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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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 23 the collection of claims against the government. It is uncertain whether or not he intended to solicit deposits from Negroes who were not in the Army.5 The other banking scheme was promoted by John W. Alvord who finally succeeded in uniting Sperry’s efforts with his own and in securing the Incorporation by’ Congress of the Freedmen’s Savings and Trust Company. Alvord was a Con- 8regational minister who, for a time, was an attaché of Sherman’s army, probably a chaplain. In Savannah during the winter of 1864-1865 he had observed the condition of the blacks and had seen the inauguration of Sherman’s coloniza- ton scheme on the confiscated lands of the Georgia and South Carolina coasts. ® In later years the investigating committees of Congress treated Alvord and his associates with- Out mercy, but there is reason to believe that they were too severe on Alvord at least.” Bruce Rept., p. 246; Sen. Misc. Doc.,No. 88, 43 Cong.,2 Sess. R *See Sherman’s S. 0. No. 18, in Fleming, Documentary History of Construction, 1, 350. The following quotation is from the report of the Douglas Com- Jittee: “The chief and founder of the so-called Freedmen’s Bank was one John W. Alvord, an attaché of the Bureau and superintendent of its educationy] department. This man, who had been anything but a suc- Sens, abounding in platitudes about the good of mankind in general, but ith a keen eye to the main chance at the same time, having failed in 1 Oth lay and clerical pursuits in other sections, now turned his benevo- at Tegards to the confiding and ignorant black element of the South. hic Bot up the charter for the bank, a charter so singular in its array of zh and eminent names for incorporators, for its business organization > ereby nine out of fifty trustees were constituted a quorum, and so 4 terly and entirely without safeguards or protection for those who were = become its patrons and depositors that it is hard to believe that its 2athor, whatever might have been his other deficiencies, did not thor- ft ehly understand how to organize cunning against simplicity and make Pay for being cheated.” Ho. Rept., No. 502, 44 Cong. 1 Sess.

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