New-York tribune., 1870-04-22
ANNUAL REPORT on THE SAVINGS BANKS IN
THIS STATE.

The Superintendent of the Banking Depart
nent has furnished to Legislature tho annual report
relative savings banks The increase In the number
OF institutions and Of the deposits conded to their
care during the PAST year is remarkable. The following
statistics furnish facilities for comparison with the pre-
vous year, Number of banks 133, being an increase Of
23 open accounts OF deposors G5ii7i increase OF
2ss; average to each depOstor account s96 So
crease S. Excess in number Of accounts opened over
those closed during the year. Gi79 Amount deposited
during the year, Including interest, NE,I@@7 with
drawn S1l91054g9; the corresponding totals last year
being 42l, and Sl0l l33O The entire deposits in
savings banks January 1870 were sl9'5co 49,. 2g being
ten millions of dollars of interest was credited by these
institutions TO their depOstOrs in 1869. The banks
bt an Of assets over their liabilities to their
depositOrs Of sl4,023,s60.
The report shows satisfactory reasons by a comparison
Of this vast interest with the affairs Of The national banks
in this state and also those with the life marine and
banks both III respect 10 the amount of pecunary inter
est involved and in the numbers, character, and c0nd
tOn of those interested in their honest and capable ad
Innisraton, outrank every other moneyed interest in
the State their claims wise and considerate egsa
sorsbp Of their affairs" And yet the report says it
has grayey proposed to conde the supervision Of
this transCendent interest TO clerk two, provided
with desk and pigeon hole in department OF the
State Government having already many and grave re-
spOnsbilites of its Own but i'll harmony still less
In sympathy with the purposes and fns to which such
supervision should be consecrated The records show
that under the present system for 80 years
there has not been loss TO depositors In these
dollar This small percentage Of actual loss moreover
was not through fraud or dishonesty but chiefly through
an imprudent exercise Of too liberal discretion
terred by the Legislature. 1t is demonstrated that the
services of these institutions are procured t an expense
far than that Of any mOneyed interest approx
ing this in magnitude and importance. Competition
among the savings banks prevents WasciulncsS IN
the matter of salaries which would reduce the interest
they are able to pay. The real estate in
vestment represented by their banking is shown
10 a profitable Of the money OF their dcpOsitOTs.
After experience of thirty years IL found advsa
be that banks should retain surplus of ten per cent OF
the deposits to dCpOstOrs agst los. IN Of
sudden cXgences and depreciation Of Investments and
il appears clear that any action OF the Legislature i1tcr
ferg with or reducing the amount OF this surplus is d
rcctly opposed to the interests Of dep0sltOfs.
chief interest that Will attach 10 TINS report ~ as TO
the disposal Of unclaimed deposits, their importance
signifcance being the Superintendent says, derived
wholly from the action proposed action of the legaa-
tre lccrning them" II is shown that The lapse OF
time Vitatc the contract of the bank To hOd
sets corresponding to deposits that the theory oi the
appropriation of these deposits by The state rests upon
faacy; that the dcpOtOr having selected the custodian
his money, neither the state nor any one else can bo
substituted for release such custodian without thccO!-
lators may mistakenly suppose that unclaimed deposits
may uclimHbc deposits. lie says that "thc p8bt
the state To these surplus moneys or 10 any part o
them is the right Of the hglwaylnan 10 take my watch
upon depositors is already In Ae action Of some
who, upon the very introduction OF this measure, arc
withdrawing their de Oslts lie depicts The fearful con
sgguences Of less of faith on the pHtt OF dcp0aOrs IN
these Institutions; the losses To the working classes, Ot
directly aud indirectly aud the injury 10 the state sef
from the breaking up Of system under which ITS own
credit sustained holding Omth Of it, bonded
debt And he suggests that ia respect 10 the law II
now exists concerning savings banks h desirable mat
between the sessions the Bank Committee of o Senate
should confer with the superintendent concerning
urcs OF lerlsatOn relating 10 this intetes ana tAat 40
radical upIUUtng of the b stem Is dcDiaIdeI