Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1855-02-21
SAYINGS INSTITUTIONS.

The Nashville Savings Institution, of which our
friend c. A. FULLER Esq, is the faithful and capa-
bic secretary and treasurer, is quietly working its
way into public favor. Believing that it can only
be necessary to call the attention of the classes de-
signed to be benefited by such institutions to their
merits, we trust that the republication of the fol-
lowing article from the Philadelphia Ledger with
studied by those who are able to save part of
their earnings:
THE BENEFITS OF SAVINGS IEsnTUTIoYs.-There
is but little diversity of opinion as to the character
of the evils which aict society in its present con-
dition. As to one Of the greatest Of these evils,
the tendency of capital to concentration there is
no controversy whatever. In this country, the
absence Of law primogeniture and the various
enactments against perpetuites, have partially
strained this procivity; but nevertheless 1t still ex
lists though in less force than in Great Britain. The
same unanimity OF sentiment does not prevail, how
ever, as to the best means of further restraining
this evil. Crude theorists propose what they g-
norantly call an agraran law that IS, robbery of
the industrious rich in order TO benefit the poor;
for under our equal laws the majority of rich men
are rich because they have been aborious, self-de
nying and thrifty, too many of the poor are poor
from an absence of these qualities Even If such
remedy was ustifable it would fail of success, be-
cause those thus suddenly elevated to wealth would
mostly want the qualities necessary TO retain it,
and would speedily become impoverished again.
In fact, legislation in this country has already
gone as far as it can or nearly far towards the
restraining of this evil Were it practicable even
to go further it would do probably as much harm
Is good by weakening individual energy, self-re-
lance and thrift those fundamental virtues of
free people. The wise reformer, therefore, will
look elsewhere for further remedies. He will seek
TO educate the poor, economically and financially,
SO to speak; that is, to discipline them into the
habits necessary to acquire and retain wealth. AT
the of these habits lies the great secret ofSaUig
Few men can ever better their condition, none can
ever hope to do #, without rigid prac ice of this
invaluable virtue. Whatever the degree of life
prosperity is based on saving If a man is born
to rich estate, and despises economy ten to one
he dies at last in the ams house. II merchant an
nualy squan6ers what he seems to make, he ends
invariably in bankruptcy. If mechanic, and much
the more day lsborer spends his full earnings
when wages are high, he runs great risk OF coming
10 want bread for his children when work is scarce
and times are hard But if a man acquires the
habit Of living considerably within his means, so as
TO lay by something for a rainy day" he has, in
the process so disciplined himself in selfdenial and
thrift that he is generally sure TO RISE He has be-
come, in TRUTH capitalist and taken the first step
towards competence.
The practical difficulty which formerly met a
poor man. DESTROYS to save, was the want of suita
bic opportunity to invest his funds The introduce
ton of the Savings Institutions, however, has
wholly removed this difficulty. A little self.denial,
weekly, will enable even the poorest to lay by a
trille, and this deposited in a Savings Bank will
accumulate both by its own interest and by the
incentive it will be 10 further savings. few
cigars cut off or the entire abandonment Of Tobacco
or better than all, the cessation Of visits to the
beer-shop and tavern, will weekly yield several
dimes, and in the OF twenty years, with the
aid Of interest On interest, will secure quite COM
Portable sum for old age. Or, if, after while, the
little capital thus accumulated is invested in some
business which the depositor understands, it will
be the means of raising him from journeyman to
a master employer while the habits of economy,
of ;hrift, of measuring the end by the means, he
has acquired in the process Of saving it M, will
nearly secure its success 1t is said that the British
people squander, in ale tobacco and spirits, fifty
millions annually; and we have no doubt nearly
as much is wasted by the people Of the United
States. What different state of society we should
witness, if this enormous aggregate Of sixpences
and shings, so unnecessarily spent, should here
after be put at interest in Savings Banks
The right way to remedy the evils of which
agrarisns complain is to level upwards instead of
downwards by making every man capitalist by
encouraging thrift, by teaching sef-denia And
the high road to this, at least for the poor is
through Savings Institutions, properly, carefully
prudently and wisely managed so that the savings
Of the industrious would always be secure.