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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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

22 THE FREEDMEN’S SAVINGS BANK it out. Consequently at the close of the Civil War these large unclaimed sums prevented the military banks from winding up their business.* PLANS OF SPERRY AND ALVORD When the war was drawing to a close it was evident that something must be done to safe- guard the unclaimed deposits in the military banks, and since large sums in pay and bounty were still due the Negro soldiers, it was also be- lieved that a plan ought to be devised to help them save something. So, early in 1865, two distinct efforts were being made to organize per- manent savings banks for the benefit of the Negroes. The first attempt was made by A. M. Sperry, an army paymaster, and several associ- ates. They planned to found an institution which they hoped would be endorsed by the United States government, and would then absorb and continue the military savings banks at Norfolk and Beaufort and the Free Labor Bank in New Orleans, and with its branches would also serve as a savings bank for the Negro soldiers still in service. The Negro troops were being mustered out more slowly than the white troops, and it was expected that several thousand would be retained in the regular service. Moreover, there were thousands of Negro soldiers who had un- settled claims against the United States for pay and bounty. Sperry expected to have an agent of the bank with each Negro regiment for the purpose of soliciting deposits and arranging for ¢ Douglas Report in House Rept., No. 502, 44 Cong., 1 Sess. (1876), 24; Bruce Report in Senate Rept., No. 440, 46 Cong., 2 Sess, 24; Doug- lass, Life and Times, p. 487.

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