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jerryking : richmond   3

The Rise and Fall of Black Wall Street
AUG 31, 2016 | The Atlantic | ALEXIA FERNÁNDEZ CAMPBELL.

Richmond was once the epicenter of black finance. What happened there explains the decline of black-owned banks across the country.

On April, 3rd, 1968, Martin Luther King Jr. gave his famous “I’ve Been to the Mountaintop” speech in Memphis. In it, he urged African Americans to put their money in black-owned banks. It wasn’t his most famous line, but the message was clear: “We’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in the Tri-State Bank. We want a ‘bank-in’ movement in Memphis … We begin the process of building a greater economic base.”

The next day, King was assassinated, and his hope of harnessing black wealth remains unfulfilled. Before integration, African Americans in cities like Richmond, Chicago, and Atlanta relied on black community banks, which were largely responsible for providing loans and boosting black businesses, churches, and neighborhoods. After desegregation, black wealth started to hemorrhage from these communities: White-owned banks were forced to open their doors to African Americans and the money that once flowed into black banks and back out to black communities ended up on Wall Street and other banks farther away.
MLK  African-Americans  banks  banking  community_banks  institutions  history  Richmond  desegregation  integration  black-owned  self-sufficiency  self-reliance  institution-building  generational_wealth  economic_clout  capital_formation  epicenters  1968 
september 2016 by jerryking
A More Honest History Lesson
July 31, 1989 | TIME | Edward M. Gomez.

the little museum has become one of the most innovative and carefully watched institutions of its kind in the U.S. Embracing the city's past in the belief that no part of it should be overlooked, the Valentine relates the "story of a real city,instead of some abstraction." notes the monthly Richmond Review. Through an intelligent and careful study of the Jim Crow era. it helps audiences understand the thinking of those who practiced the unacceptable.
history  Richmond  African-Americans  segregation  Jim_Crow  the_South  Reconstruction  museums  exhibitions 
september 2012 by jerryking
The South's Capital Dilemma -
March 21, 2011, 9:30 pm
The South’s Capital Dilemma
The article states, without any supporting arguments, "Even then
Confederate politicians knew their decision [on where to site the
capital] could mean life or death for their young country.' Why?

Later, the article correctly states that making Richmond the capital
resulted in repeated campaigns by the Union to take the city -- but the
rebs kept beating back those attempts. It also discusses Richmond's
industrial strength, and a good school system -- but it does not explain
why those things were important to the capital city. Washington, DC,
seems to get along fine without either one, today.

With all due respect for the author of this piece, and for the generally
high level of scholarship in the series, that original assertion seems
to hang out there, waiving in the wind, unsupported by fact or logic.
Civil_War  letters_to_the_editor  the_South  Confederacy  Richmond  Virginia 
march 2011 by jerryking

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