Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-01-13


may avail themselves of the earnings or in
terest, to provide the necessary comforts o.
life, Sand to aid their children to an educa
tion," that is a righteous purpose too. The
same theory was subsequently endorsed ane
eloquently sustained, by that world renowned.
patriotic and philanthropic English statesman
Wilberforce.
The first "Institution for the deposit of the
savings of the poorer and middle classes,
was established at Hamburger in IT'S, ard al
Berne in 1887, "intended for andrestricted to
servants, mechanics, the poorer and middle
classes"
In 1897, Jeremy Bentham, Imam known
whever poverty or want was prevailing, with
in the State in which he resided" effected the
establishment of 'the Frugslity Bank for the
Laboring Glasses"
| In 1899, the Rev. Joseph Smith Of Wen
dover, with two of lis Pensioners, made the
first attempt to establish a bank Of this kind
| in England. They offered to receive, from
| any laboring member Of his parish, from two
| shillings upward, every Sunday evening, dur.
| ing the summer months, and to pay to each
| indivdul, at Christmas, the amount of his de-
post, with an additional sum OF one 'hrd OF III
deposit for their frugality."
Tn 1904 Mrs. Priscilla Wakefield. a
widow residing at Tottenbam. in Middlesex.
established Savings Bank, not dissimilar to
our modern ones. 1t was called "The Chart
table Savings Rank" This same far-siohted
and christian woman az early as 1898. estab.
lished "Sayinys Rank for the dcnos;, of
small sums by children"
This nroyed 20 be of an almost marvellous
ADVANTAGE to ..the children" few of them
..withdrawine their money tin thew were Of
age adding ALI the interest. ana making fro.
ouent deposits.
In 1907. the Rev. John Muckusv establish.
ed "the West Calder Friendly Rank for the
savings of the moor" in Scotland
In 1908, a Society or Savings Bank"
composed of eight persons. four of whom
were ladies, was established, 10 "receiye the
surplus earnings of domestic servants. and
allow interest thereon
In 1910, the Rev. Henry Duncan. d. d..
of Rothwell, Dumfriesshire. established the
"Parish Bank Friendly Society,"" which was
a great success. accommodating in four wears.
ing five per cent. interest.
In the Savings Banks of England, no per-
son is allowed to have deposit in more than
one Bank at a time, the minimum deposit
ranges from one to five shillinos. not over
thirty pounds can be deposited in wear. nor
more than one hundred and fifty pounds in
all, from one depositor; and when, by add.
ton Of compound interest, the amount depos.
tied reaches two hundred pounds interest on
it. it must cease.
In France, no person is allowed to deposit
in the Savings Bank more than sssixty dollars
in one week or more than two hundred dol.
lars in the whole. unless he is a soldier or a
sailor.
In Italy. especially in Sardinia and Iom.
hardy, Savings Banks are intended for and
receive the deposits of the higher classes rath-
er than of those who are their usual patterns
in other countries.
Webster saws. 1t is ga Bank in which the
savings or earnings of the moor are henosited
and put to interest for their benefit. For more
than hundred and fiftv wears mast. anthor. .
tiles. charters. charitable and philantbronic
men and women might be cited in numbers
aluminium, to testify that "Sayinps Ranks ="
Charitable Banks" Fruealitv Ranks y
"Childrens Banks" "Parish Banks" and
such were. in ninety.nine cases in every HIM.
dred. designed for nlaces of denosit Of the
earnings and SAVINGS of mechanics laborars
servants. middle and poorer classes sailors
pensioners, children, and so forth"
1t will not be denied that. in England. on
tho Continent, and in the United States. more
than seventy Der cent. of the deposit in this
Savings Bank organization. is owned bv the
poorer and more needy classes: placed there
in small sums. for growth and safety. and as
a commendable precaution. to meet The neces.
sites of any sudden and unforeseen misfor.
tune in his affairs, or any disabling calamity
which might befall the depositor.
This class ofmonetary Institutions is now.
always has been, and should ALWAYS remain.
s.the Patent Right" of the INDECENT and the
laboring portion of the community.
The reader will recall the fact, as he peru.
ses this simple statement of the history of
Savings Banks and other charitable institu-
tons, that in all cases save in Italy, deposits
have been limited to very inconsiderable sums
for wha. purpose, it is not difficult to divine.
even for the most unsophisticated. 1t is for
the protection of the class of depositors re.
ferred to throughout this article against
large deposits, by wealthy men and large
business concerns, that States, counties and
municipalities, may not be forced to tax the
deposits in Savings Banks, in order to tax the
large amounts placed there by the opulent