Copyright
W. E. B. (William Edward Burghardt) Du Bois.

Economic co-operation among Negro Americans. Report of a social study made by Atlanta University under the patronage of the Carnegie Institution of Washington, D.C. together with the proceedings of the 12th Conference for the Study of the Negro Problems, held at Atlanta University, on Tuesday, May t online

. (page 16 of 22)
Online LibraryW. E. B. (William Edward Burghardt) Du BoisEconomic co-operation among Negro Americans. Report of a social study made by Atlanta University under the patronage of the Carnegie Institution of Washington, D.C. together with the proceedings of the 12th Conference for the Study of the Negro Problems, held at Atlanta University, on Tuesday, May t → online text (page 16 of 22)
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added to our number.

The Galilean Fishermen

The Grand United Order of Galilean Fishermen was organized in
Baltimore, Md., in 1856. The order has at least $250,000 worth of real
estate. It has a bank at Hampton, Va., with a paid up capital of
$8,695.79. The insurance department has issued 16,800 policies since
1902, and paid $48,900 in death claims. It has a surplus of $16,000. The
printing plant does a business of $2,500 a year. The joining fee is $4.50
and the monthly dues from 35c to 60c. Sick benefits of $1.50 to $6 a
week and death benefits of $50 to $200 are paid.

The chief of the other Negro secret orders are:

Improved Benevolent Protective Order of Elks of the World (Brook
lyn Branch).
Knights of Tabor.
Benevolent Order of Buffaloes.
Ancient Order of Forresters.
The Good Samaritans.
Nazarites.

Sons and Daughters of Jacob.
Seven Wise Men.
Knights of Honor, etc., etc *

*The only secret organization in Arkansas of national repute, which has its origin
in the State, is the Mosaic Templars of America. It was conceived and had its birth
from the fertile brain of two Negroes, O. W. Keatts and J. E. Bush, in 1882, in the city
of Little Rock. Today this organization is known in nearly every Southern State in
the Union and numbers its members by^the thousands. They have expended in cash
for the relief of the widows, orphans of deceased members in the past twenty years,
$175,000: paid to its policy-holders $51,009, and at their last session in Shreveport, La.,
July 25, 1902, reported a property valuation of $225,000. National Negro Business
League, 1902, p. 105.



Secret Societies 127

That Negroes are aware of the faulty economic basis of assessment
insurance is shown by the speech of John W. Strauther of Mississippi,
before the Negro Business League of 1904:

Fraternal insurance is that class of insurance which levies an assessment
upon members to create a fund to pay the families of the deceased members
an endowment or death benefit and no profit therefrom.

Among Negroes it is the outgrowth of excessive rates charged by the old
line insurance companies w r hich compelled the poorer classes to organize into
these benevolent associations and attach thereto insurance for the members
which would give relief to the families at their death.

This branch of insurance is not held in high favor by many people from the
fact, it is supposed, that the fraternal order that carries fraternal insurance
takes too great a risk and, therefore, the increased mortality would increase
the burden of tax upon the membership and thereby bankrupt the institu
tion ; but we should not become discouraged, because it is an established fact
that fraternal insurance is a success and it has done much for the advance
ment of the Negro in this country.

You will remember that the Negro was excluded from the old line compa
nies on account of color, and, therefore, it was impossible for the Negro to give
protection to his family and loved ones as it was the great privilege of other
Americans. But there were other causes, prominently among them was the
high premiums charged, which made it impossible to one working for small
wages to pay the premiums charged and meet his other obligations.

These conditions have long since passed and it is merely due to fraternal
insurance that has compelled the old line companies to accept the Negro and,
in many instances, they have employed colored agents, and in other instances,
the whites have catered to colored business through their white agents.

To give you a faint idea of what the Negro is doing in fraternal insurance,
I will call your attention to the report of the Insurance Commissioner of my
State for the year s business ending December 31, 1903.

Twenty fraternal orders reported the number of certificates in force as
32,562, amounting to $5,043,010.66. The total paid by the above fraternal in
surance orders is $157,616.82, leaving a balance in the. treasury of these associa
tions $16,767.71. I will mention, the most prominent among these institutions*
the Masonic Benefit Association, which paid last year $69,306.60. This amount
was raised by an assessment of 7K per capita, a total cost per annum of $12.00
per member; since the organization of the association in 1880, they have paid
over $650,000.

The Odd Fellows Benefit Association, organized in 1880, paid last year $26,-
420.71, having paid over $500,000 since organization. This amount is raised by
an assessment of 16 2-3 per cent or $12 per annum per member. The Independ
ent Order of Sons and Daughters of Jacob of America, paid $21,583.89; the En
dowment Bureau of the Knights of Pythias paid $18,993 on assessments of $1.50
or $6 per annum, having paid in all since organization in 1894, $200,000. Judg
ing from the amount of business done in Mississippi, we believe we can safely
say that the business of fraternal insurance among the Negroes in this coun
try amounts to over a million dollars annually.*

The Masons appear to hold at least one million dollars worth of
property and have an annual income of a half million dollars a year.
The Odd Fellows claim two and one-half million dollars worth of

* National Business League, 1901, pp. iHJ-97.



128 Economic Co-operation Among Negro Americans

property and an income between a quarter and a half of a million.

The Pythians have $300,000 worth of property and an income of possi
bly a quarter of a million. The Brothers of Friendship claim $500,000 in
property, and other associations may add a half million. From these
figures it seems that Negro secret orders in the United States own
between four and five million dollars worth of property and collect
each year at least $1,500,000.

From the beneficial societies and secret orders have arisen various
benevolent or semi-benevolent enterprises, such as homes, orphanages,
hospitals and cemeteries.



Section 13. Cooperative Benevolence
(a) Homes and Orphanages

There are between 75 and 100 homes and orphanages in the United
States supported wholly or largely by Negroes. A list of 57 follows:

1. Colored Orphan Asylum, Oxford, N. C.

2. Masonic Home, Columbus, Ga.

3. Masonic Orphans Home, Beiinettsville, N. C.

4. Aged Men and Women s Home, Baltimore, Md. Property, $3,000; in
mates, 16; State aid, $250.

5. St. Francis Orphan Asylum, Baltimore, Md. Property, $60,000; in
mates, 94.

6. Bethel Old Folks Home, Baltimore, Md. Property, $10,000; inmates, 16.

7. Carter s Old Folks Home, Atlanta, Ga.

8. Old Folks Home, Augusta, Ga.

9. Friends Orphan Asylum, Richmond, Va.

10. Home for the Aged, Cleveland, Ohio. Income, $1,209.44; expenditures,
$814.57.

11. Georgia Colored Industrial and Orphan s Home, Macon, Ga. Inmates,
35; income, $4,350; property, $10,000. New building nearly ready.

12. General State Reformatory, Macon, Ga.

Receipts, 1906

Balance * 291 60

Cash donations from the public 3,425 70

Other donations, value 399 30

Amount of produce raised on farm by in
mates.. 41500



Total $ 4,531 60

13. Maponie Home, Rock Island, 111. Income, $960.

14. Old People s Home, Chicago, 111. Inmates, 7; income, $900. New apart
ments nearly ready.

15. Widows and Orphans Home, Jackson, Miss.

16. Orphans Home, Huntington, W.Va. Inmates, 65. The State has been
paying two teachers. Ten years.

17. Old Ladies and Orphans Home, Memphis, Tenn.

18. Old Folks and Orphans Home, Memphis, Tenn. Property, $15,000.

19. Jenkins Orphanage, Courtland, Va. Seven years.

20. Shiloh Orphanage, Augusta, Ga.

21. Masonic Widows and Orphans Home, Nashville, Tenn. Property,
$7.000.



Cooperative Benevolence 129

22. Orphanage, Gilmer, Texas.

23. Orphanage, Austin, Texas.

24. Jenkins Orphanage, Charleston, S. C.

25. Home for Aged and Infirm Colored Persons, Philadelphia, Pa. Property,
$400,000; income, $20,000. Sheltered 558 old people, 1864-1899.

2& Colored Orphans Asylum, Cincinnati, Ohio. Property, $100,000; endow
ment fund, $25,000; income, $2,010 ; inmates, 72; receipts, $3,123.45.

Inmates

Males Females Tola I

Number remaining May 1, 1906 19 16 35

Admitted 19 18 87

Placed In homes 5 13 18

Died 2 2

Oared for during year 88 34 72

Remaining : 33 19 52

Total income from Negroes about $300.

27. Crawford s Old Folks Home, Cincinnati, Ohio. Property, $25,000.

28. Home for Aged Colored Women, Cincinnati, Ohio. Property, $4,000.

29. Hannah Grey Home, New Haven, Conn. Inmates, 5; income, $200.

30. Universal Progressive School for Orphans, Baltimore, Md. Property,
$1,950; inmates, 35.

31. Old Folks Home, Kansas City, Mo. 1889 (?).

32. Children s Orphans Home, Kansas City, Mo. Inmates, 100; expendi
tures, $65 per month.

33. Rescue Home, Kansas City, Mo.

34. Baptist Orphanage, Baltimore, Md. Inmates 25.

35. Orphanage, Richmond, Ya.

36. Weaver Orphan Home for Colored Children, Hampton, Va. :

Cash receipts for 1905 $ 947 50

Donations, for 1906 $ 643 14

Received from parents 267 00

Sales of articles 14 12

Miscellaneous 2850 95276



Total $1,90026

37. Gad. S. Johnson s Orphanage, Macon, Ga. Inmates, 25; income, $1,500.

38. Home for Parentless Children, Petersburg, Va.

39. Maryland Home for Friendless Children, Baltimore, Md. Property,
$2,000; inmates, 52; State aid, $250.

Receipts

Brought forward from the year 1905 $ 269 47

Loans 850 00

Mortgage 1,950 00

City aid 826 20

State aid 500 00

Sale of property 1,000 00

Legacy 97 50

General contributions, etc 648 71

Total $6,141 88

40. Amanda Smith Orphanage, Harvey, 111.

41. Iowa Negroes Home for Aged and Orphans, Des Moines, Iowa.
*42. St. Louis Colored Orphans Home, St. Louis, Mo.

4a Carrie Steele Orphanage, Atlanta, Ga. Inmates, 97; income, $2,200 ($100
from Negroes directly ; the balance from taxes on both races.)



130 Economic Co-operation Among Negro Americans

44. Reed Home and School, Covington, Ga.:

Home building and site on which it stands $ 3,000

Farm within city limits 8,500

Brick machine and tools 1,500

Saw mill 750

Live stock 500

Farm implements 150

Library 500

Total $ 9,600

45. Bridges Orphanage, Macon, Ga.

46. State Protective Home and Mitchell Hospital, Leavenworth, Kansas.
Income, $2,320.60, during 1883.

47. Home for Destitute Children and Aged Persons, San Antonio, Texas-
Inmates, 18.

Two Years Income

Total amount collected by subscription $ 114 45

Total amount of special donations 120 82

Total amount collected for building purposes 68 55

Total amount from Bexar county and Board of Children. 794 20

Total amount from tables and entertainments 173 16

Total amount collected from railway employees 85 65

Total amount collected from churches 1 ID

Total collected for two years $1,564 22

The property recently bought for the Home was contracted for on the fol
lowing terms: One hundred dollars cash, the balance, $900, to be paid in
monthly installments with 8 per cent interest during the next six years.

48. Old Folks Home, Hampton, Va.

49. Widows and Orphans Home, Vicksburg, Miss.

50. " Tents " Old Folks Home, Hampton, Va.

51. Home for Aged Colored Women, Providence, R. I.

52. Working Girls Home, Providence, R. I.

53. Old Folks Home, Columbus, Ohio.

54. Day Nursery, Columbus, Ohio.

55. Old Folks Home, Westham,Va. Inmates, 6; income, $10,000, for home
and farm. (See True Reformers, page 104).

56. Reformatory for Boys, Broadneck, Hanover county. Va. (State.)

57. Rescue Home for Orphans and Old Folks, Jacksonville, Fla.

(b) Hospitals

There are about 40 hospitals conducted by Negroes, including the
Freedmen s Hospital of Washington, D. C., which the Government
supports.

A list of 31 hospitals follows:

1. Mercy Hospital and Nurse Training School, Ocala, Fla.

2. Mercy Hospital and School for Nurses, Philadelphia, Pa.- Total income
to November, 1907, $6,474.02; patients, 4,232; received from Negroes, $4,390.69.
and from the State, $5,000 every two years.

3. Freedmen s Hospital, Washington, D. C. Patients under care, 2,723; re
ceipts and expenditures for the year, $53,000.

4. Frederick Douglass Memorial Hospital and Training School, Philadel
phia, Pa. Patients ending November, 1907, 6,657 ; income, $8,219 for mainten
ance ; income for building, $10,400.



Cooperative Benevolence 131

5. Mitchell Hospital, Leavenworth, Kansas. Income, $2,320.60 during the
year 1883.

6. Taylor Lane Hospital, Columbia, S. C.

7. Mercy Hospital, Nashville, Tenn. Patients, 394 ; total income, $1,873, all
from Negroes.

8. Douglass Hospital and Training School, Kansas City, Kansas. Patients
last year, 81 ; income, $5,858.

9. Harris Sanatorium, Mobile, Ala. Patients last year, 25.

10. Colored Hospital, Petersburg, Va.

11. Provident Hospital, Baltimore, Md. Property, $15,000.

12. Provident Hospital, Chicago, 111.
18. Lincoln Hospital, Durham, N. C.

14. Lamar Hospital, Augusta, Ga.

15. Georgia Infirmary, Savannah, Ga.

16. Charity Hospital, Savannah, Ga.

17. Burrus Sanatorium, Augusta, Ga.

18. Colored Hospital, P^vansville, Ind.

19. Citizens National Hospital, Louisville, Ky.

20. Provident Hospital, St. Louis, Mo.

21. State s Hospital, Winston, N. C.

22. Good Samaritan Hospital, Charlotte, N. C.

23. Colley s Hospital, Cincinnati, Ohio.

24. Nurse Training School, Charleston, S. C.

25. Hairston Infirmary, Memphis, Tenn.

26. Dr. J. T. Wilson s Infirmary, Nashville, Tenn.

27. Colored Hospital, Dallas, Texas.

28. Richmond Hospital, Richmond, Va.

29. Woman s Central League Hospital, Richmond, Va.

30. Slater Hospital, Winston-Salem, N. C.

31. Lincoln Hospital and Home, New York, N. Y.

(c) Cemeteries

Nearly every town in the South has a colored cemetery owned and
conducted by Negroes. There are a few exceptions, as in Augusta, Ga. :

"The colored cemetery is owned and controlled by the city. Any one who
wishes a lot can purchase it from the city. Lots are owned by all of the be
nevolent societies and families who are able to pay for them.

"A keeper of the cemetery is annually elected by council, with an assistant,
who is colored, and who has the keeping of the colored cemetery assigned
him."

The country districts are poorly provided for:

"The colored cemetery here (Brunswick, Ga.,) was given the colored people
by the city: the keeper is paid $15 per month by the city; the people pay $2
for a grave to be dug. The cemetery is here crowded to overflowing ; the peo
ple are contemplating buying a piece of ground about five miles out for a ceme
tery. The others, far out in the country and on the islands, are generally in
church yards or in the woods no particular place. Oft-times the undertaker
can scarcely get to the place for the weeds. Nevertheless, if a person dies here
in Brunswick, who lived once in the country or across the river, the body must
be taken at all hazards to the old burying grounds, even if the place is thickly
covered with weeds and can scarcely be found."



132 Economic Co-operation Among Negro Americans

There are probably 500 Negro cemeteries owned, of which the list
below is simply an indication of their number and situation:

1. Baptist Cemetery, Paris, Texas.

2. Colored Cemetery, Tuskegee, Ala.

3. The Ashbury Cemetery, Baltimore, Md.

4. The Mt. Auburn Cemetery, Baltimore, Md.

3. The Greenwood Cemetery, Paris, Texas. Total business done, $406; to
tal paid up capital, $500.

7. Colored Cemetery, Kittrell, N. C.

8. Benevolent Cemetery, Dallas, Texas.

9. Colored Cemetery, Austin, Texas.

10. " " Waco, Texas.

11. " " Ft. Worth, Texas.

12. The Masons Cemetery, San Antonio, Texas.

13. Colored Knights of Pythias Cemetery, San Antonio, Texas.

14. Odd Fellows Cemetery, San Antonio, Texas.

15. Colored V. B. F. s Cemetery, San Antonio, Texas.
1(5. Colored Cemetery, High Point, N. C.

17. " " Greensboro, "

18. " " Raleigh, "

19. " " Lexington, "

20. " " Lauriuburg, "

21. " " Wilmington, "

22. " " Charlotte, "

23. " " Thomasville, "

24. " " Abbeville, S. C.

25. " " "

26. " Little Hock, Ark.

27. Pine Bluff, "

28. " Hot Springs, "

29. " " Houston, Texas.

30. " " " "

31. " " Beaumont, "

32. " " Jefferson, "

33. " Palestine, "

34. " " Marshall, "

35. " Elizabeth City, N. C.

36. McCoy Cemetery, Memphis, Tenn. Total capital, $7,00X7,

37. Union-Forever Cemetery, Memphis, Tenn.

38. New South Fort Pickering Cemetery, Memphis, Tenn.

39. Providence Cemetery, Petersburg, Va.

40. East View " " "

41. Greenwood " Nashville, Tenn.

42. Louisville Cemetery Association, Louisville, Ky.

43. Toussaint L Ouverture Cemetery, Franklin, Tenn.

44. Colored Cemetery, Shelby ville, Tenn.

45. " " Winchester, "

46. " " Clarksville, "

47. Zion Memphis, "

48. Colored " Lexington, Ky.

49. " r Ga. Partners, 5. Cemetery for special
families. Capital, $150.



Cooperative Benevolence



133



50. Brothers and Sisters of Love,
$600. Fourteen years:

Paid sick Benefits
Paid for burial



-, Ga. Partners, 150; capital,

1906 1907

....$200 $225

..100 75



51. Colored Cemetery, Raleigh, N. C.

The Raleigh business League is an organization composed of citizens of
Raleigh and surroundings who are interested in public improvements and
are at this time engaged in an effort to improve the city cemetery for colored
people, and also to form a new cemetery association for the purpose of enlarg
ing and improving the old one and building a suitable structure to protect the
patrons of the cemetery from inclement weather while engaged in burial ser
vices.

52. Summit View Cemetery, Guthrie, Okla,

53. Colored Cemetery, Athens, Ala.

54. " Albany, Ga.

55. Olive " Philadelphia, Pa. Eight acres, worth $100,000; 900 lot
owners. About fifty years old.

56. Lebanon Cemetery, Philadelphia, Pa. Worth $75,000 and about fifty
years old.

57. Merion Cemetery, Philadelphia, Pa. Twenty-one acres, worth $30,000
and about eight years old.

58. Fraternal Burying Society, Philadelphia, Pa.

59. Greenwood Cemetery, " "

60. Eden Cemetery Co., " "

61. People s Undertakers Co., Dallas, Texas. Capital, $4,000; business 1906,
$75 ; 1907, $100. Began business in 1901. Do about 75 per cent of business of col
ored people of Dallas county. Give regular employment to four persons. Own
no hacks, but use those owned by colored men.

62. Woodland Cemetery Association is a co-operative concern, organized
for the purpose of purchasing burial grounds. Originally there were 120 mem
bers, each of whom owns a lot. There are now 15 active members. These re
tained active membership by assuming all obligations incident to the care
and keeping of said grounds. Have no capital stock. Invested about $1,000.
Money for sale of lots used in caring for grounds. Dallas, Texas.

63. Colored Cemetery, Buena Vista, Ga. Bought twelve years ago. Five
acres, cost $60.

64. Hudson Cemetery, Yazoo City, Miss.



65. Cemetery, Marlin, Texas. 79.

66. " Mexia, 80.

67. " Prairie View, Texas. 81.

68. " Tyler, " 82.

69. " Neyland, " 83.

70. " Greenville, " 84.

71. " Seguin, " 85.

72. " Daingerfield, " 86.

73. " Richmond, " 87.

74. " Milan, Tenn. 88.

75. " Fort Valley, Ga. 89.

76. " Americus, " 90.

77. " Milledgeville, Ga. 91.

78. " Savannah, " 92.



Cemetery, Rome, Ga.

" Cuthbert, Ga.

" Athens, Ga.

" Coving ton, Ga.

" Hawkinsville,Ga.

" Columbus, "

" Unionville, "

" Locust Grove, "

" Barnesville, "

" Marshallville, "

Willard,

" Adelaide, u

" Sparta,

Lawtonville, "



134



Economic Co-operation Among Negro Americans



93. Cemetery, Griffin, Ga.



94.

95.

96.

97.

98.

99.
100.
101.
102.
103.
104.
105.
106.
107.
108.
109.
110.
111.
112.
113.
114.
115.
116.
117.
118.
119.
120.
121.
122.
123.



Sandersville, Ga.
Macon, "

Cordele, "

Pinehurst, "

Denmark, S. C.
Beaufort, "
Charleston, "
Cheraw, "
Aiken, "

Columbus, Ohio.
Enfield, N. C.
Troy,

Evansville, Ind.
Helena, Ark.
Newport, "
Fort Smith, Ark.
New Durham, N. J.
Minneapolis, Minn.
Holly Springs, Miss.
Mound Bayou, "
Kingfisher, Okla.
Langston, "
New Orleans, La.
New York, N.Y.
Okmulgee, I. T.
Ardmore, "
Taft, "

Miami, Fla.
Jacksonville, Fla.
Sanford,



124. Cemetery, Palatka, Fla.

-125. " Fesseden, "

126. " Trilby, "

127. " Gainesville, Fla.

128. " Huntsville, Ala.

129. " Selma, "

130. u Kowaliga, "

131. " Normal, "

132. * Anniston, "

133. " Tuscaloosa, "

134. " Florence, "

135. " Montgomery"

136. " St. Joseph, Mo.

137. " Jefferson City, Mo.

138. " St. Louis, "

139. " Kansas City, "

140. " Arlington, Va.

141. " Cappohosic, "

142. " Chicago, 111.

143. " Evanston, 111.

144. " New Haven, Conn.

145. " Eatonton, Ga.

146. " Shady Dale, Ga.

147. " Monticello, "

148. " Lexington, Miss.

149. " Jackson, "

150. Holly Grove Cem y, Gibbons, "

151. Cemetery, Chattanooga, Tenn.

152. " Murfreesboro, "

153. " Knoxville, "

154. Nine Cemeteries, Rich mond,Va. :



Three associations own nine burial grounds with a capital stock of $10,000, etc.
There must be at least 500 such cemeteries in the United States, and
perhaps twice this number.



Section 14. Banks

The first Negro bank in the United States was the Capital Savings
Bank of Washington, D. C., opened in 1888. Before that, however, a
bank had been especially established for the freedmen:

Pending the continuance of the Civil war, and soon after the colored race
became a considerable element in the military forces of the United States, the
safe-keeping of the pay and bounty moneys of this class became a matter of
great importance to them and their families, and to meet this exigency, mili
tary savings banks were created at Norfolk, Va., and Beaufort, S. C., centers
at that time of colored troops. At the close of the war the emancipation of this
race increased the necessity of some financial agency to meet their economic
and commercial wants, and in response to this demand, taking suggestions and
counsel of the expedients that military experience had suggested for the bene
fit of this people, the National Congress incorporated, March, 1865, the Freed-
meii s Savings and Trust Company.



Banks 135

The incorporators were :

Peter Cooper, William C. Bryant, A. A. Low, S. B. Chittenden, Charles H.
Marshall, William A. Booth, Gerritt Smith, William A. Hall, William Allen,
John Jay, Abraham Baldwin, A. S. Barnes, Hiram Barney, Seth B. Hunt,
Samuel Holmes, Charles Collins, R. R. Graves, Walter S. Griffith, A. H. Wallis,

D. S. Gregory, J. W. Alvord, George Whipple, A. S. Hatch, Walter T. Hatch,

E. A. Lambert, W. G. Lambert, Roe Lockwood, R. H. Manning, R. W. Ropes,
Albert Woodruff and Thomas Denney, of New York ; J ohn M. Forbes, William
Clafin, S. G. Howe, George L. Stearnes, Edward Atkinson, A. A. Lawfence and
John M. S. Williams, of Massachusetts; Edward Harris and Thomas Davis, of
Rhode Island; Stephen Colwell, J. Wheaton Smith, Francis E. Cope, Thomas
Webster, B. S. Hunt and Henry Samuel, of Pennsylvania; Edward Harwood,
Adam Poe, Levi Coffin J. M. Walden, of Ohio, who, with their successors, were
"constituted a body corporate in the city of Washington, in the District of
Columbia, by the name of the Freedmen s Savings and Trust Company, and
by that name may sue and be sued in any court of the United States."

Section five of the act of incorporation said:

And be it further enacted, That the general business and object of the cor
poration hereby created shall be to receive on deposit such sums of money as
may, from time to time, be offered therefor by or on behalf of persons hereto
fore held in slavery in the United States, or their descendants, and investing
the same in the stocks, bonds, treasury notes or other securities of the United
States.

The Senate committee of investigation said:

Until 1868 the spirit and letter of the charter seemed to have been recog
nized very faithfully by the trustees and officers who administered the affairs
of the company, and until the beginning of 1870 there do not appear to have
been in the administration any serious and practical departures from the
kindly and judicious programme indicated in the act creating the institution.

In May, 1870, an amendment to the charter was secured, which embodied a
radical and what subsequent events proved to be a dangerous and hurtful
change in the character of securities in which the trustees were empowered to
invest the deposits of the institution. Two-thirds of the deposits, that portion
from which the dividends were expected to accrue, were originally required
to be invested exclusively in United- States securities, but by the amendment
referred to one-half was subject to investment, at the discretion of the trustees,
"in bonds and notes secured by mortgage on real estate in double the value of


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Online LibraryW. E. B. (William Edward Burghardt) Du BoisEconomic co-operation among Negro Americans. Report of a social study made by Atlanta University under the patronage of the Carnegie Institution of Washington, D.C. together with the proceedings of the 12th Conference for the Study of the Negro Problems, held at Atlanta University, on Tuesday, May t → online text (page 16 of 22)