"Negro banks, as a rule, have failed because the people, taught that their own pioneers in business cannot function in this sphere, withdrew their deposits"

This quote by Carter G. Woodson speaks to the systemic bigotry that has been embedded in the American banking system. Woodson is suggesting that the failure of Negro banks is because of the absence of trust in the banking system by African Americans. This lack of trust is due to the fact that African Americans have been taught that their own pioneers in organization can not function in the banking sphere. This lack of trust has actually caused African Americans to withdraw their deposits from Negro banks, resulting in their failure. This quote talks to the systemic bigotry that has been embedded in the American banking system and the absence of trust that African Americans have in the banking system. It is a pointer of the requirement for African Americans to have access to banking services that are customized to their needs and that are devoid of systemic bigotry.