Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1873-01-22
Savings Banks.

These are most emphatically the poor
mans friends. A competence comes by
saving, as much as by earning. All labor
ing people earn enough. but saving the little
surplus sums is great achievement. What
to do with the few dollars remaining alter
paying the monthly rent and grocery bills is
problem. 1t is too small a sum to loan
and too large to keep idle. Blessing on
the man who first invented ~ savings bss
A small sum deposited month by month Tor
few years bas secured home and compe-
tence to thousands of families.
The first savings bank. was founded IN l7Io
in Hamburg. 1.-The frstsattempt to estao-
Ii.h one in England was that of Rev Joseph
Smith of Wendover, who in 1899, in con-
junction with two of his parishioners, offered
to receive from any inhabtant. of his parish
any sum from two pence upward every
Sunday evening during the summer months,
and to repay to each individual at Christmas,
The amount of his deposit with an addition
Of one third of the sum as bounty for his
fr., 5ality." The first savings bank in the
United States was opened in Philadelphia in
1916. The same year another was opened
in Boston, and three years later savings
bank was opened in New York. To-day the
savings bank is an institution in every CIV
ilized country. The number of them reaches
thousands, and the deposirors are counted by
millions, and the deposits swell to hundrt DIS
of millions.
The New England States have 38l savings
banks with an aggregate of 1912, 1888 ,469
on deposit. New York has l47 banks and
deposits to the amount of $267, 905, oG6.
La these seven states the number Of depos-
tors is one fourth of the entire population,
and the average of deposits is 1929, 40. This
small average indicates that the depositors
are the dIligent poor.
There are sixteen savings banks in Yer
mont. Windham county has five; Windsor
as three; Washington and Chittenden each
TWO; Essex, Grand Isle, Orleans, Lamoil!e,
Addison and Ben ington none.
The smallest bank is at Mortified, with
e6 ,639 on deposit. The largest is the 80 Yer
mont Savings Bank" at Brattleboro, with
deposits to the amount of 81 ,2l3, 093. Bur
ngton with 1884, SO4 and Rutland with
S456, 1874, rank next The total of deposits
Is S4,216,O40 Every bank increased its
deposits in the year ending July 1872. The
smallest increase was 81 l55. The largest,
at Burlington, was $3.50, 504. Total increase
II deposits in one year $7O7 1893.
The Bank Commissioner report is very
detective, in that it furnishes INSULT 3ient
data to compare these banks. For instance
only about half of them report the number
Of their depositors. Several make no re-
port of their surplus and expenses, and but
lew of them report the per cent OF semi
annual dividends.
The largest number of depositors given is
St Johnsbury, 1901; Springfield reports
1905. Vermont Savings Bank reports sur
plus of S44 ,G39 Rutland reports so ,278;
Bellows Falls Sl3 ,54t. Most of these
Vermont Savings Banks declare semi-annual
dividend OF ? - per cent, and an extra
dividend once in five years Several of them
30 ever divide semi-annually all their gains
retaining ouly the surplus sufficient for the
better security of depositors. This latter
course is manifestly nearer just. Some
banAs place deposits at interest every month,
others only once a quarter. The monthly
rlle is more favorable to the class to be bene-
flied by these banks. Deposits in Vermont
are not taxed till they amount to $3.50
Every village should have at least branch
Of savings bank. Savings banks located
: in the larger villages should have in sur
rounding villages, persons authorized to re-
celve deposits and forward them to the banks.
In many small villages of Vermont hundreds
Of dollars-perhaps thousaDds-would thus
be saved annually, that are now frittered
away.