The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1868-02-07
SfCO LOCALS.
Lack Of Entrrprisc is Saco.


Mk.sns. EprroRs. -Re,urning homo yester-
day from an absence of several weeks, l AIN
shown an article which lately appeared in your
columns with the above caption, and which In
eludes charge upon the Saco and Biidefor'l
Savings Institution, that IL Is "cripp,ing the
business" Of Ssco. am Informed that there
are those who honestly believe this charge tn
contain somewhat Of truth and II this be SO,
I may be excused for bestowing upon IL notice.
which as an anonymous attack upon the direc-
ton Of useful and successful institution. II
would not be entitled.
Has il ever occurred TO such persons that a
difference exists between banks Of discount
and banks for savings in this respect, viz
that while The stock holders in the former can
no more demand the money they have put IN
for capital stock than pew holders can de-
mAnd the money they have put into church
building, srery map ,cho has anypscuaiary in
t,resi In = Savings Bank can call upon Its trus-
tees for srerv dollar he has put In, and at very
brief notice! And Is not this n sufficient rea-
son Why considerable share OF its assets
should be not only gooi but also convertible
into money at short noticef
IL might be asked. at the outset, u the con.
duct Of q Savings Bank suits those concerned
in IL, (this being evinced by increase Of de
posis and depositors,) what more should b.
demanded 90 its mansgersl
"Old Citizen intimates that the funds put
in trust OF the s. < ID. Savings Institution are
furnished by citizens Of Saco. This Is partly
true. aud IL Is wholly true that ersry dollar
thus furnished. aad more bssidts. Is to-day in
vested in Saeo securities.
lie Is also pleased "a assume tie legitimate
objects Of savings Institution are two. First,
the benefit OF the depOsitors and second the
benefit Of the place where IL Is located. What
Is the authority for thisr Is II found In the
charter Of the institution or where else join
issue ON this point, as believe that the sole
object should be the benefit Of the depo sitors.
IL other advantages eau be fairly attained IN
connection Herewith. let them by no means
be ignored, nor lost but le, them be considered
rs merely incidental. and no part Of the osJeei
for which il was instituted.
We ask now. what Investments will best serve
the interests Of the depositorst Plainly such as
combine In the mos, satisfactory measure. hrst,
Safety second. Productiveness third, await.
ability ; 80 that when deposi,ors desire their
money, their calls may be honored. Suppose
We admit that loans secured by mortgages,
with policies OF insurance upon buildings,
wares, machinery &c. (Although everybody
knows that the latter may DO vitisted withou,
the consent or knowledge Of the leuder,) pos
sess In satisfactory degree the element Of safe
ty, how Is IL In regard to productivenessf II
sSjhsppens that We have on our statute book,
laws which forbid the taking Of more than six
per cent. for the use Of money. IL the Trustees
make such loans they have the alternative OF
taking lees than the current rate and thus being
unfsithfui to the depositors; since they can
lawfully and easily get more; or OF doing IN
unlawful oct.
There are some people among Us, whether u
be evidence Of old fogyism or not, who prefer
not to do what 10 illegal, even though they
deem the Lao an unvise one, and carrying with
Il no moral obligation and u Is fsir 20 pre-
sumo that where no temptationN exists to do
otherwise that preference will be indulged.
Next, how do auch securities rank In regard Ia
availability Pretty low down In the scale, ~
bsl,evs. and ~ the writer himself admits By
implication (; and this because In hard times,
when the calls OF depositirs are largest the
ability ofthe borrower TO repay 10 smallest.
have not the slightest evidence Who "Oh
Citirep" may be.-Possibly his name h on one
ofthe tstsered. smoky looking hits Of paper
nov In the possession Of that Institution repre-
senting loans already over due Q dozen years
or more and on which farther DELAY Is asked.
because the security II probably sufficient and
the maker or surety cannot pay without ssri-
Gus inconvenispee or distrrss.
This however deem Improbable because In
such case he could not be ignorant Of the fac,
that the Institution has the heneht Of actual e.
perience during many years on this point.
speak adviselly when assert that Il h the
knowledge gained by that expsrisAcs which
has furnished the potent cause Of the existing
disncliuation to invest largely In the way he
would like. IL has been found (vhatever may
be the case In Portland or elses here) that Dor
rovsrs have too often treated their obligations
- u they we're rightfully payable when Il suit
ID their coavsnience. and hints that they wer'
expected TO comply with the terms - written
have been received - personal shsont or q
an sctuAl wrong.
Il seeus more probable that "0ld Citizen
may be . prospective borrower, but whethe
right in this or not. II he be endowed, notvith
standing his advanced age. With the earnest
ness and go-ahcsd- ativeasss. 20 characteristics