Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1848-05-19
SATURDAY EVENING, MAY Is, 1913.
The Savings Bank.

This excellent institution, productive of so
much solid advantage to people of moderate
means, and emphatically the friend of the poor
man, who aims by industry and frugaity "to
provide against wet day." has now been some
months in quiet and unobtrusve operation, in
Burlington, and its success thus far has been
quite up the expectations Of its projectors, and
very clearly shows that the wants of the COM
munity required its establishment. We do not
feel ourselves at liberty to publish the amount
already received on deposit but it is rery consid-
cradle, and demonstrates, what the originators
of this benevolent project foresaw, that there
are large hunters of sagacious and prudent
people. among the class whose sarings are nee.
essarily small, but nevertheless Of material CON-
sequence to them, who only waited for the Sc.
cure and beneficial facilities thus presented to
them, to make investments.
| The affairs Of the institution are in the hands
OF those among our citizens who comprehend,
and will carry out, the simple yet excellent and
| judicious designs Of its founders. The members
OF the Cooperation are Messrs. J. n. PoMERoY,
w. LYMAN, ii. Z. HickoK, c. BANTER, HENRY
LOOMS, D. LYON. w. w. PECK, S. Z. Howard,
w. II. WILKINS Jr., THos. II. CANFlELD, E. c.
! - Il. N. j.
WORTH, J. w. HlcKoK, Jas. Cook, GEO. PETER
SON, Z. A. STANsBuRY, w. X. Villas. II. w.
CATLIN, and c. d. KAssoy; and we are sure no
Institution could possess higher guaranty of
usefulness, integrity and business ability in the
character and reputation of its Managers, than
this.
We are aware that TIE Bylaws of The Savings
Bank, which very clearly set forth its aims and
its plan OF operations are pretty extensively pub
lshed, and Circulated SO to be easily within
the reach Of all 4; and the increasing amount Of
its deposites prove that they have been read and
appreciated to considerable extent. But we
supposed that newspaper paragraph or two, in
vting public attention to so useful and valuable
an Institution, might catch the eye of some
among us who might thus be induced to exam
inc further and to avail themselves OF the sub.
stantial benefits it confers
The absolute security which this method Of
investment affords to those to whom security is
everything, and the certainty of the regular
semi-annua realization of the interest, commend
our Savings Bank TO the confidence and favor OF
those who may have, and may be receiving,
small sums which they wish to lay by for future
use. No depreciation or fuctuation of stock,
can be apprehended. Its discounts are all rithin
It's capital paid in; and the regulations that have
been adopted in relation to loans, when taken
in conncxion with the character of the Board
who are to decide upon the sufficiency of any
security offered for loans, render losses a thing
not to be anticipated. The following is the 9Th
article of the By-laws:-
IS The board Of Trust shall make no loans upon per-
sona credit except upon the joint and several contract
Of three or more individuals, competent at law to
tract two ut least of whom shall reside in this State
For this purpose all the nd.v idual members OF firm
shall be regarded as one individual No business shall
be transacted without the concurrence OF majority
m lnnn srnUh a oIn
the Stated meetings Of the Trustees
The immense amounts deposited in Savings
Banks in England and Ireland, show how justly
popular these institutions are in the Cid World
and we trust they will become more and more
: widely established and patronizcd in our own
! country, where labor reaps a better reward
though improridence brings after it pretty nearly
the same suffering and want. We should like
: to see our Savings Bank with larger capita
than any Bank in Burlington, and probably shall
have that satisfaction!