![]() ![]() Douglass did not ask to be nominated and the Bank Board knew that Douglass had no experience in banking, but they felt that his reputation and popularity would restore confidence to fleeing depositors….Douglas lent the bank $10,000 of his own money to cover the bank’s illiquid assets….Douglass quickly discovered that the bank was full of dead men’s bones, rottenness and corruption. In a last ditch effort to save the bank, the Trustees appointed Frederick Douglas as Bank President in March of 1874. ![]() The panic would not have affected the bank if it had been a savings bank, but by 1866, the business of the bank had become…reckless speculation, over-capitalization, stock manipulation, intrigue and bribery, and downright plundering…. The bank experienced several runs at the height of the panic. ![]() “The scheme began to unravel following the Panic of 1873 when railroad investments failed. ![]()
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