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

55 THE FREEDMEN’S SAVINGS BANK used to help elect Grant and to carry the local elections in North Carolina caused a heavy run by the depositors. Another run caused by rumors of the bank’s political activities took out half a million dollars. It was practically impossible to keep the institution out of politics, for the Ne- groes connected with it were natural leaders, and the white officials were frequently in politics through their connection with the Freedmen’s Bureau and the local governments.’ INACCURATE BOOKKEEPING The accounts of the bank were never in good shape. This condition was due in part to the in- experience and lack of training of Negro clerks who were gradually employed in place of white clerks. And it was difficult for the management to dismiss an inefficient Negro employee. Presi- dent Alvord once stated that “the colored people seemed to think that they ought to be em- ployed,” and so, too, the management often thought. And in the later years much pressure was brought to bear to get in and keep in as clerks and cashiers prominent Negroes who had little business training. The cashier at Jackson- ville did not post the books for six months; other cashiers paid interest on total deposits, not on deposits in hand; few of them could ever make their books balance, and the central office could not force them to keep correct accounts. The one or two inspectors employed were un- able to reach all the branches, for a few which were usually in bad condition kept them busy, 5 Ho. Rept. No. 121, 41 Cong., 2 Sess., p. 51; Douglas Report, p. 78. 6

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