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 V. Mismanagement and other troubles

Collection:: Economics Books

62 THE FREEDMEN’S SAVINGS BANK removed, and a Negro put in his place. The latter discovered that Cory had embezzled about $10,000 of the deposits, and had him prosecuted in the state courts of Georgia, where he was sentenced to four years in prison—the only accused person connected with the Freedmen’s Bank who was ever punished. Cory finally made a compromise: The prosecution was to allow him to be pardoned in order to accept an appoint- ment as Indian agent out West, and from the proceeds of this office he promised to repay what he had stolen. Hamilton, the Lexington em- bezzler, was also allowed to accept an Indian agency." The headquarters officials testified in later years that when attempts were made to punish defaulting cashiers it was difficult to secure a conviction in the local courts. The cashiers taken over from the Freedmen’s Bureau gave more than a fair proportion of the trouble. The two in Alabama were typical. At Mobile the cashier, C. A. Woodward, was charged with appropriating to his own use $3,375 which, he stated, the Freedmen’s Bureau owed to him. At Montgomery, Edwin Beecher, the cashier, made investments, contrary to regula- tions, of about $20,000 in securities that proved to be valueless, and for several years afterwards carried a shortage of $18,000 on his books. Fi- nally the headquarters authorities secured a bond from him and sold him the business, but he failed and the amount of the bond was not collected. The Beaufort branch was on a peculiar basis, Douglas Report, pp. 2, 4, 25, 71, 77, 78, 260; Bruce Report, p. 31.

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