
Reconstruction Era | The Panic | 5
American History Tellers
The Freedman's Savings Bank Is Closed
More than 60,000 black depositors lost their entire life savings at the Freedman's Savings Bank. The bank's collapse contributed to black disillusionment and distrust of banking institutions. It also provided ready ammunition to Democrats seeking to prove the folly of Reconstruction. Democratic Redeemers championed a return to what they called Home Rule.
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