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

Collection:: Economics Books

UNDER THE COMPTROLLER OF CURRENCY 127 troller, renewed the recommendation for the relief of the Negroes, and put their case more strongly than it had ever before been stated. As proving the moral responsibility of the gov- ernment he again called attention to the identity of bank officials and Bureau officials, to the ad- vertising literature which emphasized the semi- official status of the institution, to other facts which led the depositors to believe the bank under the care of the government, such as the absorption of the three army savings banks and the endorsement by Howard and Lincoln, and to the terms of the charter itself. And so it con- tinued under Republican and Democrat until 1908.8 At various times the matter of compensating the depositors came before Congress. In 1875 a House committee reported that the government was in no way responsible for the debts of the Freedmen’s Bank.? After the Bruce investiga- tion in 1880 the question of assuming the losses of the depositors again came before Congress, and in 1883 John R. Lynch, a Negro congress- man from Mississippi, reported from the Com- mittee on Education and Labor a bill to appro- priate $969,000 to compensate the depositors. The report stated that while the government was not legally bound to reimburse the depositors “the circumstances that were connected with the inauguration and management of the bank were of such a character as to make the government 8 Ho. Misc. Doc. No. 34, 49 Cong., 2 Sess., and No. 33, 51 Cong, 1 Sess.; Annual Reports of the Comptroller as Commissioner, 1889, 1906, 1907 ‘and 1908. 9 Ho. Redvort, No. 58, 43 Cong., 2 Sess.

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