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Chapter eight explores Banks's financial dealings as the man whom Washington called "the most influential, Negro business man in the United States."[5] Here Jackson explores the most intriguing aspects of Banks's career. As a founder and the cashier of the Bank of Mound Bayou, Banks ensured that town residents could invest in their own community by borrowing in a neighborhood bank...
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As a founder and the cashier of the Bank of Mound Bayou, Banks ensured that town residents could invest in their own community by borrowing in a neighborhood bank. Jackson convincingly describes how the 1911 crash in cotton prices crippled day-to-day operations, allowing state regulators to close the bank down in 1914 despite what Banks felt were adequate assets...
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