Episode 186, IBSC’s Financial Strategy

In this episode, we explore how a group of extraordinary black leaders in 1880s Washington, D.C.—known as the Committee of Eleven—responded to political abandonment with bold economic strategy. After the 1884 election signaled that the federal government would no longer protect black rights, men like Andrew F. Hilyer, Milton Holland, Leonard Bailey, Dr. Charles Purvis, and Lewis Douglass gathered to ask a hard question: What shall we do to be saved?

Their answer was groundbreaking: build their own financial institutions.

From these meetings emerged the Industrial Building and Savings Company, a cooperative savings and loan society that pooled small deposits to help black families buy homes, build businesses, and gain economic independence. WithFrederick Douglass as its first president, the Association became a symbol of self-help, empowerment, and disciplined financial strategy in the post-Reconstruction era.

We follow its rise, struggles, and resilience during the Panic of 1893, leaving a legacy in shaping black economic development in the nation’s capital.

This is a story of agency, courage, and the power of collective action—when a community chose to create what their country refused to give.

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Break Free from Emotional Distress: A Practical Guide and Personal Journey by Stephen Middleton is available on Amazon