The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1913-01-17

them honor for their ability and
praise for their influence and have
struck a balance with them at the
end of the year, thereby exchanging
commodities with them and leaving
the money in the vaults to the credit
of the stockholders.
Standing of the one-Cent Savings
Bank.
Gentlemen: | want to again re-
mind you that the One-Cent Savings
Bank is the Oldest and first banking
institution in the state OF Tennessee
organized, inaugurated or managed
] by Negro stockholders, a Negro Board
OF Directors and Negro officials, in
augurated, as we have continually re-
ported, for an expressed threefold
purpose. First, to encourage and in
struct Negro -wage-earners in frugality
and the art of saving, Secondly, to
instruct and encourage Negroes in the
art of fnanciering and accurate and
punctual financial dealings. Third
and last, but by no means least, to
cultivate confidence and self-reliance
with Negroes among Negroes. Some
OF the older citizens still living re-
member and often refer to the la
mented calamity of the s~o-called
Freedmen's Savings Bank. They
have transmitted this lamented ira
dition to their children. And for
years and years throughout the
length and breadth of the State of
Tennessee, and many other parts of
the South, whenever a Negro banking
institution was referred to the cry
was always raised by them, like the
proverbial Texan against the Next
:. can: Remember the Alamo, remem-
! Der Goliad' or like the old Negro,
| Union Soldiers when in battle, the
) battle-cry would be: Remember Fit.
: Waggoner, remember Ft. Pillar" In
the same way they would answer the
: promoters of Negro banking institu-
Q tions: Remember the Freedmen's
!. Eank." Gentlemen and ladies'.
Y believe the history of the Freedmen's
Q Bank should be constantly repeated
g until the children Of the old ex-
g slaves, who placed their earnings in
t this savings bank should be contin'
n ually told among them until every.
one should be familiar with the facts
g in the case. 1t goes out to the world
d that the Freedmen's Saving Bank
was a banking institution organized
IT manned and operated by Negroes, but
e the truth is just the reverse. The
It Negroes practically had nothing
v to do with this bank ex
cept to carry up their little hard
earned savings and deposit same will
t, this institution and bid it a fna
e farewell. True, when the Whit
n promoters and operators of this bank
III ing institution saw that destruction
)r and financial desolatlon stared the in
it stitution in the face, they fastened Il
Is call that noble statesman, Fredcricl
" Douglass, to its presidency, hoping
thereby that he would snatch victor,
j. from defeat, bring safety out of chao
or be the .%scapegoat to bear off thei
e sins. 1t is to be regretted tina
+ this was the case, but like all othe
lie profitable wisdom, the Negroes PAL
le dearly for their wisdom, but the
oV have greatly profted by the exper
u ence obtained. Hence, Negro banl
re ing institutions all over the Sout
Vi have been very careful how they hav
" allowed white officials to mingle i
their affairs. The One-Cent Saving
Bank could tomorrow sell every do
", lars worth of its stock and could oil
VI tain thousands, if not millions Of do
lars, a sufficient amount anyhow
Ut meet the needs of its many customer
that it is often compelled to tur
~ away, if it would but pull down tn
III bars and welcome the able and e!
u ~perienced financiers and designln
grafters to plunge in and take tn
in lions share of this struggling inst
Vi tuition. But like the lean wolf {
'nI the early New England forests told
~ Aesops Fables: I'VE may be leal
'ls we may be impoverished, we may b
~ weak, but We will at least be free
% Now gentlemen, | have dwelt to
long in glittering g%eneralities. LIZ
Gu us come at once to the progress
~ the institution.
he Progress Of the Institution.
sst 30 tho Oro-Cort Co,
lat TO- d. hoe In NV UNIV of eeein
GU it, proven to be a steady, gradual an
yet a healthy growth. 1t has IN
is filling the mission for which it We
of brought into being. l repeat,
,Ie threw open ITS doors on the 18th da
of January, 1904, with $1,000 paid
in by sixteen earnest stockholders pu
ls ting up in cash one hundred dollar
he each. With this small amount "
Ial held our doors open. We paid IL
we small rent of $25 per month for
banking house. We paid n oficia
int, the teller, $25 per month for his ser
AL ices. Each officer with tremblir
vi hands and longing eyes watched IL
isl deposits and the checks with anxiet
,atl They counted their figures, the
ina watched every transaction, the
We prayed over every investment, the
gvi doubly surrounded every deposit wit
err, security, they asked nobody to riS
ak. them, they did practically no adve
he Using, they used practically no
sh-. huence to have any person depos
he money with them, they made no
,te forts to sell their stock. Their OIL
ng watchword and motto was contin
-- -a-.oAzl ~CnnAdanooI NJ