Freedmen's Savings Bank - Washington, DC

Bank Information

Episode Type: Run Only
Bank Type: private
Start Date: October 17, 1871
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: d47ff146

Response Measures

None

Description

Article (dated Oct 17, 1871) reports rumors of a defalcation concerning a paymaster and explicitly states There is a run on the Freedmen's Savings Bank in consequence. No suspension, reopening, or receivership is mentioned, so classified as a run-only episode. Cause coded as bank-specific adverse information (defalcation/embezzlement rumor).

Events (1)

1. October 17, 1871 Run

Cause: Bank Specific Adverse Info
Cause Details: Rumors of a defalcation (alleged irregularities by a paymaster) prompted depositor withdrawals.
Newspaper Excerpt: Rumors of a defalcation are rife. There is a run on the Freedmen's Savings Bank in consequence.
Source: newspapers

Newspaper Articles (1)

1. October 18, 1871 The Charleston Daily News Charleston, SC

Article from The Charleston Daily News, October 18, 1871

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Article Text

MORE DEFALCATIONS. WASHINGTON, October 17. General Bulloch, the paymaster of the Freedmen's Bureau, is suspended for irregularities. His arrest had been ordered, but is withheld for explanation. Rumors of a defalcation are rife. There is a run on the Freedmen's Savings Bank in consequence.