The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1874-04-16
SAVINGS BANK, PAST AND
PRESENT.
BRITISH AND AMERICAN SYSTEM
REVIEWED-ANNUAL REPORTEOF.M
THK COMMISSIONER CT
MASSACHUSETTS,.

countries /; but in America, as with
steam and electricity, so with corpor-
ate banking, the advantages Of each
were seen and seized upon.
Our @Srailroads and telegraphs.
have multiplied, and SO have our
savings banks, until we have seen
chat thedeposite in one State in one
year amount to higher sum than.
the annual receipts Of the savings
banks in all Great Britain.
The old-fashioned English savings
bank, to be found in every city and
towD, and in many large villages, is
nlanagedby honorary trustees, assist
ed byssa paid cashier, who is called
the actuary, The trustees are select
ed from the landed gentry and "upp-
er middle class, and tn y fill up any
vacancies occurring in their body.
They are obliged toinvest every cent
of the deposits in Government 3 per
cent. securities. The depositors are
paid from . to p per cent. interest
only, The expense Of managing each
bank IS met out OF the fractional diff
erence between the interest paid to
the depositor and the interest receiv-
ed from the Government. In case of
fraud OF thief, by an officer of bank,
TIE deposition has no remedy against
the trustees, and in some cases bitter
consequence have, been suffered. It
is. however, Of very rare occurrence
that any such fraud OR theftis prepar
ed. An attempt was made by some
shrewd gentlemen, few years ago.
to establish savings banks somewhat
similar to those in this country, but
the public would not support them.
A clerk in the British Post Office.
Mr.. Scudamore, observing the graw-
ing popularity Of. the money order
department in city and country, con-
celVed the idea of adding savings
department to the National Post
Office, and thus creating a savings
bank in every Post Office. After
many hindrances and distractions
had been passed or overcome, the
new plan was adopted, and has prov
ed IN every way success-succoss~
tul financially for the Government, and
successful as convenience to the
industrial classes.
The old savings banks too often
treated the depositors as if they wer
paupers seeking relief, instead ofhon
est, saving people. And as the trus-
tees Of the bank were always the en-
ployers, it came to pass that the
knowledge possessed as trustee was
too often used as employer adversely
to the workingman, who saved
tom his weekly pittance. '
The Comm onwealth of Massachus
etts stands at the head of the States
OF the Union. when viewed in rela-
ton to savings banks and the man
agement and development of the
system. "a II1r rtrr.r
The able and jndicious Commiss-
Toner for that State is, as usual, far
ahead OF the officials in Albany, and
his report is particularly interesting
to all classes of the community, who
anxiousIy watch all the effects of
the great panic of last year.
The savings banks Of Massachus-
etts held on the 25th October, 1873,
tie enormous sam ofS2O2, 1854 of
savings deposits. This was an in
crease Of over Sl7,000,OOO compar-
ed with 1872. E0lY f..XTt'1s
The magnitude of the interests in
volFedln the savings bank system is
too often lost sight ofby Legislatures
and The public, and this, in addition
to other reasons, justihes the careful
review we propose making Of these
institutions.
There are 175 savings banks in the
Bay State, with an aggregate of $685.
900 deposiiors. During the year
$4,000 accounts were opened. On
page 102 Of the Commissioners
Report we find the deposits in 1872
Amounted to ~ 49, SlS47a7 318
AMOUNT ps = i DEPOSITS J8A 'ys
$243s44, s71