The Republican. [volume] (Oakland, Md.) 1877-current, 1878-10-26
Savings Banks in France.

Cdh IuSS DiHhS Ill Il rance
Of late the subject of small and secure
Investments by the public here has at
tracted much attention, and wisely So
for few who have dollar to invest
rarely meet an avenue attractive enough
Tor such small sum. 1t is strange. in
this age of learned CD treatises on cur
rency and financial economy, that we
have so few practical openings for the
poor capitalists to investin. How many
men have So, and know not of a sound
and moral medium by which to add to
It's valued Yet there must be millions
OF these isolated s. bills dormant, re-
curing onl y arOusing by an attractive
and secure system of deposit and inter-
est. To meet the wants of such small
capitalists France has become again
awake. A system of savings banks has
been satisfactorily established here, and,
believe, in some parts of America.
One feature | have observed here is
school savings bank. This feature ORIG
mated here and has spread abroad. At
this time there are in France 5000 of
these banks. They receive deposits of
one centime and upwards. As soon as
frame is reached to the credit of the
depOsitor the teacher gives the pupil
bank book
1t Is marvellous to note, even in the
young mind, the pride the possession of
this book creates. A sort of ambitious
independence is aroused that has in a
properly organized school q sufficient
moral leverage to rest upon. Money
thanked with morals. Independence
associated with becoming pride and
modesty. The providence thus impaired
to the children is not slow in reaching
the parents. Economy becomes topic
and prudence becomes a proverb. In
deed, | could relate some of the most
sanitary results from the examples of
this prudence by children on reckless
adults. In Client l learn there are A.
900 juvenile depositors, whose aggre-
gate savings represent the sum of $780,
900 per annum. In Nantes and LYONS
"penny savings banks have become
financial features. The employers of
these penny depositors'' never infu-
ence or control the deposits, though
they may point out the nearest banks to
90 to. The penny deposits 90 from the
|
tory, and that is the safest known--the
State. No individual tricks are thus
permitted and no failures occur. The
working people elect among themselves
one or more men as depositors. They
take the funds intended for the bank
and faithfully represent each individual!
contributor. An error is unknown. At
Nantes foreman who acted in this ca
pacity of depositing agent was voted a
bonus by the group of depositors He
declined it, on the ground that he was
one OF many, and theywere all co-work-
ers and depositors. This sum was then
carried over to the account of a mutual
deposit fund for the sick, etc.
The rate of interest on these deposits
reaches an average of five per cent,
bu! may be regarded at the uniform
rate of four per cent, per annum. In
1870 there were in France 100000 de-
positors of this class. The war inter-
vening between that date and the pres
ent disturbed this system seriously.
Now, however, it has reached strength
that if numerically not equal is tinan-
cially certainly greater. This will give
some clue to that internal monetary
wealth of France that enabled almost
every individual to subscribe to the
national loans, put before the public
on a sliding scale of bonds of varied
sums,) and created so much admiration
and jealousy in other nations. England
can point to some remarkable figures
in this matter of penny banks, but rela-
lively, as to populations, France stands
first.
AT this moment it is being advocated
that post-otlices, as adjuncts of the
State, should be made media for the
reception of these deposits. know OF
none of these numerous congresses OF
more practical everyday working value
than the one that will have perfected
the poor mans savings bank.-Paris
| Cor Balti1nOrp Sam