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 VI. The administration of Frederick Douglass. The collapse of the bank

Collection:: Economics Books

Chapter VI THE ADMINISTRATION OF FREDERICK DOUGLASS. THE COLLAPSE OF THE BANK FREDERICK DOUGLASS MADE PRESIDENT ESTIFYING before the Douglas Com- mittee in 1876, Dr. Purvis, a Negro mem- — ber of the board of trustees, explained why Frederick Douglass was made president. “Prior to the last election in March, 1874,” he said, “we had determined to get rid of an element which we believed to be the cause of all our dis- asters, and we colored men put into the Bank Mr. Douglass. We looked upon Mr. Alvord as old and incompetent.” The testimony of others before the Douglas Committee and the Bruce Committee shows that for various reasons nearly all concerned were willing for Douglass to be made president and for several of the District of Columbia trustees to be replaced by others. Some, looking for a scapegoat, were anxious that colored officials be in charge when the bank failed as they were sure it would; others thought that a Negro administration would restore the confidence of the depositors and enable the in- stitution to survive until better times. Douglass was elected president in March, ! Douglas Report, p. 76. RE

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