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

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154 THE FREEDMEN’S SAVINGS BANK The effect of the legislation recently enacted upon the bank will naturally inspire confidence. It is indirectly a strong indorsement of the honesty and ability of the trus- tees of the institution. It puts the destiny of the Freed- men’s Savings and Trust Company more completely than heretofore within their power and discretion. It devises an honest method of keeping the institution in continued and successful operation, while it at the same time enables it to accomplish all the objects usually sought in suspen- sion. It completely divorces the past from the present and future; it separates the old from the new, and allows the dead past to bury its dead; it aims to protect the new depositor from all the mistakes and misfortunes connected with the management and past condition of the bank. For the interests of the old depositors, it enables the trustees to hold their securities as long as may be necessary to reap the full amount of interest they are capable of drawing, and then allows the trustees to fill up the chasm which may exist between assets and liabilities. It puts it in the power of the officers and agents of the Freedmen’s Savings and Trust Company to say with confidence and truth to all our old depositors, give us time and we will pay you every dollar due you from the company. To the new depositors it enables us to say with even more confi- dence, you may deposit with safety and profit. You are neither affected by past losses nor past mismanagement. Your money shall not be in any way mixed up with the old nor taken to pay old debts. It shall be Bron special and invested for your special benefit. In one aspect this bill may be said to place the old bank in liquidation while it at the same time creates a new one. It preserves the old body but infuses it with new life, and gives it a better assurance of continued existence. What is now needed is wisdom, courage, skill, determination. With these the Freedmen’s Savings Bank may be made not only a success in itself, but a grand means of success to the colored people of the South, to whom it has already taught important lessons of industry, economy, and saving. The history of civilization shows that no people can well rise to a high degree of mental or even moral excellence

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