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

UNDER THE COMPTROLLER OF CURRENCY 129 positors were now dead, or scattered and difficult to find, especially those who had most needed aid; if appropriations should now be made, most of the claims would fall into the hands of specu- lators; and to the members of Congress it seemed a bad precedent to set, even if warrant in law could be found for it. ESTIMATE OF THE BANK The chain of savings banks for Negroes throughout the southern states gave promise of being a strong support, moral as well as financial, to those just emerging from slavery. Around each branch centered the forces which made for the economic and social elevation of the race. Thrift was inculcated and habits of saving were formed. Self-respect and pride in achievement were developed. Negro business men were being trained, and thousands of depositors were be- ing taught to forego present pleasure for future good. The following quotations from Negro writers will show the opinion of the leaders of the race in regard to the unfortunate effects of the failure. Brawley in his Short History of the American Negro® says: “This institution made a really remarkable start in the development of thrift among Negroes, and its failure, involving the loss of the first savings of hundreds of ex-slaves, was as disastrous in its moral as it was in its immediate financial consequences.” Du Bois says: “Not even ten additional years of slavery 1 Pp, 126-127 16 Souls of Black Folk, p. 36.

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