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

THE GOOD WORK OF THE BANK 47 On January 1, 1866, six months after the bank had begun business, Alvord reported, “it has gone into successful operation in nearly all the states South, and promises to do much to instruct and elevate the financial notions of the freedmen. The trustees and friends of the institution be- lieve that the industry of these four millions furnishes a solid basis for its operations. Pauper- ism can be brought to a close, the freedmen made self-supporting and prosperous, paying for their educational and Christian institutions, and help- ing to bear the burdens of government by induc- ing habits of saving in what they earn. That which savings banks have done for the working men of the North it is presumed they are capable of doing for these laborers. I was privately and publicly told that the freedmen welcomed the institution. They understand our explanations of its meaning, and the more intelligent see and appreciate fully its benefits. Calls were made upon me at all large towns for branches of the bank.” Several years later Alvord stated, “the banks are doing more for the people than the schools,” which was doubtless quite true, since there were more depositors in the bank than there were children in the much over-rated Bureau schools, and the thrift education given to the holder of the bank book was probably more useful than the kind of education frequently given to the children in the schools.’® Robert Somers, an ® Ho. Ex. Doc. No. 70, 39 Cong., 1 Sess. © Ho. Ex. Doc., No. 70, 39 Cong., 1 Sess.; Ho. Report, No. 121, 41 Cong., 2 Sess., p. 53; Bradford’s Speech in Cong. Record, April 22, 1876;

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