ACLS Mellon Fellow Jonathan Levy discusses the failure of the Freedman Savings and Trust Company at the Library of Congress:
In 1865, Congress chartered the non-profit “Freedman’s Savings and Trust Company,” a savings bank designed for a population of four million newly emancipated American slaves. By 1873, it had received a staggering $50,000,000 in deposits. But the banking house Jay Cooke & Co. was charged with investing the freedpeople’s savings, and when Jay Cooke & Co. failed during the panic of 1873, so did the Freedman’s Bank. Liberated from their former masters, the freedpeople had very suddenly come face to face with the frenzied finance of the Gilded Age.
View it here.