162
A SCHOOL HISTORY OF THE
CHAPTER XXXII.
FINANCIAL PROGRESS.
The Freedmen's Savings Bank, though it
failed, furnishes a strong argument in favor of the
thrift and industry of the recently emancipated
slaves. In this bank the colored people deposited
during the years between 1866 and 1871, about
$57,000,000. The original design of this institution
was doubtless good, but it fell into bad hands, and
the consequence was a most disgraceful failure.
The Negro's Confidence in banks was, on his
first trial of them, badly shaken. He has not re¬
covered yet. Many colored people who would de¬
posit their money now, are reluctant to do so when
they remember the "Freedmen's Bank failure."
The branch offices of the bank in the different States
were placed in the hands of colored men who worked
for salaries under instructions from the home office.
To this day sentiment attaches blame on these col¬
ored bank officers, who themselves were as much
deluded as the depositors. It was a sad and dis¬
graceful piece of legalized robbery. But the Neo-ro
is putting his money in other enterprises, and thou eh
Permalink: http://pid.emory.edu/ark:/25593/nbs5d
