40 Acres an a Mule
Special Field Orders No.15
In January 1865 The Civil War was ending. Union general William Sherman and Secretary of War Edwin Stanton gathered 20 black leaders and asked them what the black community needed in order to be self sufficient. Reverend Garrison Frazier, . the leader of the group answered simply. The way we can best take care of ourselves is to have land. 4 days after the meeting Sherman issued Special Field Order No.15. It set aside hundreds of thousands of acres of land, saying "Each family shall have a plot of not more than 40 acres of tillable ground."
The day before his second inauguration, president Lincoln signed a bill that made the plan official. Weeks later Lincoln was assassinated. his successor Andrew Johnson, quickly reversed course. " Amnesty Proclamation." By The President Of The United States. By the end of the year, thousands of freed slaves who had received land were evicted. In just a year after slavery, President Johnson complained about discrimination "against whites" "In favor of the negro." But slaves had been creating wealth for their owners for 246 years. That wealth whites got to keep.
$ Compound Interest $
That's why you need to know about compound interest. Make Your Money Work For You!
Imagine You Took $100 And Invested It In 1863. (7% Each Year) The Average Annual Inflation-Adjustable Return In The US Stock Market Has Been Around 7%. The Next Year, It's Worth More... And A Bit More, And A Bit More. Today that hundred dollars would be worth more than $3.5 million dollars.
To this day,African-Americans make a lot less money than whites. They're far more likely to be unemployed, and studies show employers still discriminate. "No change in the level of hiring discrimination against African-Americans over the past 25 years."
But even if we managed to close those gaps right now, centuries of inequality have already compounded, most powerfully through land and housing.
Usually, in this century any wealth that's captured is through property. For American middle class home equity accounts for around two thirds of wealth. So if your a white American, your likely to have parents or grandparents with a story like this. My parents bought a house probably 50n years ago, paid $14,000 for it then, and it is worth now probably about $600,000 to $700,000.
African-Americans were wealth for 246 years. For a hundred more years, a patch work of laws "1865-1968 Legal Discrimination" excluded them from building wealth. And discrimination continues today. The wealth gap has grown so large over so many years it would take something truly radical to close it.
How do you close the huge gap in wealth, between whites and blacks? Reparation? The Bible sayes"We shall and must be repairers of the breech." And a breech has occurred and we have to acknowledge that.
this does have a generational cost to it. We can't just hope we are going to thrive as a nation. When there are still so many wounds that have not been addressed. this is something that started with slavery, but never diminished over time, and that because of goverment policy keeps perpetuating the circumstances for the wealth gap.
It's the Billy Holiday song! Right? "Them that got shall have, them that's not shall lose." It's is truly self-perpetuating.
Whenever this issue of compensatory or preferential treatment for the negro is raised, some of our friends recoil in horror. the Negro should be granted equality, they agree, but should ask for nothing more. On the surface, this appears reasonable, but it is not realistic.
"For it is obvious that if a man enters the starting line of a race 300 years after another man, the first would have to perform some incredible feat in order to catch up to his fellow runner."
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