The New York herald., 1875-12-25
HOW THE MUTUAL BENEFIT SAY
INGS BANK DID BUSINESS.

To rnE EDITOR or THE HERALD
II ts to be hoped that Governor Tdon WILL as you
recommended in your issue Of December 10, invcst
gate the broken savings banks The blow falls very
hard on many doposLors who have, year after year,
put portion of their earnings into those banks with
the belief that should sickness they would have
the wherewith keep out of the hospital and that in
old age they would not be burden their children
or frieI ds People in small way of business too
often deposit their profits and then draw whom they
desire to replcnsh their scantY stock and many such
entirely broken up And such breaking up
means than financial loss. II too often means
moral breaking down. Why should men and women
be industrious and economical that they may not
become at any time burden on tho community IL
the banks they trust allowed thus to
defraud themf Why should they not spend
thor money as they go along for such
things please their tastes and let each
ing day for Itself? have desire to be harsh
although losing my all of ready money by the recent
crash. do not think that tho officers dcsisncdy
robbcrs of tho poor but IL is beyond question that
they have been careless and reckless in their manage
ment of the moneys OF the poor The cloud OF lnan-
cial trouble which now onvelops tho land began to
gather two years ago, and such prudent men bank
directors ought 10 have foreseen the storm and akon
In sail. Better have lowered tho rate of interest
lowed on deposits than have jeopardized the principal
And it Is but fair demand that entire per-
sonal property and Incomes OF every official connected
with any shsky crippled or talcn bank should be at
and women who put their faith IN tho prudence and
honesty Of these bank directors and officers. Nor
should the State Superintendent of Banks Mr. Ellis be
excused from blame until he has sccn that at least this
justice ls done.
But to be feared that there has been even moro
than reckless speculation and want of judgment In
the management OF those banks. Inquiry would not
DO amiss to whether the everyday details of savings
bank business attended to with and precision.
Ny meaning will be bes illustrated 10y OF
individual experience opened my account with the
Mutual Benefit Savings Bank on April l. 1870 with
of naup inc tn
my pass book fifty deposits and htty -four Withdrawals
of money. After the first six months perhaps Itllo
earlier left my pass book constantly the Of tho
bank having perfect confidence IN its officers and IL
being more convenient; but, whenever | made a
deposit or Withdrawal was very particular before
lett tho bank to sec that tho amount either Tor OF
against properly entered II. l madc
all my deposits and Withdrawals of money
personally, with the exception OF two
perhaps three cheeks made my last deposit on 0cto
Der IL, 1875, ut which time had my balance in the
bank rockoncd by the teller from the pass book mado
withdrawal OF money and gave no check 10 any
after that dato few days alter tho suspension Of the
bank on December 2 think went 10 the bank and
asked for my pass book The teller commenced figuring
IN It, asked what WAS my balance; he named sum
nearly 500 less than he had told me in October.
asked for an explanation OF the difference between tho
two statements. Ho said that two entries had been
found against their journal which had not been
put a. tue proper time on my pass book ana nc then
and there entered them on II, Tor $40 dated Janu
ary 1878 and the other for $50 So dated May 1874
The smaller sum recognized as having been paid on
check which | had given for rent l asked IL
the admission Of those entries against me would
mako my pass book and their journal agree. was
answered that there was $50 in my favor entered
my pass book OF which thor journal gave no record
Now here, in my case, according 10 that state
ment three instances of neglect in the perform.
ance OF duty-nameiy, two omissions 10 mako tho
proper entry in my pass book which in their cus-
todv and daily in pgeonhoc close at hand, and
failure TO enter sum TO my credit on their journal
make this statement, not with any feeling of enmity
against any officers OF the bank from whom have
always received great courtesy, but that other dcpos-
tors who havo left pass books at tho bank may examine
their books, and [ sincerely hopo that may find
any reason to think that his account has not boon
accurately kept SIX HUNDRED