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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153 THE FREEDMEN’S SAVINGS BANK today any such organization as a board of trustees of the Freedmen’s Savings and Trust Company exists. If the thing can be legally done, I would for my own part prefer to have the government in form as well as in fact, take the assets of the defunct institution in its own hands. I believe the creditors will have nothing to lose by this absolute possession. If the clause is retained, it may cause some delay in getting the approval of the trustees, and for one I am anxious that the depositors shall get something out of this institution without delay. Your bill recommends itself strongly in substituting one for three commissioners, for while I esteem the three pres- ent commissioners as honest and honorable men, I cannot think there is work enough to justify their retention. At the outset, when the affairs of the bank were much en- tangled, there may have been work for them all; but I think it is to their credit that they have in five years placed the affairs of the Freedmen’s Savings and Trust Company in a condition to be easily managed by one commissioner. I have been informed that neither of the present commissioners wishes to be retained in his position, and this is well, for since there has been some want of harmony between them I am inclined to think that your bill should be so shaped that a new man shall be put in charge, and this without prejudice to either of the out- going commissioners. It was not supposed when they were placed in charge of the Freedmen’s Bank six years ago that they were to continue indefinitely. Their continuance, in part or in whole, will lead to unfriendly comments. Economy here is sufficiently strong to commend your bill at this point. I see that you make it the duty of the Solicitor of the Treasury under the direction of the commissioner, to in- stitute civil and criminal proceedings against trustees and managers of the bank for mismanagement and fraud. I hope this will be found unnecessary. The assets of the bank should not be further diminished by litigation from which no money can be recovered. The trustees who may be charged with mismanagement are poor, and nothing could be got out of them. Mind, however, I do not object

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