Defunct Freedmen's Savings Bank Land Deed Signed by Frederick Douglass, Secretary of Treasury Charles J. Folger, and Controller of Currency John Jay Knox
Edité par Washington, DC, 1883
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Vendeur : Seth Kaller Inc., White Plains, NY, Etats-UnisSeth Kaller Inc.
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Manuscript Endorsement Signed as Recorder of Deeds, Washington, DC., June 16, 1883. Recording the transfer of six lots to Asa Whitehead for $3,334.50 on June 4, 1883, the deed is signed by John Jay Knox as Commissioner of the Freedmens Savings and Trust Company, is further signed as approved by Secretary of the Treasury Charles J. Folger, and attested to by Notary Public Thomas K. Wallace. 4 pp., 8 x 12 1/2 in. Congress incorporated the Freedmen's Savings and Trust Company in March 1865, allowing deposits only by or on behalf of former slaves and their descendants. At its peak, the bank operated 37 branches in 17 states and the District of Columbia. African American former slaves who deposited their savings lost everything when it closed in 1874. The settlement of the bank's assets and liabilities took nearly a half-century. This is part of that process, U.S. Secretary of the Treasury Charles J. Folger and Comptroller of the Currency John Jay Knox also signed. Excerpt1130 am / Received for Record June 16 1883 and recorded in Liber No 1043 folio 220 et seq. one of the Land Records of the District of Columbia, and examined by,/ Fredk Douglass / RecorderThis deed corrected errors in an April 18, 1881 deed. Douglass signed as Recorder of Deeds to indicate that the sale in the James E. Fitch et al. subdivision in Washington, D.C. had been properly recorded.Historical BackgroundIn 1870, Congress amended the bank's charter to allow it to invest in real estate, despite warnings by Senator Simon Cameron that it would endanger the bank. In 1873, Comptroller of the Currency John Jay Knox was ordered by Congress to investigate the bank. He and examiner Charles A. Meigs found extensive fraud and mismanagement, with loans made on inflated real estate values. Several runs on the bank and the Panic of 1873 depleted the bank's funds. In March 1874, the trustees attempted to restore confidence by electing Frederick Douglass as president. He invested $10,000 of his own money to aid the faltering institution.On June 20, 1874, Congress authorized the trustees to appoint a three-member board to take charge of the assets of the Freedmen's Savings and Trust Company and to report on its financial condition to the Secretary of the Treasury. Despite Douglass's efforts, the bank closed on June 29, owing nearly $3 million (more than $82 million in 2025) to 61,144 depositors. This was before bank deposits were insured. Many African Americans lost their life savings.In February 1881, Congress authorized the Secretary of the Treasury to appoint the Comptroller of the Currency to oversee the bank. A new examiner concluded that the real estate owned by the bank was "absolutely unproductive, and in fact a charge upon the company for taxes." Knox immediately sold nineteen lots (including the six in this deed), netting $56,300 for depositors. Knox pleaded unsuccessfully for Congress to appropriate funds to pay the depositors in full.In 1920, Comptroller John Skelton Williams submitted his final report to Congress. Over the previous six years, Williams had received hundreds, perhaps thousands, of letters from former slaves and their descendants, asking about money they had deposited in the Freedmen's Savings and Trust Company. Ultimately, approximately half of the depositors received about 60 percent of the value of their accounts, but others received nothing.In May 1881, President James Garfield appointed Frederick Douglass as Recorder of Deeds for the District of Columbia, a position he held until 1886. Also in 1881, he published his third autobiography, The Life and Times of Frederick Douglass, which he updated it in 1892. His wife and the mother of his five children Anna Murray Douglass died in 1882, leaving him devastated. He remarried in 1884 to white suffragist and abolitionist Helen Pitts, which proved controversial among both their families and some friends.John Jay Knox Jr. (1828-1892) was born in New York and gradua. (See website for full description).…
N° de réf. du vendeur 27811
Détails bibliographiques
- Titre
- Defunct Freedmen's Savings Bank Land Deed Signed by Frederick Douglass, Secretary of Treasury Charles J. Folger, and Controller of Currency John Jay Knox
- Auteur
- FREDERICK DOUGLASS
- Éditeur
- Washington, DC
- Année de publication
- 1883
- État de l'article
- Very Good
- Type de livre
- Manuscript Endorsement Signed
- Reliure
- No binding
- Catalogues du vendeur
- African American History, Signed
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