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 III. Organization and expansion of the Freedman's Bank

Collection:: Economics Books

32 THE FREEDMEN’S SAVINGS BANK known that most of the directors were to be “dummies.” Besides, the law was specific as to the disposition to be made of the deposits—two thirds must be invested in United States securi- ties and the remainder must be held in “avail- able” form. As Congress might have the books inspected at will, no misuse of the funds seemed possible. ORGANIZATION OF THE BANK The trustees elected as president William A. Booth* of New York, and, as had been planned, established headquarters in New York City. Alvord, who was now inspector and superintend- ent of schools for the Freedmen’s Bureau, was made corresponding secretary of the bank. The salary of President Booth was fixed at $1,000, it being understood that his duties would be merely nominal.’ Alvord’s duties were to travel through the southern states organizing branch banks and soliciting deposits. His position as inspector of the Freedmen’s Bureau schools under General Howard would enable him all the more success- fully to perform his work as bank missionary. Paymaster Sperry, who with his associates had been endeavoring to consolidate and perpetuate the military savings banks, had recognized the advantages of Alvord’s scheme and had joined 4 Wm. A. Booth (1805-1895) was a prominent banker of New York City. The only available sketch of his life makes no mention of his con- Pecos Fa the Freedmen’s Bank. (National Cyclopedia of Biography, 5 Booklet, Freedmen’s Savings Bank, 1867. Tn 1867 the officers were Mahlon H. Hewitt, president; John W. Alvord, first vice-president; Lewis Clephane, second vice-president; D. L. Eaton, actuary. In 1868 Alvord became president. The presidents before him seem to have had little to do with the administration of the institution.

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