The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1828-07-30
FOR THE MASSACHUSETTS spy.

Mr.. EDIToR,-I was glad to see a notice in
your paper last week of the Institution for Sac.
ingS, which has recently been organised in this
County. II is an institution in the prosperity
of which / confess that feel strong interest,"
as believe that it may be rendered subservi-
ent in an eminent degree to the cause Of good
morals.
But it is obvious, in order that its benevolent
design may be accomplished, that deposits should
be made by that class of persons for whose ben
eft i: is specially intended. It is, as under
stand it, essentially charitable institution for
the encouragement of industrious and frugal
habits among the laboring classes of society,
and particularly young persons of both sexes.
These then are the persons who should avail
themselves of its advantages and they should
be encouraged to do it by their employers, and
| others to whom they are accustomed to look
for advice. In this way how many valuable
members of society might be saved from i'm
providence and ruin How many who now
spend all their earnings, might save pGrt--say
! one half or one third-against day of want ?
Fifty cents week thus saved and regularly de-
posted in the Savings Bank, at an interest of
only per cent, would amount in ten years to
nearly $500. One dollar week would amount
at the same rate in the same time to more than
! 5000, sufficient to purchase snug little farm
And how easily could almost any young man,
whether he labor on the farm or in the shop, I'M
less interrupted by sickness or misfortune, save
more than this A young woman at service
could, in ordinary circumstances, deposit TWEEN.
| ty or thirty dollars of her wages every year in
the Savings Bank, which in a few years would
give her quite a handsome dowry, no slight re-
commentator in the eyes of young man OF
prudent forethought.
But the calculation made above does not
! nj n f1y ia
! light. Although only four per cent is promis
ed yearly, yet every fifth year dividend is
made of all the profits of the money which has
been deposited, deducting only the necessary
expenses of the Institution. In this way every
depostor, who suffers his money to remain
through the whole term of five years, will prob
ably realize more than SiI per cent. for its use
Among the advantages held out by this and
similar institutions may be reckoned the fol
| lowing
1. Money may be deposited in small sums, as
low as one dollar, which SO soon as they amour,
to five dollars will be put on interest. This
will be an encouragement for day laborers and
others, on receiving their wages in small sums,
to deposit it in the Savings Bank, instead Of
spending 1t In tinery or in sensual qualification
to which the temptations are SO numerous.
! 2. Money thus deposited is safe. How many
industrious young persons lose their little all
the fruit of several years hard labor, by trust.
ing it in the hands of the fraudulent or the un
| fortunate ? We have every security that we
could desire for the monies deposited in the
Savings Bank, as win be evident to every one
who reads the list of its officers, and knows the
principles on which the Insttution is conduct.
ed
g. It may be mentioned as another of the ad
vantares of this Institution, that the money
J deposited is not only safe, but goes or accumu
lating, the interest being semi-annually added
to the principal, and this without any care OF
interference on tHre part Of the depcsitor