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

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

148 THE FREEDMEN’S SAVINGS BANK year, of three hundred and twelve working days, amounts to thirty-one dollars and twenty cents. ($31.20) How nice to have that much cash to put by at Christ- mas! Now, what will you do with 122 Will you put it away in an old stocking, or hide it in a crack in the floor, where bad folks may steal it, or the mice eat it up? Or, suppose it isn’t stolen or eaten up by mice; if safe hid away it would be making nothing for you. It would be like the unfaithful steward’s talent, which the Bible tells of! You know his Lord, when he came, condemned him for having hidden his talent in a napkin. He called him “a wicked and slothful servant.” Instead, then, of hiding your savings in a napkin, put it in the bank, where it will be making money for you. You will get, we will say, six per cent interest for it. Now let us see how much a man, who saves ten cents every working day for ten years, will have if he puts it at interest: The first year he will have........... 20 The second year he will have. ..... 27 The third year he will have........ 2 05 The fourth year he will have....... Hg The fifth year he will have.... ...... 24.38 The sixth year he will have........... 41.74 The seventh year he will have. ....... 44.24 The eighth year he will have........... 46.90 The ninth year he will have. ......... 49.71 The tenth year he will have. ......... 52.69 And at the end of ten years he will be worth in cash... == =mimam—— 3211.13 And all this from saving the price of a mean cigar and a vile glass of liquor every day! There is no excuse for any healthy man being poor in this country. The richest men in it began by small savings. The merchant, Billy Gray, of Boston, saved his first dollar by carrying bricks. Then he added another and another to that, and saved the interest, and put that on interest, and at last had many millions of dollars.

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