# Failure of the Freedman's Bank: Freedom, Finance and Security in 19th Century American Capitalism

In 1865, Congress chartered the non-profit "Freedman's Savings and Trust Company," a savings bank designed for a population of four million newly emancipated American slaves. By 1873, it had received a staggering $50,000,000 in deposits. But the banking house Jay Cooke & Co. was charged with investing the freedpeople's savings, and when Jay Cooke & Co. failed during the panic of 1873, so did the Freedman's Bank. Liberated from their former masters, the freedpeople had very suddenly come face to face with the frenzied finance of the Gilded Age.

- Kind: Talk
- Year: 2010
- By: John W. Kluge Center (library Of Congress)
- Genres: History
- Archive: [Library of Congress](https://www.loc.gov/item/2021688477/)
- Licence or status: Rights statement at the Library of Congress (as the archive states it)
- Credit: Library of Congress
- Who can watch: Tweens profiles and older (the archive gives no rating; placed by Invisible Network from its collection and subjects)

[Watch now](https://invisiblenetwork.ai/watch/archive/loc/2021688477?play=1)