The Freedmen's Savings Bank

Bibliographic data

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 VIII. The affairs of the bank under the controller of the currency

Collection:: Economics Books

124 THE FREEDMEN’S SAVINGS BANK depositors with government checks through United States depositories; he was given full authority to sell the remaining property and to wind up all business; and wherever it was pos- sible he was to begin prosecution against former officials and trustees who were charged with violations of the laws safeguarding the bank. The Comptroller disposed at once of all prop- erty that could be sold and paid a dividend of 15 per cent on June 1, 1882, and one of 7 per cent on May 12, 1883, making a total of 62 per cent returned to depositors. In 1882 he sold the bank building in Washington to the United States government for $250,000. To December 1, 1909, $1,731,854.01 had been repaid to deposi- tors and $1,208,071.21 was still due. The gov- ernment then had $7,991.58 belonging to the bank, but there was little likelihood that this balance would increase. No prosecutions of former officials were undertaken. THE DEMAND FOR RELIEF OF DEPOSITORS As soon as it was seen that the bank had failed because of improper management a widespread demand arose that the government reimburse the depositors. From every southern state, from all the cities where branches were located, from Negro church congregations, from southern state legislatures, both Radical and Democratic, came memorials demanding that Congress make good the losses. The petitions asserted that the 2 Hoffman, Race Traits, p. 290; Reports of the Commissioner, 1881- 1909. Circular letters now tio27) sent out by the Comptroller’s office state that there are no more funds. For table of dividends see Ap- pendix pp. 141-143.

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