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

Collection:: Economics Books

128 THE FREEDMEN’S SAVINGS BANK morally and equitably responsible to its credi- tors, and it should, therefore, reimburse them for any losses they have sustained in its failure.” A minority report by Representative Money, of Mississippi, maintained that there was no war- rant in law for paying such a claim, and that such a precedent would be extremely embarass- ing to the government. President Cleveland, in his message of 1886, reviewed the history of the bank and declared that to assume the losses was a “plain duty which the government owes to the depositors, and that the latter should be paid by the government up- on principles of equity and fairness.” In pur- suance of the President’s suggestion a bill was introduced in 1888 appropriating money to pay the claims of the depositors. But after passing the Senate it failed in the House. In 1907 Senator Gallinger introduced a bill to reimburse the depositors. The bill again passed the Senate but failed in the House.’ In 1910 the matter was again brought before Con- gress by Representative Austin of Tennessee but this effort excited very little interest. Since 1910 there has been no serious discussion of paying the depositors. Those who were in favor of paying the losses of the N egroes in 1875 no longer urged it for various reasons: The de- 19 Ho. Report, No. 1901, 47 Cong., 2 Sess. 1 Messages and Papers of the Presidents, VIII, 525. 2 Ho. Report, No. 3199, 50 Cong., 1 Sess. 13 Sen. Bill 48, 60 Cong., 1 Sess. 14 See Banking and Currency Committee, Hearings in January, 1910, on House Bill 8776 to reimburse depositors of the Freedmen’s Savings and Trust Company. Extracts from this document are given in the Appendix, p. 159.

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