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

ORIGIN OF THE FREEDMEN’S SAVINGS BANK 21 In the same year military savings banks, in- tended primarily for the use of Negro soldiers, were established by General B. F. Butler at Norfolk, Virginia, and by General Rufus Saxton at Beaufort, South Carolina. At these places there were not only regiments of Negro troops, but there were also large numbers of other Negroes who, as a result of Federal military Occupation, had been free from their owners since 1861 or soon after, and who, for several years, had been learning how to work for them- selves. But the Negro soldiers were the best depositors, They were now paid regularly each month and many of them had received large bounties upon enlisting; they were fed and clothed by the government and needed to spend but little of their pay. Accordingly they wel- comed the establishment of the banks, and many of them made deposits which remained until the close of the war, The total of deposits is not known, but when the war ended the Beaufort Bank had on hand about $200,000, a large part of which consisted of unclaimed deposits of sol- diers who had disappeared. Some of them had been mustered out of service or transferred to other posts; others had been killed in action or had died of disease, and their relatives could not be found; and many of those who had placed money in the bank were too ignorant to draw February 11, 1864. Judge Rost of Louisiana was a diplomatic representa- tive of the Confederacy in Europe, 1862-1865. His Destrehan plantation In St. Charles parish was confiscated when the Union forces came in, and On 1t was established a Negro refugee or “home” colony. ?See Pearson, Letters from Port Royal, and Holland Letters and Diary of Laura Mf. Towne.

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