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 IV. The good work of the bank

Collection:: Economics Books

41 Chapter IV THE GOOD WORK OF THE BANK METHODS OF ADMINISTRATION "~ AHE organization and plan of operation of the bank appeared in the beginning JL to be practicable and effective. As an Alabama Democratic Congressman said, “It was the very contrivance that was needed by these people [the Negroes] above all others.”! From the principal office in New York, later in Wash- ington, the business of the entire system was controlled, and to it daily, weekly, and monthly reports were sent up from the branches. All de- Posits made at the branches, with the exception of small amounts for current expenses, were sent to the central office to be invested in United States bonds. The cashiers and other officials were supposed to be men of high character, chosen because of their interest in the welfare of the freedmen. Most of them were, at first, officials of the Freed- men’s Bureau or of the Army, and several of them were ministers—missionaries sent south © work among the lately emancipated. Few Negroes were at first found among the officials or employees. They were not yet competent. Some of the prominent trustees, such as Ketchum of 5 propeech of Bradford of Alabama in Cong. Record, April 22, 1876,

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