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hey man like if you feeling the content subscribe if you want more today we're going to get into part one of the history of black banking but before we get into that the word for the black community is unity economics social justice and empowerment are all great in theory but they mean nothing in practice if we don't mentally unify and that doesn't mean you gotta agree with everybody because lord knows i don't it means we gotta put each other before politics neighborhoods and outside organizations if you passionate about them things then hey that's cool but the community gotta come first with that being said let's get into it [Music] so obviously in the beginning there wasn't much opportunity for black people to bank before emancipation banks rarely accepted black deposits in the event that they were cast off there were scattered instances of free blacks who privately offered credit on a personal loan basis and sometimes they even offered those loans to white borrowers there were also secretive societies that were mainly started as a way to help fund burials over time these grew into quasi-banking institutions which aimed to help the poor and aid in business creation after the union allowed the participation of black soldiers there came a need for somewhere to house their earning there were even slaves who were now being paid to continue working on plantations that the union had captured union generals began to establish different institutions but soon there came a call to establish what would be known as the freedmen's savings and trust company popularly known as the freedmen's savings bank the freedmen's bank was to operate separate of the freedom's bureau however that line was muddled and often unclear even to those in charge historians like walter fleming believed that this was done intentionally to make people have the same level of trust in the bank that they had in the united states government the bank was fairly well received and regularly circulated pamphlets on financial literacy to a community that previously had no access to any literacy here is an example of a poem from one of the pamphlets of the day tis little by little the bee fills herself and little by little a man sings a well tis little by little a bird builds her nest by littles a forest and verger is dressed tis little by little an ocean is filled and little by little the city we build tis little by little and ant gets her store every little we add to a little makes more step by step we walk miles and we sow stitch by stitch word by word we read books sent by sent we grow rich support for the bank was largely due to support from churches pastors near and far spoke on the need to support the bank and made deposits in their church's name the bank that was initially very healthy began to falter in his ways changes in the management structure in a general direction of the bank's investments allowed for foolish and downright criminal behavior that would eventually lead to its demise what was originally intended to be a simple savings bank that only invested in various safe securities eventually became involved in riskier investments in 1869 the freedmen's bank constructed a new headquarters in washington dc on pennsylvania avenue the structure cost about 5 million in today's money and drew a lot of criticism from those who felt it unnecessary henry d cook who was the bank's slimy trustee began offloading the riskiest loans from his own financial institutions on the friedman's bank henry's private institution somehow received the loan for five hundred thousand dollars which is almost 10 million dollars in today's money and even worse the loan was at a rate way too low to pay the depositors what they were being promised at the time on top of that the actuary began making loans without getting committee approval first at the same time books at individual branches would be off sometimes by hundreds of dollars around this time john w alvard the bank's new president was mostly unaware of these happenings he was more like a mascot traveling around the country and drumming up support for the bank the rail industry was to that market what the tech industry is in today's market scandals in the rail industry coupled with financial panic in europe's market started the domino effect in the early 1870s on september 18 1873 henry d cook's private institution announced that it had failed shortly thereafter the new york stock exchange closed its doors for 10 days straight cook was removed as risky securities from his private company were now sinking the bank frederick douglass unknowingly replaced john alvarez as president of a failing institution ansen sperry the bank's longtime inspector knew of violations and begged congress to investigate even earlier after six weeks at the helm frederick douglass finally realized the mess that he had gotten into douglas contacted congress and sperry devised the plan to where the bank would split into individual state banks but once it became clear that neither plan could save the bank they began to liquidate it officially stopped operations june 28 1874. at the time it owed 3 million dollars to over 60 000 depositors and held a little under 33 000 in cash and securities to its name frederick douglass would later write that he felt like he had married a corpse i titled this part of the video trust and i'm going to explain why i did so by starting with a quote from w.e.b dubois it's often misquoted and misinterpreted it reads with the prestige of the government back of it and a directing board of unusual respectability and national reputation this banking institution had made a remarkable start in the development of that thrift among black folk which slavery had kept them from knowing then in one sad day came the crash all the hard-earned dollars of the friedman disappeared but that was the least of the loss all the faith and saving went too and much of the faith in men that was a loss that a nation which today sneers at negro shiplessness has never yet made good not even 10 additional years of slavery could have done so much to throttle the thrift of the friedman as the mismanagement and bankruptcy of the series of savings banks chartered by the nation for their special aid now in this quote i think it's clear that he isn't saying that the collapse of the bank is worse than 10 more years of slavery but that its effect on black people's trust in one another and in investing for their community was harmed in ways that are undeniable this is a point that i want to speak on real quick the mental remnants of our mistreatment is by far the biggest obstacle to our current advancement if black people had the determination to ride or die for ourselves first and foremost our entire community and even the way we are treated by other communities would improve almost immediately [Music] social justice equality and empowerment are all really nice ideas but none of them are realistic if our minds aren't committed to it the root and the solution to our problems is in each and every one of our own minds with that being said i have links in the description for the sources i used and black banking opportunities should you be interested stay tuned for part two [Music] you