, 1873-03-30
BANKING,
BANKING.
SAVINGS BANKS,

It is gratifying to notice that the system of
Savings Banks is making good headwey
among us. There are no institutions that are
exercising more snlutary influence in Ger
tain quarters, which cannot be reached by
any other means than the3o. Their vnst
benefits are felt far more plainly than thew
are seen.
There are but few who contemplate the AZ
gregate amount Of the surplus earnings and
the savings OF those classes Of peraous who
arc not engaged in extended business opera
tions. These small sums, which would gen.
orally be hidden away, and produce no in
come, begin at once to accumulate by tie
interest n1lowod by the Bank to the depos-
itor They are also laid up whore neither
moth nor rust can corrupt, nor thieves break
through and steal. They also remove the
temptations OF the nurderers, who frequent
~ take the life of their un5uapecting victim,
while he is sleeping, for merely small sum
of money which he is supposed to have laid
by. In this concentrated form OF theso small
deposits, they constitute q capital on which
this same class Of people may rely when they
have accumulated nearly enough to make for
themselves home, OF to enter upon or en-
large lucrative business. Savings Banks
have probably done more to suggest nnd en-
courage habits Of economy, and to lay tho
foundations Of splendid fortunes among that
class who cid not happen to be born with q
silver spoon in their mouth than any other
system. The independence one feels In hav-
ing good bank account ia O great satisfec-
tion. Every one is acquiring small SUMS of
money, and who aspires to independence,
comfort, and position in society, should, by
all means, open an account at some good,
solvent, and liberal Savings Bank, and the
younger the depositor begins the better.
There is probably no one thing that will exert
greater moral and conservative influence
upon the younger portion of q community, of
both sexes, than to become interested in this
mode Of savings. Whatever may have been
their associations or antecedents, they be-
come lovers Of law and order, and opponents
OF all nobs, riots, and disorders. They take
greater interest in the condition of their city
ortown, and all public institutions and affairs
therein. They also feel that they can aid in
some important improvement with these DO
cumulated funds in the Bank; aud, by the
reputation acquired by the fugality
and industry which this course engen-
ders, may be called upon to teke charge
OF responsible trusts, or if not enabled or H.
clined to take direct interest in such I'M
the public interest," they feel thatthetr united
deposits or capital in the bank can render
efficient aid in the accomplishment Of stu
pendous works, will promote their own in
forests and every good member Of their COM
munity. The first Savings Bank in New
York was chartered in 1919. In 1890, its de-
posits were one hundred and hfty-flve thou
sand dollars {s165, ,O00). They increased an
nually at rapid rate. In 1879, its deposits
amounted to eighteen millions three hun
dred and sixty-seven thousand dollars lsl8,-
367 .O00). The Bowery Savings Bank was
in 1884. The growth Of this bank
posits were two handred and Gfty:seyen
dollars {s257 ,Oo0. In 1879, they
thousand dollars ara {s3o, ,ass, $50.
Its increase, like the first, was gradual. To |
give an idea Of the immense benefit, or fa-
may be well to state that the annual reports
show that the Savings Banks II the State Of |
New York had ninety-sl1 MILLIONS loaned on |
6ond and m9rtgage, and one hundred ltln and
stocks. In Massachusetts, the amount |
loaned On bond and mortgage was seventy |
Counties t % and cities, ] and twenty-four millions
Savings Banks have leaned thirty eight Nil:
posits in the sir New England States and |
New Tork increase annually in regular but |
Rss hassa9sa s a1a hsx sxevs s
500 900, thus exceeding the National Bank |
capital Of the United States. The Savings I
Banks are invested With different privileges !
and powers in the different States in regard
to the appropriations of their funds. Some
Of them are restricted to loans on real estate,
some to real estate stocks, stocks and bonds.
The fund so raised by these small deposits
constitutes what may be termed Credit /
t'oucier," and who can compute the amount |
If facilities which it has afforded to the |
:rade, commerce, and industry. aad the th
The principle is this: That the
7arly and small depositors have not sufficient
capital to enter upon any extensive enter
Prise, but us they accumulate and contenl-
plate en undertaking, the same parties be-
come borrowers, and have this stupendous
capital to fall back upon to aid them IN its ac-
:omplishneut. Having presented 2 synop..
will be encouraging to observe, that our own
7oung city Of Chicago has made remarkable
progress in the establishment of such 1nst1-
utions, and it is indeed very remarkable,
vhon it is but eleven years since the first one
Has organized. The following table Will uI-
aston1sh mnny who have not ElVen |
my minute attention to this department Of
Political Economy, and it affords an lmpor-
ant lesson upon financial science for consld-
,rat1on.
! ~ EEEg EE3E |