The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1909-03-12

the whole it is clearly demonstrated
that the prosperity of the Negro bank
er, as well as in other fields of en-
deavor, instead of being a menace to
the Mississippi white man, is really
and substantially beneficial to him al
so. | hardly think | would overdraw
the facts if l should state that there
is now deposited in white banks in
Mississippi by Negro banks one quar-
ter of a million dollars, and this can
be safely counted on as the average
daily balance maintained at least
eight months in the year. Nor are
the benefits following the rise and
progress of Negro banks confined to-
this State alone, for nearly every one
maintains a balance with correspond
ents in financial centers like New
York. st. Louis, Memphis, and New
Orleans, upon which they draw bills.
of exchange, and with whom they re-
discount as occasions require; and
right here let me state, in justice to-
the white banker, both of this State
and in the financial centers named,
that no discrimination is made
against the Negro banker when it
comes to granting him lines of credit.
but they invariably grant him credit
based mainly on the average daily
balance maintained and business abil-
ity.
If you ask have we passed the ex-
detrimental stage as bankers here, T
answer yes in a measure, we have.
OF course, unlike our white bankers,
we have to use raw material as bank
ers. We have had no presidents and
cashiers, not even book-keepers and
tellers, who took hold of the active
management of our banks after long
years of practical training and exper-
fence in some well established bank
ing institution, but have had to feel
our way along, and 'read while we
| ran" The recent panic and its sub
: sequent effects were, in measure,
/ calculated to test the stability and
: management of banking institutions.
/ Be it said to the credit of the Negro
, banker in Mississippi when the mists
: had cleared away, not one was found
: swept away Perhaps the following
: table will serve to indicate the prog
ress being made: In 1904 they had re-
sources of $5O,OOO0O; in 1905
$95 10000; in 1906, $140,00000; in
: 1907, $500 100000; and in 1905
: $3.50 100000. From the table we can
: safely predict that 1909 will find us
:. way above the million dollar mark
I Another statement I desire to make
without any comment whatever, is
: that all these banks, save two, were
l chartered by Ex-Governor Vardaman
q The showing made by the banks
}. does not take into account that of the
; fraternal organizations in the State
i which because of their singular fit
S ness for supplying life insurance tx
e to many who are barred by the large
Y Life Insurance Companies. are quite
J. nopular as we'll as helpful in the State
2 These organizations notably among
l. which are the Masons, Odd Fellows
d Knights of Pythias and Knights o
/, Tabor, carry a reserve fund of abou
r, one quarter of a million dollars II
/ beneficiaries of deceased members
!. In most cases, the persons managin'
: the hanks of our State are Of higl
# moral character, with some persona
means and fair business ability. Al
, stated above, it is not possible for u
!. to draw from a stock of men VIII
- have had years of training in banking
- perhaps working un from a rune
,, to president, as is the case with on
! white friends, but all things being cor
> sidered, the management and conduc
generally of the institutions are cred
8 table. Judging by what Negro bank
u have accomplished in this State /
II the past few years and their statu
IL at the present time, we can confidentl
lie look forward to greater things b
" them in the financial world in tn
u next decade.
TT