The massive 19th century $50,000,000 fraud upon our black, newly freed, people has never been repaid by Congress . Jay Cooke and Co. were the main bond-sellers for the North in the Civil War. They were highly successful . But they applied some risqué unregulated (indeed fraudulent) means to invest (high jack) freedmen's savings with Congressional consent. It removed restrictions on how the money could be spent and where . That legislative act makes Congress culpable to descendants of defrauded depositors and customers . They were repaid $.10 on a dollar following liquidation of Freedmen's Savings Bank assets in the country . It also caused distrust of financial institutions and of black leaders, since Frederick Douglass was titular head of the bank when it failed. He lost $10,000 of his own deposits in the bank failing. John Mercer Langston was on the final board of trustees and lost money. Both men were set up by sneaky capitalist bond sellers to cast suspicion away from their defalcation, peculations, speculation!
https://www.loc.gov/today/cyberlc/feature_wdesc.php?rec=4932
https://www.familysearch.org/wiki/en/African_American_Freedman%27s_Savings_and_Trust_Company_Records
The massive 19th century $50,000,000 fraud upon our black, newly freed, people has never been repaid by Congress . Jay Cooke and Co. were the main bond-sellers for the North in the Civil War. They were highly successful . But they applied some risqué unregulated (indeed fraudulent) means to invest (high jack) freedmen's savings with Congressional consent. It removed restrictions on how the money could be spent and where . That legislative act makes Congress culpable to descendants of defrauded depositors and customers . They were repaid $.10 on a dollar following liquidation of Freedmen's Savings Bank assets in the country . It also caused distrust of financial institutions and of black leaders, since Frederick Douglass was titular head of the bank when it failed. He lost $10,000 of his own deposits in the bank failing. John Mercer Langston was on the final board of trustees and lost money. Both men were set up by sneaky capitalist bond sellers to cast suspicion away from their defalcation, peculations, speculation!
https://www.loc.gov/today/cyberlc/feature_wdesc.php?rec=4932
https://www.familysearch.org/wiki/en/African_American_Freedman%27s_Savings_and_Trust_Company_Records