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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. The affairs of the bank under the controller of the currency

Collection:: Economics Books

UNDER THE COMPTROLLER OF CURRENCY 125 government was responsible because it had char- tered the bank, had provided for Federal inspec- tion, and had secured its funds by investment in United States bonds, and because its officials were usually government officials. All the adver- tising done by the bank had made it appear as an institution of the government, and the Ne- groes had generally understood that they were giving their money to the government for safe keeping.? Men of note took the position that the United States should stand between the depositors and the loss of their savings. Frederick Douglass maintained that the government should make good the loss because it had allowed the bank to be considered a government institution and a part of the Freedmen’s Bureau, and through neglect of supervision had allowed it to fail. General Howard, trustee of the bank and for- merly commissioner of the Freedmen’s Bureau, who had permitted and encouraged the close connection between the bank and the Bureau, declared that the work of the former was done under the guarantee of the United States, and that therefore the government should hold itself responsible to the depositors.’ 3 Ho. Misc. Doc. No. 29, 43 Cong., 2 Sess.; Ho. Report No. 58, 43 Cong., 2 Sess.; Cong. Globe, 1874-1876. Shaler, The Neighbor, p. 170, makes a statement which shows that others than Negroes believed that the bank was connected with the government. 4 Bruce Report, Appendix, p. 45. 5 Bruce Report, p. 273. As indicating the close relation between the Freedmen’s Bureau and the Freedmen’s Savings Bank the following facts are significant: In 1872 the records of the Freedmen’s Bureau were collected in Washington. Among these quantities of papers were found which belonged to the Freedmen’s Savings Bank. These papers included certificates of soldiers. bounty registers, receipts for bounty, registers of

Access restriction

Copyright

fullscreen: The Freedmen's Savings Bank

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation