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March 09 2015

The Freedman’s Savings Bank: Good Intentions Were Not Enough; A Noble Experiment Goes Awry

The Freedman’s Savings Bank: Good Intentions Were Not Enough; A Noble Experiment Goes Awry

By Jesse Stiller
OCC Historian

Like much else that came out of the Civil War, the Freedman’s Savings Bank (officially the Freedman’s Savings and Trust Company) began with a sense of high moral purpose. Its founders understood that the 13th Amendment to the Constitution, which abolished slavery, was only the start down the long road toward full participation in American society for former slaves. Simply to survive the transition to a system based on free labor, they would need food, clothing, shelter, and medical care. But in the longer term, if they were to have a meaningful chance to succeed in American society, they would also need education, legal services, financial services, and capital. READ FULL ARTICLE HERE.