a long time after the bank got into difficulties before the depositors received any of their money. There were numerous preferred claims which had to be settled, and these pay- ments took much of the ready money for the first year. Then, as soon as there were enough funds, a dividend was declared, and the money distributed among the depositors. In this con- nection Purvis and Creswell performed most of their work—at signing checks. A proposition to have the government depositories distribute the money was objected to by those members of Con- gress who believed that the government should accept no responsibility whatever; so the checks had to be written and sent to the depositors through the mails. Under the administration of the commissioners three dividends were declared: 20 per cent on November 1, 1875; 10 per cent on March 20, 1878; 10 per cent on September 1, 1880. A 20 per cent dividend amounted to $593,239.30.% » Bruce Report, Appendix, pp. 7-9. % Sen. Ex. Doc. No. 10, 45 Cong., 3 Sess.; Bankers’ Magazine, July, 1881; Report of Commissioners, December 14, 1874. Among the pre- ferred claims were those of depositors who had made deposits after June 20, 1874.

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