African American Life through 1865-1874 - Case Study Example

African American Life through 1865-1874 The paper deals with the social and economic aspects of African Americans’ lives during the period from 1865 to 1874. A landmark of this period was the establishment of the Freedman’s Savings Bank. This period symbolizes a striving of African American people to a better and a prosperous future of their successors and the records kept by the FSB is an integral part of genealogical record of the African American community. Thesis The establishment and crash of the Freedmans Savings and Trust Company influenced on social and economic life of African Americans starting from 1865 to 1874. A great contribution the FSB has made into genealogical research and records of the lives of African Americans during that period. The post Civil War period and the way African Americans have spent these years can be traced via documentation about each depositor and his family recorded by the FSB. Introduction A period to be considered in the essay is 1865-1874 years. This period was marked by the establishment of the Freedmens Savings and Trust Company in 1865. This landmark was essential for further improvement and establishment of community bonds and social advancement of African Americans. These people have experienced numerous complexities and challenges starting from 1861, though 180,000 served in the army (The Long Walk, 2008). The first signs of the Freedman’s savings bank occurred during the Civil War and were initiated by the American officers. With the help of monetary savings, establishment of communal savings communities the African Americans wanted to support their relatives and families in economically hard times (Cox, 2008). Moreover, the deposit bank establishment provided key documentation and now it is possible to trace the actions of African Americans activities before and after war. In other words: “In many ways the FSB records document various aspects of collective economic activities in the transition from slavery to freedom” (Josiah, 2004). Bank’s establishment A specific nature of the FSB and its direct relation to African Americans can be explained by the nationality of depositors. The depositors consisted of veterans, ex-slaves and their families. The main goal of the FSB establishment is its influence on the social life African Americans. These people had a hope to deposit their savings and in such a way to invest in their future. Moreover, different institutions and organizations received a chance to increase their financial power and expand their activities. Therefore, the interest of African Americans and an overall cooperation of this nation at all levels signify a strong social tendency to integration for a common good. For example, during that period such kind of organizations has occurred: ‘different hospitals, schools, the St. Elizabeth Home for Colored Children and the St. Francis Xavier Church’s Orphan Aid Society” (Josiah, 2004). Another important fact that means a trustful attitude of African Americans to the FBS is that the leading positions in the bank were occupied by the community activists: “A large number of African American soldiers and veterans of the Civil War held savings accounts in the banks; the management of their funds was organized through an allotment system supervised by the officers of the respective army regiments” (Joseph, 2005). As far as we can see, African Americans were devoted to the FSB on the basis of a secure deposit management and supervision. A military background of the bank establishment and operation served as a perfect guarantee of a safe nature of deposits and was appealing for representative of any occupation among African Americans. Therefore, this bank has turned into “the largest single repository of lineage-linked African-American records with more than 480,000 names” (Joseph, 2005). At the highest point of its success, the FSB held assets that mounted up to $3.7 million. What is Freedman’s Savings Bank? African American soldiers deposited their money in 1864 in the military savings bank established by officers. Other people who worked nearby followed the example of the soldiers and deposited their money in this bank as well. “Unfortunately, hundreds of thousands dollars remained unclaimed in the bank because of death of the majority of depositors” (Phillips-Fein, 2001). In 1865 Army Captain John Alvord suggested establishment of the bank of savings for freed people. The FSB was operating from 1865 to 1873 when it did not succeed because of mismanagement and fraud. In the social and economic context the role of the FSB for African American society can be determined in the following way: though the major part of depositors were soldiers and representatives of working class, these people managed to save some money and to deposit it: “In a sense, African Americans in the District [Washington DC], although of limited means and experiencing economic hard times, saved and sacrificed to obtain those things that were meaningful in their lives” (Josiah, 2004). In spite of the fact that this group of people experienced enslavement, they managed to put all their efforts and build the institution that would facilitate the lives of their successors. Moreover, the deposited resources should be considered not as personal possessions, but as essential contributions into the future of the descendants. The opening and functioning of the FSB was “a symbol of a hope for a free future” (Perry, 2005). When the bank collapsed, African Americans did not lose their hope and tried to rebuild their churches in the hubs and to help each other when they experienced severe hardships. Both African American males and females deposited in the FSB. What is more surprising is that African American women realized the crucial necessity to make even the smallest financial contribution for the future benefit for their children or community. Moreover, women encouraged their children to deposit their money though in cents, but it would be better to deposit than to spare it. Banks’ depositors It is interesting to discuss the tactics and strategies used by the FSB to make people deposit their money. It is a well-known fact that salaries were low and the prices were very high. Still, African Americans who were an underprivileged social class during that period deposited their money in spite of all. Firstly, advertising campaign used by the FSB managers were based on the following slogans: "on temperance, frugality, economy, chastity, the virtues of thrift & savings” and so on (Josiah, 2004). A governmental protection of deposits was “guaranteed” to people by such names as Abraham Lincoln or Oliver Otis Howard. Unfortunately, such a promise to the depositors was a fake and the Congress had the only power to inspect the books, but it did not. Therefore, there is no wonder that representatives of different occupations, such as shoemakers, carpenters, washers and others were very proud of making a deposit in the FSB. It is interesting to discuss a background of some depositors, in order to show attitude of African Americans to this event. An example of Dilla Warren who opened an account in 1869 is the reflection of a tragic instability of African American family that was caused by enslavement. This depositor was fifty and owned her money by sewing and ironing. There are fifteen children on her list, but the majority of them died or was sold and sisters of Mrs. Warren were sold as well. Therefore, the fact that the FSB made records of all family members is a great contribution into a genealogical record keeping of the African American society (Dabel, 2003). Another depositor James Clinket deposited $225 in the District of Columbia branch in 1866. He listed his residences as Freedman’s village. At that time this village was a refuge for thousands of freedmen and there is a record that describes this place of residence as follows: “Dotting the grounds were some fifty dwellings, a hospital, a home for the indigent, a school, a chapel, a variety shop, and several parks” (Joseph, 2005). Moreover, not only stories of the elder bank depositors are kept in the FSB files, but also the information about children who deposited their money in the bank as well. The public institutions, different societies, churches also opened their accounts in the FSB. Conclusion Consequently, a variety of depositors wanted to make their lives better and believed in the purity of the bank system. When the FSB collapsed, it was a real crash of hopes of African Americans. People, who invested their money in their future, The African American community were devastated after the closure of the FSB: “An idea that began as a well-meaning experiment in philanthropy had turned into an economic nightmare for tens of thousands African Americans who had entrusted their hard-earned money to the bank” (Dabel, 2003). One of the most negative points is that people lost their hope in their government that was supposed to protect deposits from people. A brighter future seemed to be a dark nightmare. A half of depositors received their money and others received nothing. A struggle for returning their money has lasted for more than 30 years and the Congress received enormous number of letters to compensate their financial losses to people. References 1. Cox, T. C. (2008). "Take Up the Black Mans Burden": Kansas Citys African American Communities, 1865-1939. Journal of Southern History, 74(4), 987+. 2. Dabel, E, J. (2003). "I Have Gone Quietly to Work for the Support of My Three Children: " African-American Mothers in New York City, 1827-1877. Afro - Americans in New York Life and History, 27(2), 7+. 3. Joseph, L. C. (2005, January/February). African American Experiences: Window to the Past. MultiMedia & Internet@Schools, 12, 16+. 4. Josiah, B. P. (2004). Providing for the Future: The World of the African American Depositors of Washington, DCs Freedmens Savings Bank, 1865-1874. The Journal of African American History, 89(1), 1+. 5. Perry, K. H. (2005). Elevating the Race: Theophilus G. Steward, Black Theology, and the Making of an African American Civil Society, 1865-1924. The Journal of African American History, 90(3), 326+. 6. Phillips-Fein, K. (2001, August 27). April 1865: The Month That Saved America. The American Prospect, 12, 41. 7. Shaffer, D. R. (2000). "I Do Not Suppose That Uncle Sam Looks at the Skin": African Americans and the Civil War Pension System, 1865-1934. Civil War History, 46(2), 132. 8. The Long Walk from Slave Market to the White House. (2008, December). New African 24+. Read More