The Freedmen's Savings Bank

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Monograph

Identifikator:: 1753210836

URN:: urn:nbn:de:zbw-retromon-128414

Document type:: Monograph

Author:: Nogaro, Bertrand http://d-nb.info/gnd/117039713

Title:: Modern monetary systems

Place of publication:: London

Publisher:: King

Year of publication:: 1927

Scope:: XII, 236 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. The explanation of contemporary monetary phenomena and currency theory

Collection:: Economics Books

152 THE FREEDMEN’S SAVINGS BANK the Freedmen’s Bank compete with older and better es- tablished institutions of the kind in attracting and securing a large amount of deposits, by holding out the inducement of a larger percentage of interest than was warranted by the earnings of the bank. Of course any corporation, nation, or family which spends more than it earns will in due time find its coffers exhausted. Second. Another cause of this deficit of $200,000 is found in the fact that the former managers of the Freedmen’s Savings and Trust Company undertook to do too much work in another direction; impressed as they were with the sense of the many benefits of savings institutions among the freedmen of the South, they were tempted into a sort of banking missionary movement. Third. It cannot be doubted that a third cause has in a large measure operated against the success of the Freed- men’s Bank, and this cause happens to be one which it is most difficult to deal with,—because it is inherent in the enterprise itself,—and one which no wisdom that the managers of the bank can exercise can counteract or remove. This institution conspicuously and pre-eminently repre- sents the idea of progress and elevation of a people who are just now emerging from the ignorance, degradation, and destitution entailed upon them by more than two centuries of slavery. ‘A people who are hated not because they have injured others but because others have injured them. This feeling of caste, this race malignity, has nat- urally enough taken about the same offense at the Freed- men’s Bank as it did at the existence of the Freedmen’s Bureau. It is as desirous to destroy the former as it was to destroy the latter. Fourth. Still another and greater source of evil has been the senseless runs made from time to time upon the bank. These have compelled the withdrawal of large sums of money from very safe and profitable investments, and diverted the regular business of the bank from making money for its depositors to the work of obtaining the means of meeting the demands of these disastrous panics.

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