The Portland daily press., 1872-01-11

invested, and are being used for speculative
purposes; as witness the cases now in New York
city where it was supposed that the funds OF
the savings banks were under the control of
Tweed, Connolly and other municipal thieves.
And the more that is done by the State in linn
iting there investments the greater will be the
confidence that the community will have in
their solvency.
But are the securities that the savings banks
of this State have been largely invested in, pre-
ferred for the reason that they can be made
available at any time? AS the fuctuating
bonds of western municipalities which are
based on no other security than the good faith
of the parties who Issue them, or their corpor-
ate property, preferable in this respect over the
bonds of the cities and towns in our own State,
in which the private property of individuals is
liable for the public indebtedness?
But it is said that savings banks edo not con-
slider themselves under obligations to build fac
tories or RAILROADS. but it is the money that
they loan that does it. The western prairies
are dotted with towns and villages, and their
breadth spanned with railroads builtfrom eastern
capital loaned at higher rates of interest than is
paid at home. The savings banks of our State
have done large portion of it, and the guess
ton at this time to be considered is, whether
there is not enough to do in that direction
here where, to say the least the securities Of
fered are full as good? Whether the loaning
of portion of the deposits of savings banks of
this State, in home investment of undoubted
security would not be more beneficial to the
interests Of the State, and the security of the
deposits, than the present system, which allows
the managers of savings banks to use their de-
posts as they see fit, being under no restric-
tions, and under no responsibility,
admit Massachusetts, and her policy. A
few lessons from her in this, as in other mat
tiers would be of benefit to us. l will give an
instance, one of many, of how savings banks of
that State benefit the community in which
they are located. A party owning some land
in manufacturing town favorably located for
building purposes, constructed twenty houses
which he sold to mechanics and operatives at
81, 900 each; they cost with the land $500, $500
was the first payment required, the balance in
installments, The savings bank furnished the
money to build the houses at per CENT inter-
est to the amount of two thirds their value, and
the purchasers were to pay the saving banks
In installments. A safe operation, and good
investment for the bank. A benefit to the
mechanic who purchased them, giving them
home, and to the community in which they re-
sided.
All that is asked by the friends of restriction
is that the Massachusetts policy respecting
savings banks, quoted so admiringly by D., shall
be adopted in this State. "That the aggregate
deposits of savings banks in this State shall
dot our country with happy, frugal homes and
fill our cities with costly, elegant structures,
and our streets with activity and din of bust
ness
Two MEN KILLED IN COAL MINE.-A
Scranton, Ill, dispatch states that Tuesday
morning fearful accident happened in that
place. Two laborers named Samuel Higgn-
bottom and James Finnessey, were sent into a
shaft in one of the Vermillion Coal Company s
mines about o'clock. They could scarcely
have reached their destination when violent
explosion occurred. AS soon as possible assist
ance was sent them, when it was found the two
men had been blown almost in pieces The ex-
plosion was caused by gas in the mine coming
in contact with light. Both men leave fami-
lies.
SPEAKING of the work of the Senate Investi-
eating Committee, the New York Post says:
As far as it's work HIS gone its members have
shown, without distinction of party or faction,
an honest desire to learn and to make known
the whole truth; and if their report should con-
tain but little information it will be because of
the want of preparation of case for them,
and of the unwillingness of merchants to testi-
fy, rather than because OF any embarrassing"
purpose in the Senators themselves. At pres
ent they seem constantly to be on the brink of
q very ocean OF testimony, but to be examining
drops and cupfuls of it without getting a
glimpse of the whole,
Charles Hale, recently nominated by the
President for Assistant Secretary of State, was
formerly one of the editors of the Boston Id
vertiser, and is at present member of the
Massachusetts Legislature. He has also been
Consul General to Egypt.
Mayor Hall announces in card that he has
neglected his private affairs so much of late as
to render it necessary for him to be absent from
the office for a week, and perhaps longer. 1t is
generally thought that he will not return to
City Hall again. Gen. Cochrane, President of
the Board of Aldermen, will perform the du-
ties of the office.
The Messrs. Wallace, of Rochester, N. H.,
have manufactured 6733 cases, or 453,940 pairs
of shoes from January, 1871, to January. 1872.
The previous year $3.50 cases were made, gain
of 1888 cases.
A petition fourteen feet long, has been pre-
scented to the President and Directors of the
Eastern Railroad asking for reinstatement of
Conductor Rowland, who was suspended at the
time of the Revere accident. The petition is
signed by about $50 residents on the line of the
road between Boston and Gloucester
The citizens of Cornish, N. H, have organ
lied to take measures for survey for railroad
from Claremont to White River Junction, VT.