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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. Origin of the Freedmen's Savings Bank

Collection:: Economics Books

Chapter I] ORIGIN OF THE FREEDMEN?’S SAVINGS BANK THE ALLOTMENT SYSTEM AND THE MILITARY BANKS EFORE the close of the Civil War several B experiments had been tried with savings banks for Negroes. Nearly all of these were established at large army posts for the pur- Pose of Preventing the soldiers from squandering their pay ang bounty money—almost the first money they had ever handled. When the United States government began to Pay the Negro soldiers as white soldiers were Paid, it was found that few made good use of the money received. The regimental sutlers as well as swindlers of every kind were always ready for pay day in a Negro regiment, and had little difficulty in getting most of the soldiers’ cash. In Massachusetts the friends of the Negro, anx- ious for the black troops to save something, in- duced the state authorities to establish in Negro regiments accredited to that state the savings or “allotment” system then in operation among the white troops.” Under this plan the regimental Paymasters were authorized to permit the sol- diers to “a]lot” 4 certain part of their pay each month to a relative for the use of the latter, or 11 1%

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