The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1877-01-17

20 other institutions, managed upoi
different principles, and having il
view different object
To provide for that contingency
aud as complement to the act o
May l3, 1876, | recommend tb,
passage of an act for the incorp.ra
tion and regulation of savings funds
prohibiting them from becoming
banks of discount, and c1niuing
them 10 their proper object-tbe SAFE
X e,,ing of the savings of the people
| b. dep sits of such institution:
should be made as inviolable as trust
funds IN the hands of trustees The
mercenary spirit and desire of gain
should be taken out Of their manage
ment, SO that only men of the purest
motives aud highest integrity will
become managers and directors OF
Them The salient features Of law
That would commend itself 70 my
judgment, are these: There should
De uo stockholders expecting a retdrn
for cap iIai invested; the corpora ors
should be men of character aud stand
iag, having no peeuniary interest IN
the business. TIE amount TO be de-
posted by one individual in any one
year should be limited The invest
ment of deposits should be restricted
by law TO tirst-clsss securities and
measures taken to have this provis-
lou strictly complied with. Quarter
~ statements should be required 10
le published. The Interest paid 10
dep0eitUrs should be limited in gener-
al 10 about four per centum per an-
mum; the balance of interest arising
from investments would be used 10
pay salaries and other running eX-
penses, and to create a surplus tund
10 provide for exiraUr lInary depFecla
tions and expenses. The surplus
fund might be limited TO certain per-
centage of assets, allowing the board
If directors or trustees 10 increase
the rate of annual interest whenever
the surplus sufficiently exceeded such
proportion. Owing 10 the perna-
nent character of the investments, q
certain small percentage Of deposits
might be set apart for current busi-
ness, and all depositors should be e
quired to give reasonable notice Of
their intention to withdraw money
from the funds. In New York sixty
or ninety days are so given, aud IN
the institutions chartered 10 Peunsyl-
vania only fourteen days In Or
dinary times the latter limit is per-
hapt sufficient. but in panics, when
extraordinary depreciation in the mar
kes value Of all securities takes place,
the interest of the depOsilOrs would
be best secured by the longer limit.
| am aware that law Of this char
acter has not the stability or certain
~ Of one founded upon mercenary
The philanthropy Of mea
Is fuctuatlng quality; their self in-
terests are Constant ard steady
force. lI 50 lar as it is purely beus-
fetal, such Law may be regarded a.
A somewhat similar
law exists in New York aud mDs, of
The New England States, and one or
TWO have beeu chartered in PeBnsyl /
vania upon these principles. Pfac-
Liee hs, proven the wisdom Of such
legislation. | am satisfied It's results
will be beneficial 10 these days Of
noble public aud private charities, il
is not uureas, nable To hope that men
Of integrity aud standing, in every
will lend the sanction Of
their names and give the modicun Of
Jiple required to scheme fOr .Gpr0y
log the condition os the industrious
and deserving producers of the couu-
ny.
EDUCATION AND SCHOOLS.
The reports of the Superintendent
0f Public Institutions Will bibiE tae
educational progress OF the year
They testify strongly to the ansha-
ken Interest Felt by the people in edu-
cation, and contain recommendations
which are entitled to your serious
Our school laws, the expressions OF
a growing public sentiment, made
from time to time, are mass OF tTag
mentary enactments, which it would
be well TO reconstruct in harmony
with the wants of the community
and the tendencies Of the tim =
A revision of the methods and
courses of studies, plan for building
better and Improved district houses,
and greater control over the whole
system that the State now bas, are
among the changes that are desir-
able.
The Grst design OF the common
schools was to furnish aa elementary
education TO the poor. The system
has rapidly oyergrown the original
boundaries. Ii reaches into all de-
psrImen:s of learning. professional.
industrial and artistic, and the mani
fest tendency is to have the State as
sumo IN toto the function of public ed
ucator, and give to every class Of its
citizens speciSl and appropriate
training. Every year the recon-
cover wider deld, aud
new institutions Of higher and special
Instruction are pressed upon the
state. High schools, academies aud
colleges, Industrial and art schools,
and work shops and laboratories, are
confidently assumed to belong 20
system of State education. The
drift Of public opinion is unmisisks
bic The growth Of this opinion,
the increasing Industries of the State.
and the example Of foreign nations.
concur in urging the extension Of tbs
system. My views upol the subject
Of compulsory and technical educa-
lion nave already been laid before
you. / have heretofore uniformity
all efforts to raise the
standard and increase tho utility Of
the pubic schools. They are the
nerve centres Of the body polite.
from which eminstes the Intelligence
that gives l;se 10 IL Institutions
y balever strengthens them strength
ems the Commonwealth Tue sug-
ge-tions of the superintendent. tbal
- s.fl cs ,,,,hfic ..9,.aa,to, a. as4u