JULY 3 - 9, 2017 | FREE
AframNews
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African-American News and Issues Newspaper
VOL. 22 ISSUE 24
AframNews
Did you know?
Freedmen’s Savings and Trust Company (1865-1874)
One of the First Black Banks
Greater Houston Area
The Eternal Influence of A Black Icon
Minority Teens Reflect The Social Impact of Malcolm X on Young Lives in Modern Society
The Freedmen’s Savings and Trust Company, commonly referred to as The Freedmen’s Bank, was incorporated on March 3, 1865. It was created by the United States Congress along with the Freedmen’s Bureau to aid the freedmen in their transition from slavery to freedom. By late 1861, many Black Americans along the border-states experienced a de facto freedom in the presence of occupying Union troops. Some found employment in Union garrisons where they were monetarily compensated for their work. At this time, northern abolitionists called for the creation of a freedmen’s bank to assist the ex-slaves in developing habits of financial responsibility.
SEE PAGE 6
Photo Credit: Kim Taylor
African-American News&Issues team pose with “Malcolm X” Essay contest winners at the AANI headquarters basesd in Houston, Texas 77091 (l-r) Darwin Campbell ~ AANI Senior Journalist, Chandra Jarmon ~ AANI Managing Editor, Victoria Balsuto ~ 1st place winner for Senior Category, Patrick Carter II ~ 1st place winner for Middle School Category, Shirley Ann Malonson ~ AANI CEO & Roy Douglas Malonson ~ AANI Publisher
Education is the passport to the future, for tomorrow belongs to those who prepare for it today. ~M ALCOLM X
During the Civil War, small banks were established across the South to receive deposits from black soldiers and runaway slaves working at Union garrisons. Many of the records of these deposits were lost, however, and many of the freedmen were prevented from recovering their deposits. Also, when black troops were killed in combat and did not list next-of-kin, their deposits often went unclaimed. Even when relatives were listed, locating them proved difficult since the Civil War disrupted black residential patterns. John W. Alvord, a Congregational Minister and A. M. Sperry, an abolitionist, launched the Freedmen’s Savings and Trust Company in 1864 to eliminate individual bank mismanagement and bring all of the Black deposits under central control in a single large institution. CONT. READING
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