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

84 THE FREEDMEN’S SAVINGS BANK groes. A faction of the trustees, dissatisfied with Alvord’s mismanagement, now determined to bring about a change by electing Frederick Douglass to the presidency in the hope that he would restore confidence and reform abuses. The report of the national bank examiner brought matters to a crisis. The examiner, C. A. Meigs, reported that on January 24, 1874, the nominal resources of the Freedmen’s Bank were valued at $3,121,101.00 and that its liabilities amounted to $3,338,896.15. So there was a defi- cit of at least $217,886.15 and the depositors could hope to get back not more than 93 cents on the dollar, even if the securities held by the bank were sound. The examiner ascribed the condition of the bank to several causes: there were, he said, too many non-paying branches; cashiers had been given too much authority in making loans and had made many bad ones; too high interest—six per cent—was paid on de- posits; during the runs the best securities had been sacrificed; and finally there was the careless bookkeeping, and the poor investments made in the District of Columbia. 4 Bruce Report, pp. 163-165, 181, 183, 254, 255, 256; Douglas Re- port, pp. 17, 76, 178, 179, 180; Douglass, Life and Times, pp. 488, ¢t seq. 4 Report of C. A. Meigs to Comptroller of the Currency, Feb. 14, 1874. in Ho. Misc. Doc. No. 16, 43 Cong., 2 Sess.

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