The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-04-01
OUR SAVINGS BANKS.
The State Savings Institution.

The history OF the State Savings lnstitu-
t,un u the history Of the savings bank
business ia Chicago Established in 1857,
10 was the first of its kind IN the State Of
Illinois, and d1ring the two-score years.
nearly, Of its existence, il has experienced
An the vicissitudes of fortune that have
ovrrtaken the city during that time. Ii
has seen many financial enterprise that
promised good results, suddenly falter by
the way, and it has seen successful com
petitors grow up until now Chicago has
number OF institutions of the kind In
every way worthy of the public confidence
aud apparently receiving a fair share Of
the public patronage. But the State Saw
ms Institution has always been the favor
ite with the people, and while educating
The people ia habits Of economy aud max
ing the way easy for other savings banks
~hluh we're not SLOW to take advantage Of
the opportunity, it has been increasing its
deposits year by year, always leading the
other banks in the friendly rivalry.
NINETEEN YEARS AGO
Is not So far back AS not 10 be III the
minds IF tens If thousands still living an
Chicago, but it is time enough for the old
est savings bank in Chicago to have made
4 reputation such As only long period Of
honorable and successful bus can
bring to a bank When the State Savings
Institution first opened its doors in Meth
1dist Church Block, On Washington street,
near Clark, the saving bank business was
an experiment, and it encountered all the
opposition that new enterprises are apt to
receive Many Of our readers remember
the suspicion with which the new savings
bank was regarded, and how the officers.
besides combating the foolish hostility Of
many otherwise sensible people, had to ed
ucate the masses into the knowledge that
economy and thrift are the true roads to
wealth, and that a savings bank which
pays interest ON deposits is the safest and
best place for the clerk, the mechanic, and
the laboring man to place his surplus earn
nes. The business of the bank grew
SLOWLY But SURELY.
Day by day prejudice retired before the
stem logic Of facts, and the deposits Of
The bank grew the first year to several
thousands. Year by year they continued
u increase, almost impercePtibly at first,
but faster by and by, when the bank had
proven, by repeated trials, that the conf
dence reposed in it was not misplaced,
until they now reach up among the mil
lions
me CAREER OF THE STATE SAVINGS INsTI-
TUITION,
even though it has been a most remark
able one, has not been entirely unchecked,
~ the reader might suppose. 1t has had
its runs like other banks which have been
long established, but It has come out OF
an triumphantly, and stronger in the es-
tination Of the public than ever. First
came the run of 1861, followed in their
order ~ those Of SO, "a, SO. II, and
- These did not grow out Of any lack
Of confidence in the back, hnt were the
result Of general business depression and
financial panic. The course taken by the
officers Of the bank we're such as to allay
TIE popular excitement. Instead Of taking
advantage Of the privilege which the law
gives ali savings banks to demand notice
Of the withdrawal of money, the officers
wisely kept open their doors even after
banking hours, and increased their cleri-
cal help that their depositors might the
more readily regain their money
AFTER THE GREAT FIRE.
Every one will remember the noble action
Of the officers Of the bank during the gloomy
days following the great fire. As soon as
the debris Of Their splendid building cooled
sufficiently and their vaults were opened
aud the contents found to be unframed, they
commenced to pay OF their depositOrs, who
also suffered by the common calamity. The
bank had lost enormously Its magnificent
building costing upward Of 500. CO. lay IN
dSI4tS llS prospectus iOf llhuicuAdbe
business We're destroy ed. Many of its Secu-
rites we're rendered, if not valueless, at least
Of little value But with characteristic Chi
eago humanity the officers Of the bank, after
a hasty consultation, decided to pay some
thing to every man who asked, and send none
away penniless. Many Of the depnsitors
LOST then bank books by the fire, and had no
record lett Of their deposits. But with
generosity that many will remember to their
dying day, the bank paid each and every ap
pleant on his own assertion Of identity as
a depOsitor, $50, and took the chances Of
being defrauded A few days later. when
order had been IN some measure restored to |
the chaos Of confusion, the bank paid in full |
every depositor, On presentation of his or her
took Such was the confidence that was re-
posed in the bank. that hardly any except |
those who were in real necessity and needed /
money 10 relieve their pressing wants. with
drew their deposits.
The growth.Of the deposits OF the State
sayings institution Is
CURIOUS STUDY,
far it practically shows the development Of
the savings bank business in Chicago. In
500, after the first three years of its exist
rnee, the deposits amounted to $50, 900, in
sos to 500, 900. in 1870 to $1,000, 900, and
to-day according to the following statement
made the LIST Of January. 1876, they amount
10 about s4,OOO,OOO.
THE STATEMENT
Z AZ follows:
RRsoCEcEs
Mortgage loans on real estate .o0s 626 81
,ue iOaas on eoiiAterals ...-........ 7te 1e6 81
prrnai loans on ooilaters. 6n 2l6 IS
nted States bonds- .-............ 0i00O0 90
= nth Park bonds. ........-........... l0l 900 "