The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-10
OUR SAVINGS BANKS.
What the State Legislature Pro-
poses To Do About Them.
Text Of the General Act for Their
Regulation and Conduct.
>-~~~~~~~-o~0>~-~~-~~-~~~
Stringent Provisions as to Liability
Of Trustees and the Invest
ments Made by the Banks.
->-~~.~~~>>~~>-~~-~~~~~
How Frauds Are To Be Pre-
vented and Depositors Pro-
teoted Against Loss.
The Bill the Poor Mans Friend and the
Honest Rich Mans Safety.


ALBANY, Feb. o. 1879.
the question as to what legislation should be
adopted with a view OF correcting abuses that
already exist ana OF abuses that may yet crop out
In the savings bank SYSTEM 1t stands in this
state is destined To be Of exceeding Importance
during the present session OF the Legislature. The
vianies which "good' savings bank officers
can sometimes become guilty Of and the
pecullarites Of which have been laid bare
by the recent failure Of several or the "iust
tutions'' in New York city and elsewhere; the
loose way In which tho business OF some Of the
banks are carried and the fact that there is not
at present sufficient legal provision to amply pro-
tect the poor who gave their
HARD EARNED EARNINGS
into tho hands OF the trustees for safe keeping have
made profound impression on the financial heads
OF the Senate, and efforts are now being
made by the Committee on Banks to
meet the general want by drawing up
general law Oh savings banks which will, once
for ALL make the system what II should have
always Deen-proof against fraud and loss to de-
posltors. The committee have Deen hard at work
for over two weeks and nave at last decided upon
bill which they Will present either next week or
the week following, as o few Of the mem.
bcrs are anxious to still add some amend
ment which will, In their opinion, make
the bin not only more acceptable to oil
classes of the community concerned in the welfare
Of savings banks throughout the State, but render
IL all the more stringent and effective as q barrier
against the peculatlng proclvltes OF
DISHONEST BANK OFFICERS.
It should be stated that several years ago bill
somewhat similar IN Its scope to the one now un1er
consideration by the committee was presented in
the Senate and was some time after It's introduction
reported upon favorably by the Committee on Banks;
md nncfon hill ~
allowed even afterwards to the light OF day was
known only to certain influences which were
brought TO bear against It ana which came to the
Legislature In the shape OF ''sound advice" from
savings bank officials Of experience; and learn
that one OF these "experienced' individuals was
less person than the Identical Mir. Conklin, who
made MS absence from the Market Savings Bank
lew weeks ago so unwelcome to SO many
friends and fellow citizens. The bill under
consideration is a far more stringent one than any
bull Of Its kind that has been introduced, and
tits general act to take the place OF all special
acts OF the same nature heretofore passed, 1t Will
readily be seen that 1t deserves the careful study
and care the Banking Committee have given and
are still giving to 1t TO make 1t as near perfection as
possible The following is the bill IN full:-
An Act to Consolidate the Several Acts Re.
latius 10 savings Banks, and To Provide
for n Uniform Administration OF Their
Affairs.
The people the State Of Hor represented in Sem
sie and Assembly do enact aSr as follows
OF DEPOSITS AND DEPosIToRs.
SECTION lit shall be lawful for any savings bank
purpose BY any or PERSONS or BY
ss an se n Or
~ authorized and provided and not Otherwise
WITH and under % ne
O. Trustees may prescribe not inconsistent with the prov
and KEEP. up IN some public and conspicuous place
shall Be- and shall Be printed
ufcae the book Issued depostor and shall be bind
ss he
pcs 80 to be aecsed Provided however that shall be-
lawful for the in their discretion to require notice
SEQ any deposit shall be made in any savings
Being sSsrsslsr becoming married woa.n
posor and free from the control q lien of all persons what
Ss dvssnd. thereon The person n.sins deposit, and
&: valid or for
deposit 70 the % p,ons IN .pv Court Of ,b.
IN DsI y i to for de-
wee a Ss as ne witness IN &
manner as y she were an unmarried woman And in al!
deposit herewith II there any persons whether
are not parties aeicn which such action
on ss q Ss 'a and s1y sa cs
ants make order amending the proceedings said
and he said Court shall thereupon proceed to hear and de-
sS ssi, Tns s o e., S' O. - pa s.es " sa
,n ~ me ,uhisct ~ The Ss,S ,, us h III %
.o ~ tros hcnS mon Inc %
cs ot i've AMOUNT To the credit of The action un enc,
ana Inc ms i, he H.. ~ r
k.f IN accordance with the nrnvsnns ~ ala SnaI 'd
n Ths onestion of costs in he Sctoua ersre 10 a h
eii"n sha In ali case he m the discretjon ~ The ron
but The amount when allowed sha be the same "a In other
scsions Of a similar nature sr,c,.p
OF ISyFsTMENrs
bank 10 invest the moneys deposited therein only as follows
m VIII - ~'' Ni' ~ Wy -" 'N'''
the stocks or bonds or notes
of the United states -' ~
In the stocks or honda or ev,ep,ea NJ debt in
forest Of this State
In the stocks or bonds of INV cauntv civ VILLAGE mr.
Town in his state Issued pursuant 10 the anthor,v 81 snr
law OF this state but moi 10 exceed ten er cent Inc whole
ro,,, If tsir cnosi,. al G @ ~ -. u sus
bonds.
that has for three years 10 such heinz
male regularly paid the interest on its legal bonded debt IN