As an African-American devoted to increasing
access to capital and credit to under-served communities of color, I want to
respond to Wachovia's announcement regarding the role of its predecessor
banks in slavery (June 2 article "Bank finds slaves in past").
Wachovia conducted an exhaustive and sobering study. It not only looked
at its predecessor institutions that owned slaves but also at those
institutions that profited indirectly from slavery. We must not forget that
America, North and South, profited and prospered directly or indirectly from
slavery.
Two banks acquired by Wachovia directly owned slaves, the Bank of
Charleston and the Georgia Railroad and Banking Co. A third bank, the Bank
of North America, was capitalized by slave traders and human traffickers.
According to the study, 529 slaves were held as collateral on 24 mortgage
loans held by the Bank of Charleston. The study lists some of them by name:
Julia, Mary and Sam were sold for $45, Celia, Maria, Susan and Eliza sold
for $1,000. Quash, Daphney, John, Molly, Jacky and Kate also sold for
$1,000. Finally there were "certain Negroes in Texas known as Lavinia
and her family" who were used to secure a mortgage on a plantation on
Hilton Head Island. The blood, sweat and tears of slaves collateralized much
of Hilton Head Island.
The record also shows that at least four slaves died during the
construction of the railroad between Augusta and Atlanta. But don't fret for
Georgia Railroad and Banking Co., "inasmuch as the negroes have
increased in value as they were owned by the company, the value of the four
that have died should not be carried to profit & loss."
Wachovia CEO Ken Thompson apologized and has offered "to partner
with community organizations that are experts in furthering awareness and
education of African-American history, in order to help preserve the
African-American experience and incorporate this important piece of our
country's history in educational forums."
"We cannot change the past, and we can't make up for the wrongs of
slavery," he said. "But we can learn from our past, and begin a
stronger dialogue about slavery and the experience of African-Americans in
our country."
While I appreciate Thompson's effort, Wachovia can and must do more. It
and other lenders with similar histories must reinvest in the communities
and the people who have been wronged. Lenders must invest in community
economic development projects, support affordable housing and financial
literacy.
Wachovia and other lenders with similar histories must recognize that
racial wealth disparities are part of their history. Wachovia must take the
lead in leveling the playing field for its former slaves. It can invest in
black businesses, capitalize a venture capital fund for the development of
new technologies at Historically Black Universities and make safe, sound
affordable loans available throughout its territory.
Dialogue has its place and is important; the past can not be rewritten;
but the future is a blank page. Let's write a future we can all be proud of.
Stella J. Adams
Durham
(The writer is executive director of the N.C. Fair Housing Center, a
statewide nonprofit organization. The length limit on letters was waived.)
