Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-01-18
SAVINGS BANK.

We could wish we knew how to stimulate our
friends into whose hands our embryo Savings in
stltution was committed near eight months ago,
to some efficient action on the subject. The last
we heard Of their dongs, afte. the election of Of
ficcrs, was, that committee had been appointed
to prepare rules and regulations for the govern
ment Of the institution. Has not that committee
reported Or is there any other hindrance in
the way Of getting it into operation II not
then why this delay and seeming Indifference
The utility OF such an institution, in our commu-
nifty, where we have no banking facilities, certain
ly cannot be questioned, when such institutions
are highly priced and literally sustained by our
sister towns of Winchester, Charlottesville, and
Lynchburg, which have regular Banks.
We have been reminded Of this subject by see
ing the late report Of Committee of the Lynch
burg Savings institution.
That institution was chartered in 1884, and has
been in operation not quite ten years. The funds
now under lis control amount to 800 0i6 OI-of
which S43,9i7 so belong to Stockholders, and
the balance 10 individual depositors. With a
view to show the extent of the operations Of the
Bank, the committee give statement of its trans
actions for the last six months. These amount
proof Of The importance of the institution TO
the business operations Of the community. The
interest made in the last year was Of per cent. on
each hundred dollars of the capital stock. The
present number Of Stockholders is 80, owning 90
shares. The committee present the following
strong view of the advantages Of the institution
to the shareholders
'''The Citizens Savings Bank was organized
and commenced business the 23d of January,
1884, having been i'm operation within fraction
OF ten years. in this period, each stakeholder,
contributing weekly the SUN Of fifty cents on each
share, has paid in aggregate sum of $500 so,
for which he now has S103 l9--thus realizing a
profit, in the form Of interest, &c. Of Sl38 Co.
Your committee think that this simple statement
powerfully illustrates the value of such insli-
tution-A contribution from any man, (even from
one who earns his bread by daily manual labor,)
OF fifty cents week, is hardly felt. If not laid
up in such bank this, it is often expended in
useless, and sometimes in vicious indulgences.
III deposited here, it is not only safe, but silently
and unseen, continues TO Increase and multiply,
until that which hardly cost effort TO expend,
rises into an amount of dignity and importance
This is truly forcible illustration of the utility
and value of such institutions to the laboring poor
who wish TO provide little store for old age, or
the casualties incident to humanity. Bu. its be.
nefts are not confined to them aIone.-T'he pro-
vident poor, whose views are not so expanded
md the NAN Of business, will often find it useful
as place Of occasional deposit, TO accumulate
and pot out of his immediate reach, funds which
he will need by certain and no very distant day.
The facilities they afford in the way Of loans, &C.,
in which respect they found to be far more
reliable, in times Of difficulty, than Banks Of is
sue, which have lheir circulation to sustain. are
also Of great advantage. The Lynchburg Viz
gna says Of the institution in that Place, 'it has
been Of incalculable benefit TO our town, HAVING