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 III. Organization and expansion of the Freedman's Bank

Collection:: Economics Books

ORGANIZATION AND EXPANSION 53 forces with him before the act of incorporation was passed. Sperry’s experience as paymaster to Negro troops made him a valuable man and he now became a soliciting agent for the Freedmen’s Savings Bank.® BEGINNING OF EXPANSION Although there was nothing in the charter that would authorize the establishment of branch banks or headquarters outside the District of Columbia, Alvord’s original plan had contem- plated extension by branches into all Negro dis- tricts. The incorporators who were directing the policy of the bank, perhaps through ignorance, paid no attention to the will of Congress as ex- pressed in the debates over the act of incorpora- tion and in the amendments, but proceeded to expand the system.’ Organization and expansion proceeded rapidly. The New York headquarters office was estab- lished on April 4, 1865. On May 16 the New York branch bank received the first deposits, and on June 8 its deposits amounted to $700.00. On June 3 Butler’s military savings bank at Nor- folk, Virginia, was absorbed with its unclaimed deposits of soldiers amounting to $7,956.38. The military savings bank established by General Saxton at Beaufort, South Carolina, became a branch of the Freedmen’s Bank on December 14, . | 8 Douglas Report, pp. 30, 66; Bruce Report, p. 246. "The Comptroller of the Currency in a report dated February 21, 1873, takes the position that under the charter there was no authority for the branches.—Sen. Misc. Doc. No. 88, 43 Cong., 2 Sess. 8 Booklet, Freedmen’s Savings Bank, 1872, containing the first report to the trustees.

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