ORIGIN OF THE FREEDMEN’S SAVINGS BANK 23
the collection of claims against the government.
It is uncertain whether or not he intended to
solicit deposits from Negroes who were not in
the Army.5
The other banking scheme was promoted by
John W. Alvord who finally succeeded in uniting
Sperry’s efforts with his own and in securing the
Incorporation by’ Congress of the Freedmen’s
Savings and Trust Company. Alvord was a Con-
8regational minister who, for a time, was an
attaché of Sherman’s army, probably a chaplain.
In Savannah during the winter of 1864-1865 he
had observed the condition of the blacks and
had seen the inauguration of Sherman’s coloniza-
ton scheme on the confiscated lands of the
Georgia and South Carolina coasts. ®
In later years the investigating committees of
Congress treated Alvord and his associates with-
Out mercy, but there is reason to believe that
they were too severe on Alvord at least.”
Bruce Rept., p. 246; Sen. Misc. Doc.,No. 88, 43 Cong.,2 Sess.
R *See Sherman’s S. 0. No. 18, in Fleming, Documentary History of
Construction, 1, 350.
The following quotation is from the report of the Douglas Com-
Jittee: “The chief and founder of the so-called Freedmen’s Bank was
one John W. Alvord, an attaché of the Bureau and superintendent of its
educationy] department. This man, who had been anything but a suc-
Sens, abounding in platitudes about the good of mankind in general, but
ith a keen eye to the main chance at the same time, having failed in
1 Oth lay and clerical pursuits in other sections, now turned his benevo-
at Tegards to the confiding and ignorant black element of the South.
hic Bot up the charter for the bank, a charter so singular in its array of
zh and eminent names for incorporators, for its business organization
> ereby nine out of fifty trustees were constituted a quorum, and so
4 terly and entirely without safeguards or protection for those who were
= become its patrons and depositors that it is hard to believe that its
2athor, whatever might have been his other deficiencies, did not thor-
ft ehly understand how to organize cunning against simplicity and make
Pay for being cheated.” Ho. Rept., No. 502, 44 Cong. 1 Sess.
