1920s Vintage Editorials

Let Us Have a Bank, Let Us Have It Quick

The following editorial appeared in the Birmingham Reporter on January 17, 1920.

There was never a more co-operative spirit in the history of Birmingham than now. Not that we have fewer ambitious men and women than in years past, but we have more ambitious men and women, whose visions are further than their own pleasures. The movement for a bank is meeting with favorable consideration everywhere. It is just what is needed and what can be established with the kind of co-operation that Birmingham men have been taught to exercise. There are more than seventy-five thousand Negroes in this city, and most of them are receiving big pay and are substantially fixed in jobs and positions of trust. Such a citizenry can and should establish a banking institution of merit and service to the community.

The race must build by doing things, not by flights of oratory and amusing platitudes and tickling phrases of meaningless words. A constructive program of commercial and social development must now be the plan of all communities where Negroes are, if they expect the respect of other citizens who are toiling and building for the younger members of the race, and for generations yet unborn. Birmingham is in a better position to operate a bank than any one city in America. There are more Negroes in Jefferson county than in any other one county in America. There are more well-paid Negroes in Jefferson County than in any other section of the world.

The commercial destiny and advancement of the black people of this district is in their own hand. With the millions of dollars paid to Negroes here every year, with the proper direction, Birmingham could be made a progressive example for all Negro sections in America. A bank is necessary as a race developer. All of our educated men should not be doctors and tooth-dentists, we need some scientific business men, laborers and contractors. They will not aspire for these things unless this generation makes the opening. It is our business to make a place for the black boys and girls. We fail in race pride, in race distinction, in race advancement, when we fail in the essential commercial enterprise.

Banking is one of the highest developed institutions of our country. It does indicate success. It offers inspiration to race members and invites respect of other races. No crawling, crying, whining man can get anywhere. He might receive the expression of pity, but a crawling individual cannot receive the consideration that men on their feet and with promise will receive, and the same is true with a race.

Let us have a bank. Let us have it quick. Every church congregation where the subject has been presented as well as fraternal orders in their regular meetings, voted unanimously to have it. The people want a bank. Let the men who can whip the plans together do so, and we can have a bank.

Picking Up the Pieces

When banks failed, as they frequently did throughout the country, members of the black business community would work to pick up the pieces and reorganize. In 1928, columnist Walter B. Harris had this to report about a bank failure in Augusta, Georgia:

Following the failure of the Penny Savings Loan and Investment Company, a group of leading colored business men held a meeting on last Sunday afternoon in the office of Mr. Lansing B. Lee, local attorney, and began steps for the reorganization of the bank. Mr. Lee went fully into details covering the failure of the Penny Savings, and pointed out to those assembled the advisability plus the advantages and possibilities of their organizing a new banking institution on the ruins of the old concern.

It was brought out that the Penny Savings Loan and Investment Company had in the bank on the day it closed, only $300, which was turned over to the receiver, Mr. Berry H. Ellison; that their assets were "frozen"--being tied up mostly in real estate, which is said to be worth between $150,000 and $175,000, and notes that were collectable from 30, 60 and 90 days. Their liabilities were a mortgage of $50,000 to a realty corporation; $32,000 and $8,000 due other banking institutions. The attorney did not hesitate to state that the collapse of the Penny concern was due to the fact that they did not have money sufficient to continue their business; hence, voluntary bankruptcy. . . .

In the event that a new company was organized, and take over the entire affairs of the Penny Savings, all of the assets of the company could be saved, and a bank on sound basis, under state supervision, could be organized. To do this, however, a capital of $50,000 would have to be raised. . . .

The meeting of these Augusta business men on Last Sunday was very well attended, and fraught with much enthusiasm after the address of Mr. Lee. There were present men in all walks, business men, ministers, doctors, many of whom made favorable talks on the reorganization of the Penny Bank--all taking the position that whatever might be done in the way of doing something for those who suffered loss in the failure of the colored bank ought to be done. At the conclusion of addresses, steps were taken to raise the $50,000 necessary to organize and begin a real bank, under the laws of Georgia; which also, when chartered, it is understood, will come under sanction of local Broad Street banks.

At the meeting $10,000 was subscribed, and since approximately $10,000 more has been added, making a total of $20,000 already subscribed.

Man Power, Brain Power, Money Power

The following editorial appeared in the Chicago Bee, Sept. 29, 1928.

Our bankers are not dreamers, but trained masters of finance. They have vision, keen and calculating, they have knowledge and they have power. They have studiously thought out and developed methods that mean financial independence and consequent respect. Every Negro leader should be an evangel preaching the gospel of thrift and holding up our own bankers as the true exponents that they are the practical way, the sensible way, the only way of holding our own in this competitive age of the survival of the fittest.

The mission of the Negro banks is as important, as imperative, as constructive as the church or school. Within the next few years, the status of the Negro will be determined by what he actually has, rather than what he appears to have. Man power and brain power minus money power, are futile and hopeless. Let everyone forthwith rally to the support of our own banks.

Editorials Copyright © 1996 Creators Syndicate, Inc.