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

42 THE FREEDMEN’S SAVINGS BANK New York, took a genuine interest in the bank, attended the board meetings, helped with affairs, and gave advice to the inexperienced adminis- trative force.” Before the charter was amended in 1870, no loans could be made by the principal bank or by the branches, for, by the law of 1865, two thirds of all deposits must be invested in United States securities and the remainder held as an available fund. After 1870, when Congress permitted the bank to make loans on real estate, the branch banks in a few cities were permitted large privi- leges; but, as a rule, to the last, the branch banks simply gathered in the money and sent to Wash- ington all that they did not pay back to deposi- tors as interest or as withdrawals. An inspector traveled constantly among the branches, examining the books and endeavoring to keep the accounts in good order. The first inspector was ex-Paymaster A. M. Sperry, who had assisted in organizing some of the branches and who had secured large sums for deposit from the Negro soldiers. Sperry, who was a good man for this post, did much to keep the business in order, but he was heavily overworked. After a time he was given an assistant inspector. TRAINING OF NEGRO BUSINESS MEN In the branch banks, and at Washington after 1868 when the headquarters were removed to that city, a body of Negro business men was being trained. There was a growing sentiment that, since the bank was for the benefit of the 2 Bruce Report, p. 178.

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