1 juin 1874 - the Freemen's Savings and Trust Company fails

Description:

-private bank founded in 1865
-worked with Freedmen's Burea and Union army in the south (as such, ppl said it was the gov's responsibility to help when it fell, but they refused)
-assosciated with the party of lincoln by freedpeople
-many put money in when the north called them too put "thrift and savings" in
-African American farmers, entrepreneurs, churches, and charitable groups opened accounts at the bank.
-early 1870s, the bank’s directors sank their money into risky loans and speculative investments.
-In June 1874, the bank failed.

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