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 V. Mismanagement and other troubles

Collection:: Economics Books

Chapter V MISMANAGEMENT AND OTHER TROUBLES WEAKNESSES OF THE BANK OTWITHSTANDING the popularity of the institution, the rapid accumula- tion of deposits, and the good intentions of the founders and some of the later officials, there were grave weaknesses in the system, some of which existed almost from the beginning. The trustees were not bound to any responsibility by the charter, nor were they obliged to have a financial interest in the institution; the system was too rapidly expanded, and several branches were established that did not pay expenses; some of the officials were corrupt, and more were in- efficient; many Negroes were appointed to posi- tions which they were not competent to hold; the accounts were badly kept, and inspections were infrequent; the connection of the officials of the notorious District of Columbia govern- ment with the bank made people suspect corrup- tion; the bank’s connection with the Freedmen’s Bureau brought discredit upon the former and involved it in politics; the better trustees in dis- gust withdrew or neglected their duties, and control passed into the hands of the District of Columbia clique; many bad loans were made and g3 =

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