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

Collection:: Economics Books

THE COLLAPSE OF THE BANK 37 him in ignorance of what was going on. He found that confidential correspondence was carried on in a cipher to which he was not given a key. When he inquired about this he was made to understand that it was some one else’s business. Sperry, however, who was one of the “reform” leaders, stated to the Bruce Committee that the cipher was used to prevent hostile newspapers from getting news of the condition of the bank; that telegraph operators would give information to reporters if telegrams were not in cipher code.? THE COMPTROLLER’S REPORT Without full knowledge of the real situation Douglass had continued to be somewhat hopeful until the publication of the full report of the Comptroller of the Currency. This report was based on the investigation made by a national bank examiner® and it showed that the Freed- men’s Bank faced a large deficit, that it was loaded with poor securities, and that its business was practically at a standstill. Douglass was now convinced that the institution was beyond re- demption. He had already discovered that it needed money badly.” One day Stickney, and Alvord the ex-president, who, it seems, hovered near to help run things, told Douglass that in order to prevent the bank from closing at once * Bruce Report, pp. 237, 244, and Appendix, pp. 47-49. 9 See p. 151, ? A report made on October 9, 1875, by the officer in charge of the accounts of the defunct Freedmen’s Bureau indicates that the authorities of the Bureau had at times made loans of their funds to the bank. This action he thought was illegal and had resulted in the large deficits shown in the accounts of the Bureau, When the Bureau was a the bank missed the use of these large sums.—Ho. Ex. Doc. No. 144, 44 Cong., 1 Sess. *

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