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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156 THE FREEDMEN’S SAVINGS BANK ing institution in the land can well afford to invite runs upon its deposits, and it is not generous to excite such runs without good and almost irresistible necessity. Within the last eighteen months the Freedmen’s Bank, by reason of suspicions set afloat through the press and otherwise, has suffered three heavy runs upon its deposits. The last one of these, which occurred during the late financial panic, required half a million dollars to carry the bank safely through it, and the fact that it was able to sur- vive a shock which brought other long-standing and long- trusted institutions to the ground may just now be stated, without boasting, in its favor. The Freedmen’s Bank, as its name imports, was espe- cially established to encourage and assist the freedmen to save and increase their hard-earned money and thus to help them in the race to knowledge and higher civilization. This institution has been in existence less than ten years, and during that time it has held and handled with profit to its depositors not less than $25,000,000. The bank now comes before the public after the severest valuation of its property, rating articles at their lowest cash value in these dull times, with its liabilities $217,000 in excess of its assets. Every business man will see at once that with assets amounting, as they do, to more than $3,000,000, if only tolerably well managed and let alone, a few months only would be required to enable it to overcome this small excess of liabilities and pay all its depositors a small amount of interest. My connection with the Freedmen’s Bank as its presi- dent is of very recent date. I accepted the position with the honest purpose to forward, as well as I might, the beneficent objects had in view by its founders, to watch and guard the hard earnings of my people, and to see that those earnings shall be kept to their profit, if possible, but kept safely, at any rate. In regard to the condition of the branches, I sent last night through the Associated Press all over the Southern States a quieting telegram, assuring our depositors that, in the opinion of the officers of the bank, if the depositors

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