Freedman's Savings and Trust Company congressional reports, 1875-1892
Navigate the Collection
Summary
- Creator:
- United States. Congress
- Abstract:
- The Freedman's Savings and Trust Company was a bank established for newly emancipated Black Americans in 1865. The bank closed in 1874 but remained under the charge of commissioners for over a decade to wrap up its activities. Collection consists of 13 congressional reports related to the Freedman's Savings and Trust Company after its closure in 1874. The reports largely address and report on the bank's remaining financial assets, depositors' petitions, depositors' losses, and repayments to depositors. Acquired as part of the John Hope Franklin Research Center for African and African American History and Culture.
- Extent:
- 0.1 Linear Feet
- Language:
- Materials are in English.
- Research Center:
- John Hope Franklin Research Center for African and African American History and Culture
- Collection ID:
- RL.13192
Background
- Scope and content:
-
Collection consists of 13 congressional reports related to the Freedman's Savings and Trust Company after its closure in 1874. The reports largely address and report on the bank's remaining financial assets, depositors' petitions, depositors' losses, and repayments to depositors. The 1875 report to accompany H. R. 4322 includes ten memorial petitions from various communities requesting repayments for depositors, or supporting such requests. The petition from Lexington, KY (Memorial B) includes support from seven white Lexington citizens. Several of the other reports contain detailed information about expenditures, including payments made to depositors, loans, and overdrafted accounts.
- Biographical / historical:
-
The Freedman's Savings and Trust Company was signed into law by President Abraham Lincoln on March 3, 1865 to serve as a savings bank for newly emancipated Black Americans. The first branch opened in New York on April 4, 1865. At its largest, the Freedman's Savings and Trust Company had 37 branches, and over 100,000 people had opened accounts. However, the bank struggled under the mismangement of its white founder and president, John W. Alvord, as well as changes to the bank's charter, bad loans, and the Panic of 1873. With the bank on the verge of collapse, John Alvord was replaced as president by Frederick Douglass in March 1874. However, the bank closed in June 1874. Three commissioners (later just one) were appointed to wrap up the bank's activities, including paying deposits back to the depositors. This repayment took many years, and many depositors never received repayment, while those who did received only a fraction of their initial deposit.
Sources (accessed April 24, 2026): US Department of the Treasury, "Life of Freedman's Bank" and "Freedman's Bank Demise"; Wikipedia.
- Acquisition information:
- The Freedman's Savings and Trust Company congressional reports were received by the David M. Rubenstein Rare Book Manuscript Library as a purchase from Mark Funke, Bookseller in 2026.
- Processing information:
-
Processed by Leah Tams, April 2026.
Accessions described in this collection guide: 2026-0015.
- Arrangement:
-
Arranged chronologically.
- Rules or conventions:
- Describing Archives: A Content Standard
Subjects
Click on terms below to find related finding aids on this site. For other related materials in the Duke University Libraries, search for these terms in the Catalog.
Contents
Using These Materials
- Using These Materials Links:
-
Using These Materials
- Restrictions:
-
Collection is open for research.
- Terms of access:
-
The copyright interests in this collection have not been transferred to Duke University. For more information, consult the Rubenstein Library's Citations, Permissions, and Copyright guide.
- Before you visit:
- Please consult our up-to-date information for visitors page, as our services and guidelines periodically change.
- Preferred citation:
-
[Identification of item], Freedman's Savings and Trust Company congressional reports, David M. Rubenstein Rare Book & Manuscript Library, Duke University.
- Permalink:
- https://idn.duke.edu/ark:/87924/m1zr0j