Monthly Archives: December 2012

HBCU Money™ Histronomics: Benjamin Banneker’s Letter to Thomas Jefferson


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Maryland, Baltimore County, August 19 1791

Sir,
I am fully sensible of the greatness of that freedom, which I take with you on the present occasion ; a liberty which seemed to me scarcely allowable, when I reflected on that distinguished and dignified station in which you stand, and the almost general prejudice and prepossession, which is so prevalent in the world against those of my complexion.

I suppose it is a truth too well attested to you, to need a proof here, that we are a race of beings, who have long labored under the abuse and censure of the world ; that we have long been looked upon with an eye of contempt ; and that we have long been considered rather as brutish than human, and scarcely capable of mental endowments.

Sir, I hope I may safely admit, in consequence of that report which hath reached me, that you are a man far less inflexible in sentiments of this nature, than many others ; that you are measurably friendly, and well disposed towards us ; and that you are willing and ready to lend your aid and assistance to our relief, from those many distresses, and numerous calamities, to which we are reduced. Now Sir, if this is founded in truth, I apprehend you will embrace every opportunity, to eradicate that train of absurd and false ideas and opinions, which so generally prevails with respect to us ; and that your sentiments are concurrent with mine, which are, that one universal Father hath given being to us all ; and that he hath not only made us all of one flesh, but that he hath also, without partiality, afforded us all the same sensations and endowed us all with the same faculties ; and that however variable we may be in society or religion, however diversified in situation or color, we are all of the same family, and stand in the same relation to him.

Sir, if these are sentiments of which you are fully persuaded, I hope you cannot but acknowledge, that it is the indispensable duty of those, who maintain for themselves the rights of human nature, and who possess the obligations of Christianity, to extend their power and influence to the relief of every part of the human race, from whatever burden or oppression they may unjustly labor under ; and this, I apprehend, a full conviction of the truth and obligation of these principles should lead all to. Sir, I have long been convinced, that if your love for yourselves, and for those inestimable laws, which preserved to you the rights of human nature, was founded on sincerity, you could not but be solicitous, that every individual, of whatever rank or distinction, might with you equally enjoy the blessings thereof ; neither could you rest satisfied short of the most active effusion of your exertions, in order to their promotion from any state of degradation, to which the unjustifiable cruelty and barbarism of men may have reduced them.

Sir, I freely and cheerfully acknowledge, that I am of the African race, and in that color which is natural to them of the deepest dye ; and it is under a sense of the most profound gratitude to the Supreme Ruler of the Universe, that I now confess to you, that I am not under that state of tyrannical thralldom, and inhuman captivity, to which too many of my brethren are doomed, but that I have abundantly tasted of the fruition of those blessings, which proceed from that free and unequalled liberty with which you are favored ; and which, I hope, you will willingly allow you have mercifully received, from the immediate hand of that Being, from whom proceeded every good and perfect Gift.

Sir, suffer me to recall to your mind that time, in which the arms and tyranny of the British crown were exerted, with every powerful effort, in order to reduce you to a state of servitude: look back, I entreat you, on the variety of dangers to which you were expose; reflect on that time, in which every human aid appeared unavailable, and in which even hope and fortitude wore the aspect of inability to the conflict, and you cannot but be led to a serious and grateful sense of your miraculous and providential preservation ; you cannot but acknowledge, that the present freedom and tranquility which you enjoy you have mercifully received, and that it is the peculiar blessing of Heaven.

This, Sir, was a time when you clearly saw into the injustice of a state of slavery, and in which you had just apprehensions of the horrors of its condition. It was now that your abhorrence thereof was so excited, that you publicly held forth this true and invaluable doctrine, which is worthy to be recorded and remembered in all succeeding ages : “We hold these truths to be self-evident, that all men are created equal ; that they are endowed by their Creator with certain unalienable rights, and that among these are, life, liberty, and the pursuit of happiness.” Here was a time, in which your tender feelings for yourselves had engaged you thus to declare, you were then impressed with proper ideas of the great violation of liberty, and the free possession of those blessings, to which you were entitled by nature ; but, Sir, how pitiable is it to reflect, that although you were so fully convinced of the benevolence of the Father of Mankind, and of his equal and impartial distribution of these rights and privileges, which he hath conferred upon them, that you should at the same time counteract his mercies, in detaining by fraud and violence so numerous a part of my brethren, under groaning captivity and cruel oppression, that you should at the same time be found guilty of that most criminal act, which you professedly detested in others, with respect to yourselves.

I suppose that your knowledge of the situation of my brethren, is too extensive to need a recital here ; neither shall I presume to prescribe methods by which they may be relieved, otherwise than by recommending to you and all others, to wean yourselves from those narrow prejudices which you have imbibed with respect to them, and as Job proposed to his friends, “put your soul in their souls’ stead ;” thus shall your hearts be enlarged with kindness and benevolence towards them ; and thus shall you need neither the direction of myself or others, in what manner to proceed herein. And now, Sir, although my sympathy and affection for my brethren hath caused my enlargement thus far, I ardently hope, that your candor and generosity will plead with you in my behalf, when I make known to you, that it was not originally my design ; but having taken up my pen in order to direct to you, as a present, a copy of an Almanac, which I have calculated for the succeeding year, I was unexpectedly and unavoidably led thereto.

This calculation is the production of my arduous study, in this my advanced stage of life ; for having long had unbounded desires to become acquainted with the secrets of nature, I have had to gratify my curiosity herein, through my own assiduous application to Astronomical Study, in which I need not recount to you the many difficulties and disadvantages, which I have had to encounter.

And although I had almost declined to make my calculation for the ensuing year, in consequence of that time which I had allotted therefore, being taken up at the Federal Territory, by the request of Mr. Andrew Ellicott, yet finding myself under several engagements to Printers of this state, to whom I had communicated my design, on my return to my place of residence, I industriously applied myself thereto, which I hope I have accomplished with correctness and accuracy ; a copy of which I have taken the liberty to direct to you, and which I humbly request you will favorably receive ; and although you may have the opportunity of perusing it after its publication, yet I choose to send it to you in manuscript previous thereto, that thereby you might not only have an earlier inspection, but that you might also view it in my own hand writing.

And now, Sir, I shall conclude, and subscribe myself, with the most profound respect,

Your most obedient humble servant,

Benjamin Banneker

The HBCU Endowment Feature – Virginia Union University


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School Name: Virginia Union University

Median Cost of Attendance: $26 522

Undergraduate Population: 1 333

Endowment Needed: $707 065 760

Analysis: Virginia Union University needs approximately $708 million for all of its undergraduate students to attend debt free. The school located in Richmond, VA faces some very unique geographic challenges. It is located in the shadows of the Virginia Commonwealth University, the state’s largest public university, and the University of Richmond, one of its wealthiest private universities, so Virginia Union has very limited space for expansion. Its location though is located in prime real estate and very much in the heart of some of Richmond’s African American areas. It has as alumni former Governor Douglas Wilder whose presence it seems has been something of a gift and curse for the school. The school has not reaped the economic rewards of the association one would expect but still boast one of the healthier HBCU endowments ($30 million) for its student body size. The school’s alumni is passionate though and being located in the state’s capital and largest city is always a plus for any higher education institution to garner influence and financial support. It is also the home of the bank that Madam CJ Walker helped found so there is an opportunity to build support from many of the African American businesses present in the area from Richmond to Northern Virginia where many alum head after graduation. The school also boast a proud athletic tradition which keeps many alums socially connected to the university. At just 1 300 students though it must find a way to double in size despite its limited ability to spread out. If it accomplishes such a feat it could find itself quickly making a push for the $75 million range within a decade. Hopefully it can find a way to leverage more of its prominent relationships and increase its profile. It lays with a mixed bag geographically being both a gift and curse because of the competing higher education institutions its surrounded by. A mistake would be for it to be passive in such an environment not go on the offensive to establish a sound footing in the city and up I-95 towards Northern Virginia. By doing so it can be a small school with a very big stick.

As always it should be noted that endowments provide a myriad of subsidies to the university for everything from scholarship, faculty & administration salaries, research, and much more.

HBCU Money™ Business Book Feature – Betrayed: A History Of Presidential Failure To Protect Black Lives


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In this timely and eye-opening book, noted political analyst and media commentator Earl Ofari Hutchinson traces the root cause of the White House’s failure to protect the rights of African Americans. Drawing extensively from public and private presidential papers, private correspondence, personal interviews, and national archive documents, Hutchinson gives a rich historical account of the racial philosophy, policies, and practices of successive presidents from Warren G. Harding to Bill Clinton.Franklin D. Roosevelt is one example. The popular view is that Roosevelt was a friend to blacks because of his enactment of New Deal programs. But he was also a prisoner of the biased racial thinking of his times. He refused to actively support anti-lynching legislation and repeatedly curried political favor with racist southern Democrats.Lyndon B. Johnson is yet another example. He is known as a champion of civil rights, but Hutchinson details two crucial moments when Johnson shrank from using the full force of executive power to push Congress to enact new and tougher federal criminal civil rights statutes to punish racist violence.In this book, Hutchinson reveals that no American president has ever signed into law a federal antilynching bill despite a fifty-year campaign by the NAACP for presidential and congressional action. He documents how Nixon, Reagan, and Bush rolled back civil rights and affirmative action, failed to fully enforce equal protection provisions of the Fourteenth Amendment against police abuse and racial violence, encouraged conservative legal obstructionism, and fueled the rise of a repressive domestic security state. These actions in turn have reinforced institutionalized racism and continued the historical pattern of devaluing black lives in law and public policy.Finally, Hutchinson warns that the century-old failure by the White House to enforce federal law to protect black lives still has dangerous consequences for American society.

HBCU Money™ Dozen Links 12/17 – 12/22


Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure.

Government Departments

Sessions compares last-minute vote on deficit deal to ‘Communist Russia’ l Senate News http://bit.ly/T8q0sD

Senate sends $633B defense authorization to Obama’s desk l Senate News http://bit.ly/UWoRj6

$25 computer could help create the techies of tomorrow l GCN http://bit.ly/UiEuoD

K-12 teachers, apply for Summer Teacher Institutes: due Feb 4 l Library of Congress http://1.usa.gov/YlU7hL

How are EPA and partners providing support for innovative solutions to water problems? Read the blog l US EPA http://1.usa.gov/12nk7s4

In two words, why U.S. policy toward Cuba remains unchanged: Alan Gross l Foreign Affairs http://fam.ag/Wv538x

Federal Reserve, Central Banks, & Financial Departments

Memphis economy is underperforming both the nation & other areas of the District economy l St. Louis Fed http://bit.ly/ZZXxqP

In ’11 external #debt for G7 countries was 126% of GDP vs 19% of GDP for the top 10 developing countries l World Bank http://ow.ly/gg25Y

Southwest Economy “On the Record”: Increased U.S. energy supply helps offset tight global conditions l Dallas Fed http://ow.ly/gj1po

Southwest Economy Spotlight: Dollar-sensitive Mexican shoppers boost Texas border retail activity l Dallas Fed http://ow.ly/gj1rQ

38%+ of the world’s land is dedicated to agriculture, and 70% of the poorest families are employed l World Bank http://ow.ly/gj1wP

90% of new jobs in #Kenya come from the private sector l World Bank http://bit.ly/UPaYEi

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important government and central bank articles of the week.

The HBCU Money™ Weekly Market Watch


Our Money Matters /\ December 21, 2012

NAME TICKER PRICE (GAIN/LOSS %)

African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $4.50 (UNCH)

Carver Bank New York (CARV) $4.50 (0.22% UP)

Radio One (ROIA) $0.79 (11.00% UP)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  162.70 (0.14% DN)

Botswana Stock Exchange (BSE)  7 504.77 (0.23% DN)

Ghana Stock Exchange (GSE)  1 197.29 (23.56% UP)*

Nairobi Stock Exchange (NSE)  94.13 (N/A)

Johannesburg Stock Exchange (JSE) 39 124.58 (0.25% DN)

International Stock Exchanges

New York Stock Exchange (NYSE) 8 423.09 (1.12% DN)

London Stock Exchange (LSE)  3 111.17 (0.32% DN)

Tokyo Stock Exchange (TOPIX)  832.72 (0.70% DN)

Commodities

Gold 1 657.60 (0.71% UP)

Oil 88.58 (1.72% DN)

*Ghana Stock Exchange shows current year to date movement. All others daily.

All quotes reported as of 12:00 PM Eastern Time Zone