Maggie L. Walker by Moira Rose Donohue

Author:Moira Rose Donohue
Language: eng
Format: epub
Publisher: State Standards Publishing
Published: 2019-12-13T13:19:30+00:00

Maggie helped the Order start a newspaper called the St. Luke Herald.

Nickels to Dollars

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“We need a savings bank, chartered, officered, and run by the men and women of this Order,” Maggie said in her famous speech. “Let us have a bank that will take the nickels and turn them into dollars.” Two years later, Maggie opened the St. Luke Penny Savings Bank with $9,430 in deposits. She became its president. A bank takes deposits from customers. Then it loans people money to buy things like houses or to start a business. Keeping other people’s money safe is a serious job. To open a bank, you need a charter from the government.

Maggie also wanted to teach children to save their money. She gave them small banks to save their pennies in. But only employees of the St. Luke’s bank had a key to open the banks.

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