NEGROES: Industrialists

In Chicago, celebrating the 25th anniversary of the day when it was founded by Booker T. Washington, the National Negro Business League convened. Dr. Robert R. Moton, President of Tuskegee University, presided. In his opening speech he referred to the National Negro Finance Corporation, recently organized as a financial backer for Negro enterprises: “For 16 years the founder of this organization, Booker T. Washington, sought with tact and courage to overcome what seemed almost an obsession with our people— business fear and timidity. In large measure as individuals, and even more so in groups, we have overcome this timidity. The need for the present, therefore, is to stress the need for honest, capable, expert management as a basis for credit.

“This need is being met by the National Negro Finance Corporation, chartered for $1,000,000. I hope by the first of January we can begin business operations.

“Its purpose is to supply credit which will not only mean greater prosperity for our business organizations, but for our churches and educational institutions. …

“Let us see what the possibilities are. It is conservatively estimated there are $20,000,000 of Negro money hidden under mattresses, behind brick walls, buried in earthen jars or otherwise concealed around the home. It is also estimated that Negroes have in banks, not owned nor operated by persons of their race, from $70,000,000 to $100,000,000.

“Suppose half this money were deposited in Negro institutions? What a difference it would make in furnishing employment to Negro boys and girls! This would mean no loss to white institutions, because most of our banks carry large accounts in white banks. . . .

“There is another thing this League should do in the future and in larger measure than we have in the past — emphasize the importance of thrift to our people, young and old. The Negro race constitutes one-tenth of the population of the United States. In 1921, Negroes spent for luxuries alone these sums: For cigars, cigarettes and tobacco, $22,000,000; perfumery and cosmetics, $15,000,000; toilet soaps, etc., $14,800,000; chewing gum, $3,500,000; pianos, organs, phonographs and other musical instruments, $46,000,000; sporting goods, cameras, firearms, electric fans, photographs and pictures, at least $35,000,000. . . .”

President Coolidge wrote to Dr Moton on this occasion: “Just as emancipation from slavery was granted by the immortal Lincoln, so is economic emancipation being splendidly wrought out by the colored people themselves.”