Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-06-23
SAVINGS FUND INSTI-
TUITION.

Statement of the Design Of The Sdrtngs rama
Institution, ordered 6y HE .4ssociait0n to De
Published
'rhe :. Savings Fund Institution" having beeu
or,aniZed it is thought ri 5tt that the c'lzenS -
the town generally should be appraised OF me Oh
iect and design Of the Association.
As set forth in the preamble ct their Constltu-
ton, the Society is for the benefit OF mechinlcs.
lob,rcrs and others. Including burn sexes and all
aces. vino lwien they have II III their power to
snare any small sum- shalt tind a ready means
and safe place TO lay il by, aud where i, shall not
lie ,d;e and useless. but shall be earning Tor de-
nositors some interest. 1t may be said by the
jabnin. man that his earnings, after supporting
himself are too small to be put out at interest,
or that the interest will be SO slnw IN. accumu-
Ia,ino. that IL will not be worth while to attempt
il, Even to the day laborcr the Society believe
thew can show that its establishment ought to be
considered of advantage.
Surprising the man who earns but - cents
,lay should only be able to spare one dollar
week-st the end Of five weeks he will have in
The funds Of the Society S. GO
A, the end OF another five weeks he will
have another w
At the end of another five weeks, S 90
And at the end Of another five, 90
or 500 90
This will embrace rather more than one-third
of the wear, which NAV be the Summer. or that
mar, of the year when labor is generally most
abundant. and the expenses Of family or single
man are the least. :.
The first depusit may be fixed for the first of
Nav: then till the first of the following year the
interest on the first IS will be 90 cents
On the second IL
n, the third ( Is 90
On the fourth IS
Or for that year o. cents
So that perhaps, instead OF wasting or improper
~ spending the $50, he viii have, at the COM
mencement of the second year, S20 o7
For the next year he will receive on this
sum in interest 80
As we'll as the second years saving and
interest w VI
Which. continued for i've years, would produce
about Sl19, of which Sl2 would be earned In IN.
terest.
The increase of interest would then be seen
plainly to be of importance, and amount, IN the
course of year. to about 81 so, or exactly as
much as one weeks work.
The Society would here remark, that habits oil
economy, like all other habits, whether good or
bad. gain strength With time, and, when hxed,
ALWAYS tend IL the promotion OF good morals, as
the man who looks forward to laying by small
competency for old age. to make it comfortable,
will be less inclined 10 waste or spend the hard
earnings Of his daily labor
Such a course of economy, when followed up,
viii in few years accumulate a fund whose pro-
live increase will be rapid, and IN many
..e,. perhaps. provide comfortably for family
h, otherwise might be left destitute.
One single family rescued from such situa-
ton would be worth some exer,ion; and the So
c,ety confidently anticipate. it their efforts are
fsycraby received. hat they may be the lnstru-
meut of this grea, blessing to many
Similar nsttutions have been established IN
a,mD., all the towns to the North, and are ad-
r,,,ad n he of incalculable advantage to the WI