New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-11-25
SAVINGS BANKS.

SAVlN0S bANAc.
1t is now nearly sixty years since the
first savings bank in America, the Provl'
dent Institution for Savings, was incorpo'
rated in Massachusetts, and from the
start its prosperity has been uniform. In
1872 its depositors numbered nearly
$4,000, with s13,O0O,OOO of deposits in
that year and in wealth it was second
only to the Bank for Savings and the
Bowery Savings Bank, Of New York.
Intitutions on similar plan were soon
established in other Eastern cities, and
before the close of the second decade OF
the century, Albany, Hartford, New York.
Baltimore and Philadelphia had created
six which are now the most pros
porous in the country. The report
of the superintendent Of the bank
ing department Of New YORK Tor
1872 shows q wond ,rful appreciation OF
these banks. In New England, Massa-
chusetts holding more than one-half the
amount, there were 1,112,927 depositors,
with 1854, $50, 1853 Of deposits in 317 banks,
an average of 1918 81 to each depositor.
New York, with greater population by
nearly a million, has less on deposit, but
greater average, the amount being
s2S5, 2S6, Cpl by s22,642 depositors, or
1916 70 to each. There were $50 savings
banks in the State. the city alone having
forty-one. The average per cent OF de-
postors to the population in New Eng
land is thirty-two, of deposits Sl02; New
York rates at nineteen per cent, with an
average deposit of $50.
The growth of these banks since 1861
show constant increase Of ratio in
amounts of deposits over each preceding
year. In no other sections of the country
are they so numerous or prosperous,
although Pennsylvania, Maryland and
New Jersey of the Atlantic States, Ohio,
Missouri and California are not far behind.
In the latter State the first bank was estab-
lished April 7, 1859, and now has nearly
10000, 900 on deposit, about one-quarter
of the amount of the whole State. The
dividends range from six to ten per cent
70 the 10000 depositors. ...
1t is easy to see from this statement
what prosperous institutions savings
banks are when established on a firm
and how largely their in
duence contributes to the average pros
perity of the people. The accumulated
deposits of S74O, 100000 is more than
twice the aggregate capital of the national
banks. And this money is not locked up.
It is loaned at remunerative rates on the
most responsible securities. 1t builds
turnpikes and railroads, digs canals, erects
public buildings, and is invested largely
IN real estate, bonds of the United States
md solvent States. A proof Of their
;oundness is the fact that of the list Of
l67 of New England and New York since
1916, in the Bankers Almanac, only seven
ire reported closed, six Of them being in
New York.
Wherever they have obtained a foot. |
lold prosperity has followed and peace
md order reigned. A community with
hundred dollars to every man, woman
md child laid by for rainy day is sure
o be staid, sober and respectable one,
md such is New England.
In the South they have not been re-
,arded with much favor, but the cause is
o be found in the Ignorance Of the ad-
yantages to be derived from them that
prevails. Did every man who, from his
laily labor, has surplus dollar on Satur-
lay night, make it a nucleus for greater
UNI, he becomes, by means Of a savings
'ank corporator OF safe, trustworthy
nd profitable institution which must con-
inually grow more prosperous These
concentrated small deposits constitute q
apital which the depositor himself
nay avail himself Of il his own savings
re steadily increased. The prosperous
avings bank is an aid to the depositor in
he influence it exercises to promote fru.
ality, develop the desire for accumula-
ion, the natural interest in the welfare Of
is family, and habits Of independence
nd regard for morals and order.