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

MISMANAGEMENT AND OTHER TROUBLES 63 with problems all its own. From the beginning, when Saxton’s military bank was absorbed into the Freedmen’s Bank, the cashier, Scovel, had endeavored to run things to suit himself. By re- peated dispensations from headquarters he be- came almost independent of the central admin- istration, and proceeded to do a regular banking business. He wanted to transform his branch into .a national bank, and the trustees at Wash- ington decided to allow him to do so, since there was no other bank in the town and the white merchants were anxious to secure banking facili- ties. But the inspectors soon found that there had been an embezzlement at Beaufort of at least $10,000, and that bad investments had caused a loss of many thousands more. At one time it was supposed that the loss would reach $100,000. The officials of the Washington branch bank were frequently under fire of the press. “Daddy” Wilson, a Negro, was cashier, and Boston, his son-in-law, was assistant cashier. Both lived in style beyond their means, and repeatedly it was charged that they were using the funds of the depositors. But with one exception there were no instances of embezzlement proved against them. Most of the attacks on their management simply assumed that Wilson and Boston were the dupes of more cunning thieves. The follow- ing is an example of the publicity they secured: “Old Daddy Wilson stands about 5 feet 10 inches in his boots, is square built, solemn, the color of polished coal tar, and sports gold spec- 12 Bruce Report, pp. 247, 248.

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