The Freedmen's Savings Bank

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Mismanagement and other troubles

Collection:: Economics Books

MISMANAGEMENT AND OTHER TROUBLES 73 LOANS TO SPECULATORS The local District of Columbia spoilsmen found a mine in the bank. Vandenburg, a public works contractor, secured a loan of $30,000 without any security except the verbal indorse- ment of A. R. Shepherd,® the District “Boss.” Vandenburg failed to pay, and Shepherd after delay made good the loan, but took occasion to remind Stickney, the actuary, that “if you do business in that kind of a loose way you are a damned fool.” The management seemed unable to refuse loans to the favored contractors and speculators of the District. Vandenburg loaded the bank with bills against the District which he was un- able to collect. In all he secured loans amounting to $180,000, of which about $150,000 was still due when the bank failed. Several promotion companies in which he was interested also se- cured large sums resulting in a final loss to the bank of about $50,000. As one of the officials said: “Vandenburg got what he wanted; couldn’t keep him from getting it.” JAY COOKE AND THE FIRST NATIONAL BANK The Freedmen’s Bank was utilized by other banks to carry questionable paper for them, to % Alexander Robey Shepherd (1835-1902) was a local District of Columbia politician, who was prominent in helping to get a measure through Congress in 1871 providing for the establishment of a territorial government for the District of Columbia. When H. D. Cooke, the first territorial governor resigned in 1873 Shepherd was appointed governor. Charges of corruption were brought gales him, and in 1874 Congress abolished the territorial government. The District was then placed under three commissioners. President Grant nominated Shepherd to be one of the commissioners but the Senate refused to confirm him.—Cyclopedia of American Biography. % Douglas Report, pp. 76, 77, 91; Bruce Report, p. 161.

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