2020-07 2 sessions
This lot is closed for bidding. Bidding ended on 7/23/2020
United States Colored Troops printed, 1p. 8vo., circular, Headquarters Twenty-Fifth Army Corps, "In The Field," Texas, Jan. 18, 1866, concerning a government sponsored savings program designed especially for the benefit of Black American soldiers. The Freedmen's Saving and Trust Company, also known as the Freedmen's Saving Bank, was established in 1864 by Generals Banks and Butler in order to help foster financial independence and security among the black soldier in their commands as well as newly emancipated refugees in their departments. As with all good intentions, when money is involved so is corruption, and by the mid 1870's the bank failed following years of mismanagement, corporate officer greed, and mistrust of the institution among its depositors. This document calls for the commanders of black troops to encourage their men to place their pay into the "bank," reads, in part: "…attention of the officers of this command is called to the…approval of the 'Freedmen's Savings and Trust Company,' by the Adjutant General, Bureau of Colored Troops and they are cordially recommended to aid the Company in caring out its work in their…commands…[whereas the] Bureau of Colored Troops, Washington, D. C., June 26, 1865…[issued the following order]…officers of Colored Troops, beyond doubt, promote the interests of their commands by explaining to them the advantages of depositing with the…appointed Agents of the 'Freedmen's Saving and Trust Company' such portions of their pay as may not be needed for current daily expenses…by command of Major General Weitzel…". Folds, else VG
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