Explore Black History

1880

In March 1865, Congress incorporated the Freedman’s Savings and Trust Company, known as the Freedman’s
Savings Bank. The bank, run by white trustees, promised newly freed African Americans a safe place to deposit
their money. But after Congress relaxed its restrictions on the bank’s investment policies, corrupt officials
mismanaged the bank’s funds, and it collapsed in 1874. Over 60,000 depositors lost nearly $3 million in savings.
Many spent decades petitioning the government for reimbursement. Ultimately, little more than half, $1.7
million, was repaid.
In March 1874, three months before the bank collapsed, officials elected Frederick Douglass as bank president,
in an effort to reassure African American depositors. But Douglass soon realized the bank was insolvent, and
advised Congress to shut it down to prevent further losses. Privately, Douglass described the bank’s closing in a
letter to Gerrit Smith: “It has been the black man’s cow, but the white man’s milk.” On July 3, 1874, he signed
this letter to John A. J. Creswell, one of the commissioners appointed to take charge of the bank’s assets.
For several years after the bank closed, commissioners issued dividends to account holders for a percentage of
their deposits. Robert Walker received this check for 10 percent of his $2 deposit in 1880.

This is a dividend check for 20 cents issued by the Office of the Commissioners of the Freedman’s Savings and Trust Company to Robert Walker. It consists of a rectangular piece of paper with both printed text and graphic and handwritten text. Across the top margin of the check is printed text that reads “Check No. (76694) Office/ of the/ COMMISSIONERS/ of the/ FREEDMAN’S/ SAVINGS/and/TRUST COMPANY.” Below the check number is the printed word “Account No.“ followed by a blank space with handwritten text that reads “4154.” Below the name of the bank is printed text that reads “WASHINGTON, D.C.” and a bank space with handwritten text that reads “Sept 1st 1880.” Against the center left margin is an image of Abraham Lincoln in an octagonal window. Shown from the chest up, he wears a light-colored shirt under a dark colored coat, vest, and cravat. He is turned a quarter-turn from the viewer. His name “Lincoln” is printed in small text under his image. Next to the image is printed text the reads “Pay to the order of“ followed by a blank space with the name “Robert Walker” written in ink. The next line down has the words “Twenty cents ---“ handwritten in ink with the following printed word “Dollars” crossed out twice. Below that line on the left side of the check a blank space is filled in with handwritten “New York” followed by printed text “Branch.” On the right side are three blank space one above the other with two names handwritten in ink. One top is “John A.J. Creswell” and below is “Robert Purvis.” The word “Commissioners” is printed just under these lines in the bottom right hand corner. In the bottom left hand corner of the check is a printed grey rectangle with a large white dollar sign. Handwritten in ink within the rectangle is “20/100 –“ followed by a blank space with “3rd” handwritten in it, followed by the printed word text “Dividend.” The check is outlined in a narrow decorative border. There are two dark smudges along the bottom margin.

National Museum of African American History and Culture Collection

Slavery and Freedom Objects
Documents and Manuscripts

Collection of the Smithsonian National Museum of African American History and Culture, Gift of the Mark E. Mitchell Collection of African American History

National Museum of African American History and Culture

2021.9

checks

Public domain
Proper usage is the responsibility of the user.

ink on paper

H x W: 3 9/16 × 8 1/16 in. (9 × 20.5 cm)

Object Name • Dividend check from Freedman's Savings and Trust Company

nmaahc_2021.9

NMAAHC

DIVIDEND CHECK FROM FREEDMAN'S SAVINGS AND TRUST COMPANY

National Museum of African American History and Culture

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1880s

Creswell, John Andrew Jackson • Freedmen's Savings and Trust Company • Purvis, Robert • Walker, Robert

New York City • United States • North and Central America

Government • Finance • Reconstruction, U.S. History, 1865-1877

City • New York City • State • New York • Country • United States • Continent • North and Central America

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