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 III. Organization and expansion of the Freedman's Bank

Collection:: Economics Books

30 THE FREEDMEN’S SAVINGS BANK given the power to fill vacancies in their ranks, at least ten votes being necessary for the election of a trustee. Meetings of the board were to be held once a month or oftener, and if a trustee neglected for six months to attend the meetings his successor might be appointed. The trustees were to elect from their number a president and two vice-presidents. Nine trustees, of whom one must be the president or a vice-president, con- stituted a quorum, and at least seven affirmative votes were required to authorize any investment, sale, or transfer of securities. The list of trustees contained the names of many prominent men, but the Douglas Report (1876) on the affairs of the bank asserted that some of them did not consent to the use of their names and did not accept or exercise office.’ The business of the institution was to be con- fined to the Negro race. The object of the corpo- ration, as stated in the act, was to receive de- posits offered “by or in behalf of persons hereto- fore held in slavery in the United States, or their descendants.” At least two-thirds of the deposits must be invested in securities of the United States, one-third being held on deposit or other- wise as an ‘“‘available fund” for current needs. 2¢Many of the distinguished and eminently worthy gentlemen who figure in the Charter never gave the use of their names and never ac- cepted or undertook to execute the trust it created. They were thrust in for appearance’s sake and to make the delusion attractive and complete. Some who really believed in the good professions of the projectors of the scheme and its adaptability to promote the welfare of those for whose benefit it was apparently intended, and who at first took seats at the board of trustees, quickly vacated them in disgust and the whole man- agement devolved, as was manifestly the intention that it should do, upon a cabal in Washington consisting of a small minority of the acting trustees.” —Ho. Rest. No. 502, 44 Cong., 1 Sess. ty

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