The Sun.
London, England, 1849-12-08 00:00:00

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ONDON, SA.TUEDAY, DECEMBER 6,184 t).

Ia another part of our impression will be found a
communication respecting a subject at all times of the
greatest national importance, but which recent event
have invested with deep and peculiar interest. It is
unnecessary to dwell upon the vast benefits con-
ferred upon the labouring classes by the establish-
ment of the savings' bank system throughout the
country. There are no virtues that should he more
diligently cultivated in the working population than
those of forethought and self-control. They shout
be taught to look beyond the present day, to spare
something regularly from their earnings, however
small, in order to provide for future contin-
gencies of sickness or want of employment, or,
perhaps, to ameliorate the condition of the party
by having at his disposal an available fund, with
which to take advantage of the numerous opportuni-
ties that arise in the life of every man, but which are
so frequently forfeited from want of such an adjunct.
The habitusl saving, the denial of some trivial enjoy-
ment, which after a brief space is no longer missed,
would place the required means within the reach of
even the humblest workman, and if judiciously and
carefully applied, would, in the great majority of in •
stances, insure his future competence and happiness.
The few spare halfpence, -which expended in gin
might produce habits of intemperanceandidleneis, and
ultimately lead to crime and misery, if carefully laid up,
would procure the party the respect and esteem of
bis fellow men, and, still better, the approval of his
own conscience. But unquestionable as these advan•
tagss undoubtedly are, it is no easy task to induce
the masss to avail themselves of them. The first stop
is the great difficulty-. If habits of saving are once
commenced, they will not easily be relinquished.
Dimidium facti qui cepit habet. The, first shilling
deposited in a savings' bank may form the
nucleus of a future fortune; but every facility
must be afforded for that deposit. As Arch-
deacon KitarxNe justly remarks, " the facility
of obtaining a safe and eligible investment for
the temporary and permanent deposit of small
earnings enaouragea honest industry, fosters econo-
mical habits, and checks visionary speculation." It
is, however, essential that the most implicit confidence
should be reposed in the integrity and correctness of
the management ; and that the depositors should be
perfectly certain of receiving back the amount placed
to their credit, at any time, according to the stipula-
tions entered into at the time of the original lodgment.
Some may prefer to have the full amount of principal
and interest available on a brief notice, while
others may seek a permanent investment. The option
should be allowed to all, but unbroken faith should
be maintained. If any doubt or suspician be enter-
tained of the solvency or security of the establish-
ment—if it should once go abroad that the bard earn-
ings of the people are placed within the power of some
smooth-tongued h 3 pocrite, with sufficient plausibility
to gain the confidence of the trustees and managers,
the value of the institution will be at an end. The
people who had been led to suppose that they had
" Government security" for their investments, or, at
least, the guarantee of trustees and managers of
well-known wealth and character, when convinced
that not only such is not the case, but
that they may be defrauded of their all
through the criminal negligence of those very
parties, will speedily withdraw their funds from these
banks and look for some other sources of investment.
The defalcations in the Irish. Savings' Banks, at Cuffs-
street, Dublin, Tralee, and Killarney, created a panic
that led to most injurious results, and it is impossible
to foresee the extent of mischief that may arise from
the embezzlement at Rochdale, not merely to the
sufferers from those enormous and infamous frauds,
but to the great body of depositors throughout the
entire kingdom. It is discovered that the present
. imperfect state of the law does not afford sufficient
protection against the neglect or mismanagement
of trustees and managers, or the frauds of
actuaries. The deposits are not made on the
faith of the cashier or actuary, but of the
trustees. It is in the latter that the confidence is re-
posed ; and if they wilfully neglect the duties volun-
• . tarily assumed their conduct merits the deepest cen-
sure, and they should be considered responsible for
any losses that might be sustained through the peel'-
, lation or default of any 'person employed by them,
more especially if the fraud might have been prevented
by the use of ordinary precaution.
Under these circumstances, the communication of
our respected correspondent is peculiarly well-timed.
He examines the subject in the most searching
manner, and offers many valuable sugges-
tions f,r tl-,e future, government and regu-
. . lation of these great national -(stablishments--
issegestiens, ss hich if jud:cicnsly carried cut, must
prove highly advantageous, not only to the deposi-
tors, but to the national Exchequer. We need
scarcely. bsepe dr an attentive perusal or mature con-
- sidelaeton for this able document. These it will
obtain from all who feel interested in the important
topic of which he treats.
The separation of the Savings' Bank affairs from the
treasury is a matter that will command general
assent. It is not merely the amounts that have from
time to time been lost in consequence of the
' variations in the price of stock, although these
losses in a single year amounted to no less than
270,0001. sterling, that renders the change so
desirable. The greatest lodgments are invariably
made when money :s abundant, and the public funds
maintain high prices ; large sums are withdrawn in
seasons of distress and difficulty, when the quotations
are exceedingly low. The sums withdrawn during
the monetary panic of 1847 (from the 20th of No-
vember, 1846, to the 20th of November, 1847), ex-
ceeded the deposits by no less than 1,464,4101., and
similar results will ever be perceptible under the