John Jay Knox, Jr., Comptroller of the Currency, begins liquidating assets of the Freedman’s Savings Bank, after the bank had become insolvent from extremely risky stock market and real estate investments, and outright embezzlement.
NOTE: This negative experience caused many freemen to develop to strong distrust for banks.
[restored 6/18/2021]
Subsequent Events:
References:
U.S. Banking Timeline
www.libertyforlife.com/banking-currency-us-timeline.html
Freedman’s Savings Bank – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Freedman’s_Savings_Bank
Current U.s. National Debt:
