The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1819-08-18

SAVINGS BANK OF NEWPORT.

Al The les, Session of he General Assem-
bly,, Char.et oi Inco,rors,ion was g,Yn,ed
TO number oi psrsons in this town, ior The
purpose Of establishing SAVINGS BANK
And a. u, IS DOW aes.Iy Ieuty icr ore.a atror,
il rs deemed r.cessaiy TO lay before the pub.
lie summary oi The Plan end design.---To
use the wo'ds Of The Chartes ",he objects Of
the lns,nul..n Is 10 promote a sale and pitft-
able mode Of enabling industrious persons Gf
oil descriptions TO invest such parts oi their
earnings o properly as they con eonveni,ntly
spa;e, 10 manner vi hich viii iffoid them
profit and security"
The sfy,ngs CT prudent and indusr;oys
persons ci s,i cescrIptiCEs, vii! be received
once wcek byrtis ins,ru,icn, in sums [, { IA
6 &c IS Sioo--ard the monies thus sc poeitsa,
will oe inses,ed in Public Stocks, or loan,
by the Directors in such manner as 10 ayoid
all hsgaid of loss, and en- uch ,e'ms, as si,er
payiug the inci6ental charges 10 afford to
the depositors an interest OF per cen, pee
apnum. - he inte,est to be paid hall yearly
'--2s per cent. on all suns above Five Dol
lars, which shall have been deposited for The
space Of six months, and propor,it nal ratio
OF iD,eIes, On all sums which shall have been
ds sposited at least months previous 20 the
10 be allowed the privilege OF wittdraw;ng
the whole or psr, OF their monty, iour tines
in year, giving one weeks notice Of their
intention in writing.~-In,erest will be no, bl-
lowed on ary sum under 5 dollars, but email
er sums (Dor less than dotiar) will be ieoeiy-
cd,--Eath depositor will have small beck,
wherein will be entered the sums de posi,cd,
and the sums wlthdiawn and which will 10
4
~ 10 sGid ins,itu,itn.
II is believed ihst the utility of this Ins,i,-
u.ion will be at once obvious, ard ,hst arCu-
ncot is unnecessary TO induce well info, med
persons 10 psomote it by all mssns in thsir
power.
II is undoubtedly the case, that the little
savings OF industrious pe'scrs Of beth ssxe.,
ere ofen wasted for want Of such an ins,i,u-
iion They are opt TO regard the sums ,hsy can
spare f'tm their daily wants, to he tto insig-
nificsnt 20 be worth sssirr, spd lay u, m ous
in useless qualifications; in Other cases, the
fruits OF Yeas Of Industry < frue ally smount-
ing to a considerable sum, is loaned d 10 itdiyid-
usis, K ,ubjse,ed TO the veissirrdes a. uedc,
is often lost by The sudden baukiupicy Of the
borrower. The sGvirgs Bask j, intended
as remedy ioI these evils. II becomes a
place Of safe keeping for small Guns, and ss
soon sss pe,son can collect tt ge,her collars,
II may be deposited cn interest By mesna
Off The smallest savings in Youth usy socu-
mulste TO fund, to SUPPLY The warts of sge
and decrepi,ude, ard thus rsrdet the pttsan
INDEPENDENT, who would perhaps olLe,wise be
Obliged 10 solicit The cold hard oil Charity"
foune apprentices, by deposi,ing ali,heir nt-
tie savings, msy, al The expiration Of their
'etm ct service, be in possession Of sum to
enable them to set cut to advantage in their
business, snd ul,imsteiy prove the means of
wealth end resPretsbiliy. II furnishes also
20 sea.isfing men the safest and best meens
OF sssirg end increasing the fruits Of their
hard Industry, < this class Of tie community
are particularly invited TO become Depos-
iiou.
The Limits ofihis article viii no, sdmirtf
fun devslcpement Of the plan end design -
disp'sy olsil The edvsntsges Of the lns,itu.
ton, bot II is in,ebded TO polish sud dis,'ib-
ute the Charter and Bye-l.svs, with such
other information IS is deemed Necessary.
The follow soo Usns1~ n. Len e'ec.