Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1878-10-09
THE PENNIES OF THE PEOPLE.

i The Post Once and School Danks ,
, 1ngland..Ths Penny Banks Of Franc
and 1slgtum
In the last number Of Caaelgs Mao,
s;ne ID IN Interesting articleon the abo,
subject, from which some valuable hint
might be obtained for practical use |
this country. A portion Of the articl
In given below.
! Penny banks were introduced int
England in 1857, the first being opene
~ Greenock, when 5000 deposition
availed themselves Of III advantages i
the FIRST year. From year to veal. pen
ny banks have been on the increase, an,
from recent statistics it has been showl
that at the present time progress Il Il
every way satisfactory. One Of the moa
| pleasing features In connection with th
movement 10 that 20 many of theee bank
avail themselves Of the advantages Of
fered by the 7ostofice savings hank !
rekards the qssouoeess GnpplySl booh
and information, and the invsStmsnt d
their funds With the government, TIM,
obtaining guarantee for their absolute
security. The last report Of the post
master-general, published in July f877,
gives the following particulars: ssDurina
1876 authority was given for l73 penny
banks In various parts Of the United
Kingdom to invest their funds In the
post-ofhce savings bank, and since that
time the progress has been made even
more remarkable, III penny banks hav,
ing been authorized during the quarter
ending March Slst, 1877, exceeding b.
forty-0ne the number during the CORES
ponding quartes in 1876. OF these 28s
penny banks, eighteen were ia boarding.
schools, twenty in Sunday schools and
thirty in other schools, one being in /
poor law union school, under the man.
agement Of the master and chaplain oi
the wOfkhouse. Farthing deposits sre
received from these pauper children. and
~ much a. "a l8s was invested on Be.
half Of the penny bank between April
and December, 1876.
In various parts af the country enef-
getic measures have been taken By cer-
tain societies TO bring the subject before
the people; thus the Oxfords6ire Provi-
dent knowledge Society has been en-
ploying agents for the purpose Of cstab-
lishing penny hanks n every !villaee.
school, factory and Workshop II IL
county, where they do not already exist,
and haa bcen highly succsssful ID IL
operations; and ONE eood feature il thai
the penny banln Organised 81 this soci-
ETY. aro II connecti0n with tie Hoato1hce
Savings Banks, and are under the man-
agement Of local trustees Another
notable instance h that Of the Liverpool
Penny Savings Bank Association, formed
to sustain and extend the system Of
penny hanks in and around Liverpool.
and to promote their eficiency and GOOD
management In the last report for the
year ending November 20, 1877, il wss
shown that in "a hanks organized by
this association there had been 296. 500
transactions during the year; El4,98l
lis. IOd. had been deposited, E9. .4Ol ~.
sd. withdraw, and E4,063 18a trans
ferred to the Liverpool 6avinn Bank In
the depositOrs' own names. There was
At the end of the year an aggregate bal
ance of E4,8 ,844 81. Id. due 70 22759 de-
positors.
All this Unsatisfactory, more especially
q the returns show steady increase n
the business, and prove that habits Of
thrift are becoming permanent.
One interesting feature in the scheme
10 that the promoters have secured the
cooperation of the pFem. and two loaaI
publiah tho weakly returns
of the association, and % keep the uub-
ject steadily before the public.
Rapid - has been the progress Of the
penny bank movement In Eaeland, IL b