The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-10-03
CHIC.fGO EFTERPRE
Timely Suggestiot.
A Sound Savings Institupn.

Among the subjects II general terest that
have been discussed from diffent stand
points from ting tlme, Tor MAJ years past,
: th"' q the a ages Of yigs banks Tor
persons Of small lligaAs We iJievr the sys-
TEN Q. saving Institution, VIZ inst adopted
~ the Germans something over A hundred
Years ago, and pa years later, England.
ana other tur.pegp nations followed the ex-
ample set them ~ the German states and
institutions on SAVING plan RAPIDLY gained
IA public favor thrNghout the whole world
Without having tn precise date before us.
when TINS lmportin' subject claimed the at.
| tehtlon OF banking circles IN tins country it
| Il safe to say that Jie older cities of the east
adopted the savings |ank plan as far back as
/ 1913. At least, thee were institutions of
| mat KIND In Boston, New York and Phlla-
! delphla at As remote RriOd as 1910. During
the past twenty years savings banks have not
only been organized ID all Of the prominent
hnanclal centres IN tlis country, but the
smaller ana less pretenaous towns and cities
throughout the whole country have adopted
'lls einlhently wise system And many a
prosperous merchant, ehanic and laborer In
thls city to-day are entirely indebted to the
savings bark system for tie wealth and com
my Int Hle0lum OF
responsible saving Institutions the mechanic
and laborer have been able to Law abide enough
~ theif earnings ~ nay. by installmAnts CO. %
lot on which to build homestead for them
selves aud families. while many of our retail
merchants now dong business on our streets
land the foundation for their present CONNER
cial relations by laying aside portion Of
their earnings while occupying the subordi
nate position IT book keeper, clerk or sales
men. The first and great object that a me
chanlc or labOnug man should have IN view
Is 10 stop paying rent, and IN order t. reach
such result, certain portion OF every DAVIS.
week OF months earnings should he land |
aside with which to secure a home a. the
money paid To the Landlord for rent will IN a |
ie" years pay Tor comfortable home. The !
man that constantly pa,r',nizes a responsible |
savings bank is IN no danger Of being sid ONT |
on account Of sickness or other nIsfortunes- a
disaster that often results u persons who |
deal with private individuals, aAd more es-
pecially the money brokers. whe after hav-
ing received three. two. or even five Der cent
per month, viii At the hrst default or failure |
employ the Opportunity t. foreelose their
mortgage, and often by snap msiOmentsr
obtain valuable property for very suall per
cent. OF its real value On the Other hand
the certainty and security Of dealing with \
responsible savings hank, whose eIlstenee
and prosperity depend on its prompt and
honorable dealings, inspires a man with
strong confidence IN his future success
Everybody has observed what a wide differ
ence there is between the man who makes Il
a point TO deposit his surplus earnings in A
bank and the man who does not. me first
caves his earnings, and il therefore thrifty
and prosperous. while the other generally
squanders his means. The one secures the
public confidence, and hence can obtain a
loan should he need it, simply becauA his
habit OF depositIng his money gives HIM a
moral claim on the bank, so to speak. The
other is known to be an improvident spAnd-
thrift. and when forced to ask loan. II Ale
to secure it, has to pay the most exorbiAnt
rates Of interest. The banks, a. is yMlI
known, make the greatest observation-disclosures
granting accommodations, generally drawhg
a strict line between dep0sitors and non-dk
pOsitors. There are many savings in the citpl
that are entirely worthy Of public confidence
among the more prominent of which TILT
Times will mention that Of the State SavingkJ
Institution. This widely and favorahl1k
known bank was established in 1857, andT
hence is in its seventeenth year Of active ser-W
vice, and during all that period of time, 1t +
mas managed its business affairs in such an 1
st public confidence. Its past history has
been such as to clothe it with q reputationI
ma stability in which the public have the
ullest confidence. 1t is both old and hon
'rable, and IN selecting a bank in which TO II
,lace money, the depositor cannot do better
han to turn bis or her steps toward No. 50
md 81 Ia Sale street, the present location of
his bank. The wisdom that this bank dis
'layed, and the conservative policy that Il
'dopted during the dark hours Of til. panic
# 1873. not only prevented embarras. 1ents
md sutieriugs among its patrons, bat was
most potent in its effects in restoring conf
lence in the general finances of the city. In
making thirty and sixty days notice . condi-
ion precedent for the extradition Of money
rom the bank, except in small sums for the II
lecsssaries Of life, the bank adopted . policy
bat Nfas-most fruitful in allaying the excite
Aans-thAt prevailed in all channels of busi- ,
less fhe-efhSers of the State SavinRs In
titation insiade D. d. Spencer. president ,
D. 5. Smith, vice president A. d. Guild.