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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APPENDIX 155 without wealth. A people uniformly poor and compelled to struggle for barely a physical existence will be depend- ent and despised by their neighbors, and will finally despise themselves. While it is impossible that every individual of any race shall be rich—and no man may be despised for merely being poor—yet no people can be respected which does not produce a wealthy class. Such a people will only be the hewers of wood and drawers of water, and will not rise above a mere animal existence. The mission of the Freedmen’s Bank is to show our people the road to a share of the wealth and well being of the world. It has already done much to lift the race into respectability, and, with their continued confidence and patient co-operation, it will continue to reflect credit upon the race and promote their welfare. It has long been a bitter complaint against the Freed- men’s Bank that it withdrew money from distant localities and invested it here at the capital. The bill which has now become a law has removed all ground of complaint on this point. It provides that loans shall be made in the vicinity of the different branches, so that the people who deposit their money may now feel assured that it will not be withdrawn to build up Washington, but will be em- ployed to quicken industry and improve the condition of the country where it is collected. This feature of the bill alone goes far to recommend the Freedmen’s Savings and Trust Company to the confidence and favor of the colored people. Freperick Doucrass, President. (CIRCULAR NO. 2) Washington, April 29, 1874. To tue Eprtor or THE NEw York HEraLD: The reference in the Herald of Tuesday to the present condition of the Freedmen’s Bank was not only just but considerate and generous and displays your well-known love of fair play. While that reference told the simple truth about the bank, there was nothing to produce dis- trust and start a run upon its deposits. Of course no bank-

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