Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-11-13
RICHMOND, NOVEMBER 10
FOR THE ENQUIRER.
81 WING BANKS

We have heard a great deal Of these
economic institutions. They have been
praised OIL He floor ofiIie British Parlia-
men', warmly euIogised by the Edin-
bnrgh Reviewers, and other works OF lite
rary distinction in Great Britain. The
experience OF observers tends 10 confirm
by practice what has been supported in
theory. They are said 10 have produced
some excellent changes in the habits Of
spending and saving among The poorer
classes OF society. All the little earnings,
WIN h are on hand on the Saturday night.
are laid up, instead Of Ing wasted
SXpences are saved unit! they amount 10
shii!in1s F; and instead of being laid out
IN pots OF porter or ale, are laid up in Sa-
wig Banks. These deposits are at work.
white lie owners are asleep and where
The interest IS gradually consolidated INTO
principal, the accumulation rapidly in
creases, and something very respectable
Is lald up for 81 rainy day." or for the
children and wdews.-II is said that the
tailoring classes feel some pride in being
stockholders but all are certainly ena-
bied 10 add TO Their profits and their pur-
SEES.
The example has found some imitators
IN tins country. In Boston and i'm Phila-
deiphia there are saving banks, and from
tie reports which have been published a {
their proceedings, we should infer that
tie experiment meets with equal success
IN the United States, towIlatlt does IN the
country Of lis birth.
The saving banks are only banks of
deposll-Dot OF circulation. They issue
no paper, current from hand TO hand.-
They are not kept in costly buildings de-
u nH I'm lrt
~ employ no expensive machinery of
presidents. cashiers and officers TO con-
duct their details but the depo>it its are
usually placed in The hands of some high
minded &public-spirltcd man, who mana
ges the business for no compensation. or
very small one. The banking-bosse is
moi kept open during every day of the
week but only OH one or Two DAYS. when
money is deposited or withdrawn. Such
as Withdraw their money must ALWAYS
givea certain number of DAYS notice
that the agent may be able to prepare the
payment without loss or Inconvenience.
Tie money, as soOa as deposited, is ge-
morally laid oui on good securities. gene
rally ~ public stocks, where The securiiy
is ample and the dividends certain.
II seems clear, as most of the exuences
Of banking establishments are saved bv
iIe saving banks, and as The deposits be-
gin ~ bear some interest from ihc period
OF the deposit, That Tie gains are almost
| certain, aHd that The Involvement is sutli-
ciently great to invite the poor TO deal
with them TO save their lille earnings
instead Of spending them aud Law up
something more considerable for future
contingencies The deposiiurs are here
III fact the stockholders they cores
pond 10 the Stockholders in the banks ol
discount and circulation but they also
| tll another character they represent
all those who deposit their money i'm the
other banks for safe Keeping; but the(
have this advantage over the other depo.
siors, that their moucy is never idle. -
Ibe other banks, litheN lend YOU money
! charge YOU interest on il from the time O
| loan; bu' II YOU deposit money will
/ them, that Is to say, lend them your mo.
| ney, they never allow YOU one cent O
! interest on II, however long il mav remain
| with them. Tins does not appear to b,
| ialr because 81 Is not equal. II is not. a!
| a friend 0i uiie observes to me, fonndc,
on that prinrip'c Of iecipyocity, whicl
seems 70 flow from Tie vcry spirit ofequa
! Justice.
How far does such system agree viii
our state ols0ciets NAV ii moi be proiita
by introduced IN VirgIsia IL has beer