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Freedman's Bank & Economic Disparities Today

Nov 7, 2024
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ANECDOTE

Freedman's Bank Failure

  • In July 1874, Black Americans rushed to Freedman's Bank branches only to find locked doors.
  • Their savings were gone due to the bank's abrupt closure.
INSIGHT

Financial Acumen of the Enslaved

  • John Alvord, the bank's founder, underestimated Black Americans' financial literacy.
  • Despite lacking formal banking experience, they understood money through their experiences during slavery.
INSIGHT

Importance of Land Ownership

  • Land ownership was paramount for newly freed Black Americans.
  • It symbolized true freedom and power after being considered property themselves.
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