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

MISMANAGEMENT AND OTHER TROUBLES 69 proper execution of their trust, and were not re- quired to make any deposit in the bank. The law fixed as a quorum nine out of fifty trustees, and further required the affirmative vote of at least five of the nine on money matters. But the trustees provided in the by-laws for a finance committee of five to pass upon loans, of whom three should be a quorum. Thus three officials could and did habitually dispose of financial business when the law required at least nine. Often two members of the committee, or one, or even the actuary (cashier) negotiated impor- tant loans without reference to the trustees. Sometimes the actuary made a loan and then hunted up three members of the finance com- mittee to sign the proper papers. Vice-president Clephane testified that the actuary sometimes came to him and said, “I am going to count you present,” although Clephane had not been at the finance committee meeting. As he said, “We left [the making of loans] very much to the ac- tuary to examine into. We were apt to take his representation of things.” When at last the rank and file of the trustees began to realize that they were being used as dummies, the sharpers who had been managing them resigned and left them to flounder about in their own confusion. Alvord, the president after 1868, was probably honest throughout, but he was weak and old and at one time was so deranged mentally that he had to be sent to a sanitarium. The finance committee refused to allow him a vote on measures that came before them. He could only preside. But he was kept

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