Volkswirtschaftliches Lesebuch für Kaufleute

Bibliographic data

Monograph

Identifikator:: 879457236

URN:: urn:nbn:de:zbw-retromon-16989

Document type:: Monograph

Title:: Volkswirtschaftliches Lesebuch für Kaufleute

Place of publication:: Frankfurt a. O.

Publisher:: Verlag der Waldow'schen Buch- und Kunsthandlung (R. Wengler)

Year of publication:: 1905

Scope:: 1 Online-Ressource (XV, 514 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Zweiter Teil. — Handel

Collection:: Economics Books

72 THE FREEDMEN’S SAVINGS BANK proposed amendment in the House, where it passed without discussion. In the upper house Senator Cameron of Pennsylvania vigorously objected to the amendment on the ground that it would endanger the funds, which were evi- dently now in the hands of irresponsible persons, that speculation and loss would certainly result, and that the bank would be destroyed. Those who were interested in securing the amendment stirred up the leading Negroes to remonstrate with Cameron, who said: “If they want to be cheated I will make no more trouble.” He then ceased his objection, and the bill became law.? Within three years Cameron’s predictions were fulfilled. As soon as possible every cent that the institution could command was loaned to private individuals and corporations. The law requiring that the real estate be twice the value of the loan was usually disregarded. Kilbourn and Latta, agents of a real estate combine and large borrowers from the bank, were appointed as its appraisers of real estate. Loans were made rap- idly and recklessly, on bills against the District government, on District securities issued without warrant of law, on second mortgages, on stock in promotion companies, and on other paper of doubtful value. The resources of the bank were soon tied up in loans of such a character that it was practically impossible to realize upon them without long delay. % Cong. Globe, March 21, April 15, 28, and May 2, 1870, pp. 2095, 2726, 2732, 2738, 3038, 3064, 3147, 3344; Douglas Report, pp. 37, 38; The Nation, April 5, 1875. See Appendix, p. 136. # Even before 1870, $84,340.67 had been loaned on real estate, con- trary to the law.—Bruce Report, p- 288.

Access restriction

Copyright

fullscreen: The Freedmen's Savings Bank

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation