Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
The Rise and Fall of The Freedman's Bank: And its Lasting Socio-Economic Impact on Black America

The Rise and Fall of The Freedman's Bank: And its Lasting Socio-Economic Impact on Black America

Brooks, Rodney A.

Paperback

Business GeneralBlack American HistoryCivil War Period (1850-1877)

Publisher Price: $28.00

ISBN10: 1910151491
ISBN13: 9781910151495
Publisher: Spiramus Press
Published: Apr 30 2024
Pages: 200
Weight: 0.60
Height: 0.40 Width: 6.13 Depth: 9.25
Language: English
The author tells the history of the Freedman's Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The end of slavery in the United States left thousands of enslaved people with the need to survive the transition to freedom, including food, clothing, shelter, and medical care. They would also need education, money and financial services. In 1865 Congress passed legislation to create the Freedman's Bureau to provide those services. It also created the Freedman's Savings Bank. Large numbers of the formerly enslaved people had been paid for service in the Union Army - the first time many had cash. And they had no safe depository. The Freedman's Bank offered that, expanding quickly and gained millions in deposits - mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings. Some of the biggest issues facing Black consumers today may be able to trace their roots back to this debacle, from the historical distrust in banks to the racial wealth gap.

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Black American History

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