Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1848-11-01
AUGUSTA SAVINGS BANK.

Ma EpIroR.-I saw your notice Of this lnstitu-
ton, in your last paper, with much pleasure. The
terms in which you speak oft afforded me great
qualification. 1t must commend itself 10 all who
wish well to the interests of our community.
Such Institutions no novelties in our day,
though to of your readers, their plan may not
DO so familiar as may be desired.
In Savings Bank, there are two der"ftments !;
the Funds of the Stockholders coz lutte one, and
the Funds created by deposits thu. other.
Every person taking stock pays on subscribing,
$40 for each share. Every eek thereafter, ne
pays 25 cents share: at tn end Of one year he
will have paid thus, thirteen dollars, which added
to the original ten, make 1923. Whatever may be
his proportion of the whole dividend profits of the
Bank, is added to the twenty three dollars. This
amount constitutes the value of his stock for anoth
cr year. He continues to pay % cents week on
each share, and the accumulation of these weekly
payments and the proportion of profits for his share
is annually increasing his stock
Deposits are received of any amount over Sd; the
Bank pays interest on these deposits-two per cent
per annum is paid OH all sums remaining less time
In the Bank than four months, four per cent on all
remaining over four and less than twelve months,
and five per all remaining more than twelve
months. These rates for periods of less than twelve
months will probably be increa sed as business in
creases. This money is subject to the order of de-
'positors ten or fifteen days notice.
The funds of the Bank thus obtained, are loaned
by the directors on the same terms that other
Banks lend money. Stockholders can borrow with
tout security to certain amount, being from half
to two-thirds of their amount OF stock. This reg
ulation is, believe, incorporated in the Augusta
Savings Bank, though am not informed Of the
precise terms of the provision.
think now, any see how this Bank
will be beneficial to all Who is there that can
not manage to take one share and pay 25 cents
weekly One will be astonished, by little cal
culation, to how rapidly the fund will accu-
muate which is thus laid up for "rany day.
understand the profits by lending money some
times reach ID or 20 per cent. Then every one
disposed to save can here deposit any small sums,
which might otherwise lie idle, or be the means
ottemptation to thoughtless and useless expendi-
ture. He will receive but little interest on these
"many mickle makes muckle." Men in bust
ness, as Lawyers and Merchants, often have con-
siderable sums of their or other peoples mon
ey which they cannot invest and which they can
not spend Here they can be made profitable 1t
IS hoped too, that the Courts and other public bo-
dies will patronse the Bank, in making ii the place
of depositing floating funds. hope our citizens
will properly appreciate this enterprise, and ''yo
ahead" | learn that a considerable number of
shares have been taken and the Books will close
Nov 18th. Mr.. Cowan, an excellent man for the
business, is Cashier and the Books are at his Store
This is no scheme for mere spectators, or large
capitalists, but it is emphatically Peoples Bank
Let gentlemen from the country and all come for
ward,-It is the augusta Savings Bank. No trick
Of towns folk. Yours,
PUBLIC SPIRIT.