, 1877-09-02

.
CHICAGO, Aug. 31.-Your article in this morn
inc's fssue-'s Security for tho Savings Of the
People ''-scems to offer an excellent method
Of arriving at the desired result. The plan
certainly demands serious thought ,and, II found
to be practicable, steps should at once be taken
looking toward securing the proper legislation
to put It III operation at the earliest possible
moulept.
There is another method in use to some e1-
tent iu New England, which might easily BE-
adopted here. Let an Institution be incor-
porated without any capital stock, and placed
in the hands Of a Board Of Directors or Trus-
tees, which shall undertake to receive On de-
post the savings OF The people and to safely in-
vest their money for t1icIn, an institution in the
profit OF which no person should have any in'
terest, except the dcposltors themselves, the
rate Of interest to DC paid not to exceed per
cent Der aununa. Such an institution, man.
aged BIZ Hell-knawn business men
purely from benevolent motives, would
be as safe. under proper Legislation, US 1t
is possible for human devices TO secure. The
Providence Sayin1s-Dank OF Rhode Island is ono
Of this class. The Directors serve entirely with
out compensation. no person receiving any sal
ary except those required to do tho daily work,
viz: the Treasurer and his assistants. In such
a bank the poor people could place confidence.
Perhaps both OF these methods might br put in
operation with advantage to the community.
However this may be, whatever plan may be
best to adopt, it is evident that the tiu.c has
come when reform is demanded. and It I'M
1olDtcuty lies within the power OF HE RTE
uSE, through its great influence, to effect such
4 reform; but it cannot be brought about by
one or two articles. no matter how pointed or
we'll conceived. This matter must be forcibly
presented to the public continually, until the
proper action is taken.
Would it not be well to call meeting Of
prominent citizens to consider the subject! Let
such meeting appoint committees to consider
the various plans, and to report such as they
deem most feasible. When plan Or plans are
decided upun, let Il committee bc formed to Sc
cure the proper legislation to render them fully
effective. Surh committee should be so strong
as to render it impossible for the proper meas
Urcs to be defeated BY the influence or money OF
those nos interested in our present savings
bc1ks system.
We have not yet forgotten that all efforts at
our last General Assembly to secure some pro-
lection to the poor deposition were defeated by
this very cluss,-thosc having Interests in the
present corrupt system. The opposition of
these tth men to such legislation was a commentary
on the system nuw in vo.1le that should con-
demn it to utter extinction.
One thing in connection with the comments
OF the papers on rcrcnt events has struck many
OF your readers With surprise, and that is that
no blame seems to hare been attached to the
Most OF your readers probably think that the
Directors OF such an institution should be re-
spousib]c Tor its management Arc tner re-
snousiblc, ur arc they merely ornamental ap-
pcuI2gcs! Do not cease the good work OF ael-
iatirlg this question until the present rotten
system, shall be wiped out, and some other
sdoptcd that shall offer reasonable security to
The noor tlcposltor. THE TRiBuSE's opportuni-
= - q REFORM.