New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-03-02
SAYINGS NO LONGER SAFE.

Several of the finer buildings in this city and
Brooklyn erected during the past few years,
or now in process of construction, are for the
rsc of Savings Banks. This outward show, so
different from the modest policy Of those insti-
tutions in former years, when hired office
not much superior to the shops of the inn
mediate ncighbOrhood answered every purpose,
has Lccn forced uEOn them as, to some extent a
measure of self preservation. A knot Of poll
ticians ut Albany has of late years put forth
each Winter some new form of cndcavOr to
seize the funds of the Savings Banks; more
recently concentrating its efforts to get hold
of what is denominated the surplus" and as,
each year, these demonstrations became more
alarming the banks have to some extent invest
ed their surplus in their buildings, so as to have
so much at least, out of harms way. Except
technically, however, this surplus cannot be
said to belong to the banks any more than
the rest Of the deposits in their hands. They
are but the trustees, whether rs 10 principal,
or interest, or accumulation over interest, Of
the money of their depOstors. Those depositOrs
are almost exclusively workingmen and work
ingwOmen; and it may be said without eX-
aggeration that these buildings-the savings
stone the tolls, the priyatonS, the hardships
Of the laboring classes.
But the appetites of the Ring will no longer
be restrained. They prepared legislation to
seize the unclaimed deposits, but on examina-
ton these dwinded into thin air. the largest
bank reporting that not $1,000 was likely to
bo utterly unclaimed. AT present the Ring
especially want something To supply the too
evident leak in the Canal management, and
bill for coniiScating to the Canal Fund fifty
per cent of the Savings Banks surplus il
before the Legislature. OF course the other
half of this surplus will soon follow
and then the deposits. In almost the
first experience of Savings Banks it
was found necessary to set aside some funds
for fear of run" and the keeping Of n
surplus for this contingency was specifically
authorized by the Legislature because of its
obvious necessity. The money of these insti-
buttons is largely invested in permanent secu-
rites, to realize cash upon which in q week,
or even a month would be difficult if not
impossible. Bat no such time is allowed
during % run" In one instance half the
entire deposits Of large Savings Bank were
drawn out in two days, during an unfoundcd
panic with regard to its management; but the
other banks, being able to lend to it their
surplus funds, sustained it through the
danger, and thus the depositors and the
community were saved from tho disaster of
a general panic.
Other portions of the bills now pending are
calculated to prevent respectable citizens from
connecting themselves with the further man
agcment of Savings Banks; to cripple the judi
cious and prominently successful system by
which these banks are conducted; and, in
general to make them part of the political
machine BY which this State is controlled.
Not the least of the destructive results which
must follow the execution of such onactments
would be tho withdrawal of IN immense
amount VI money now invested ia MoIt-aSCs