Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1848-08-30

GJt We had neither time nor space last week to
refer our readers TO the advertisement in eur CO.
lumns Of the Augusta Savings Institution" The
Legislature first incorporated j, in 1881; but no
steps being taken to organize it, upon application of
our citizens in lS42-'l3, it granted new charter,
and this being availcd Of but suffered die out
the Legislature renewed the charter las, Winter
II remains to be seen whether the boon is to DC ac
cepted or thrown away. We believe tina, such an
Institution we'll organized and judiciousy conduct
ed would be conducive 10 the prosperity aud VIC
think we might add, TO the morals of our conmu-
nifty. Habits of economy would thereby be promo
ted. We give an extract from communication in
late Lexington Gazette which may, perhaps,
prove acceptable TO those who wan, arguments in
favor of the Institution.
Savings Institutions as originally established
were designed TO furnish depository for the poor,
IN which their little savings might be placed with
perfect safety, and drawn out with an accumulated
interest when required. Such little earnings are
either kept by the individuals themselves i'm an UNI
fruitful hoard, subject 10 the risk of loss or else
they are committed to some neighbor, who though
considered safe at the time, might prove quite the
reverse. The advantage of a safe depository
may be added, that of stimulus to frugal habits
Many who are disposed 10 spend their little means
either thoughlessly or viciously. are induced by
the facilities of a Savings Bank, and the good ex-
ample of Others to try the effect of outstanding their
savings. The beneficial effects are found TO follow
every experiment Of The kind. And this result
might have been anticipated. Nothing operates
more powerfully in elevating the condition of the
poor than the gradual accumulation of their little
property. Doing well in small way leads to do
ing well in many ways. The saver may prove a
stay to an aged paren,-or he may do more faith
fu part to his children-or he may contribute to
oec's oil benevoIence, and thus cultivate the finest
'eelngs or the heart. Temptations may be present
ed, but the mind reverts fondly to the little hoard
In the Savings Bank and they are resisted
can individual who employed some IL or Is
hands IN manufacturing establishment found that
nearly all Of them were seemingly consii,utionaly
and hopelessly afflicted with what was called a
spark IN the throat, and that they spent large
portion OF their wages in ardent spirits to guench
II. With the view 10 arrest the evil consequences
OF such a practice he formed Savings Bank, and
urged them by kind persuasive means to lay by a
portion OF their weekly savings for deposit in it
In TWO years handsome little property had accu-
muated, and the ''Spark' was extinruished with
out the use OF ardent spirits.
with these humane objects in view the Savings
institution In Lexington receives on deposites the
small sums which the poor or woman may
save, and allows rate Of five per cent interest
per year, payable semi annually, that is five per
cent. compound interest. At this rate, sum of
money, 1t kept at interest, will double itself in l.
bout III years. But to show more plainly the ope-
Ialions OF these small savings, we give below ia
DIG which shows what weekly contribution of
only twenty-five cents will amount to- at the above
rates. In certain term of years