The Freedmens Savings Bank
The Freedmens Savings Bank
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In our eReader you can find the full English version of the book. Read The Freedmens Savings Bank Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Freedmens Savings Bank
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. . I spent my time mostly in doing that sort of business. " ^ The trustees (some of whom had given information to Douglass to prove the unsoundness of the bank) and Stickney, the actuary, went before the Committee and denied that the bank was unsafe. Douglass, however, convinced the Committee and secured the passage of the Act of June 20, 1874, which in effect placed the old bank in liquidation and began a new one. The business of the past was to be separated from that of the future, loans wer...e to be called in, non-paying branches closed, and all accounts of the old bank settled. The new bank was to invest one half of the deposits in United States securities and could make loans out of the remainder on real estate not only in the District of Columbia, but also in the vicinity of the branches. The rate of interest paid on deposits was limited to 5 per cent. , and no loans of over $10, 000 could be made to one person. The above provisions were to save appearances and to give the trustees an opportunity to get the bank out of its difficulties if it was possible to do so.
What to read after The Freedmens Savings Bank?
You can find similar books in the "Read Also" column, or choose other free books by Fleming Walter Lynwood to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
. . I spent my time mostly in doing that sort of business. " ^ The trustees (some of whom had given information to Douglass to prove the unsoundness of the bank) and Stickney, the actuary, went before the Committee and denied that the bank was unsafe. Douglass, however, convinced the Committee and secured the passage of the Act of June 20, 1874, which in effect placed the old bank in liquidation and began a new one. The business of the past was to be separated from that of the future, loans wer...e to be called in, non-paying branches closed, and all accounts of the old bank settled. The new bank was to invest one half of the deposits in United States securities and could make loans out of the remainder on real estate not only in the District of Columbia, but also in the vicinity of the branches. The rate of interest paid on deposits was limited to 5 per cent. , and no loans of over $10, 000 could be made to one person. The above provisions were to save appearances and to give the trustees an opportunity to get the bank out of its difficulties if it was possible to do so.
What to read after The Freedmens Savings Bank?
You can find similar books in the "Read Also" column, or choose other free books by Fleming Walter Lynwood to read onlineMoreLess
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