Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-04-30
Sauin0s Banks.

The following, which is from Appleton's
Journal, msy be read ot this time with
interest and profit:
1t is not TO DO denied that the funds
held by our Savings Banks should be
watched over end guarded with religious
care; but when the zeal that concerns it,
self with this most important interest
impeaches the whole system OF savings,
because of certain derelictions in the ad-
minisiraiion of the trust, it commits q
great wrong.
Next to the necessity OF forti(ying the
savings of wOIk-people, intrusted to
Banks a2 ainst all fraud, misuse or mis-
management, is the urgesoY OF maintain
ing intact the confidence OF the public in
all sound institutions. The Savings
Banks, without being charitable institu-
tions, are moro beneticent than any
charitable Institution ever devised. They
are, in truth, the only charitable method
ever devised by man by which the con-
ditiou of the working class can be per-
msnenlly ameliorated. By afording a
means OF rendering savings secure and
profitable, they encouIog, thrift, and
every one who has studied the question
knows that poverty is to Le ayerted only
by the industry and economy that sccu-
mulate savings. Alms-giying may At
times be a temporary necessity but the
so called charities of the world have
made more poverty than they have re-
lieved. The Savings Banks, by paying a
profit on the savings entcusted 10 them,
aud by utilizing thess savings as capital,
by which industry is sustained, have ac-
complished double benefcence that can
scarcely be overstated. When Lord
Jeifery declared that the sptead OF Saw
ings Banks is more likely to increase the
hsppness aud even greatness Of nation
more than the most brilliant success Of
It's arms, or the most stupendcus move
ment of it's trade, he stated no more than
the truth.
With these facts in mind, it is pecu-
lisrly painful to hear on eveey side de-
nunciations of, and sneers against tho
Savings Banks. 1t is too true that within
few years several banks have failed,
and no little distress has been thereby
inflicted; it is sbamefully true that some
OF thess failures resulted from fragrant
breaches of hust. and it is urgently true
that every practical means should be
taken TO insure deposilors against repe-
tiiion OF such disasters. But the current
indiscriminate censure is doing more real
injury than the failures did.
When we see an influential contempo-
rary declaring that the Savings Banks
"are no longer TO be trusted; that they
do anything but save, that they insure
nothing bot total loss to these who put
their money in them" and find this ex-
trsvaeant uttelsuce freely copied and
generally sanctioned. it is necessary to
protest against them. They are supreme
ly unjust and wholly mischievous. II
the reader will give his attention to a
few statistics, which so far from being
dry" will both surprise and entertain
him, he will see the gross injustice of the
accusations we have quoted. Our stats.
tics arc necessarily confined to the State
of New York, none others being at hand.
There has been entrusted to the Saw
ings Banks of this State, since their begin.
ming, (from 1919 to Jan. l, 1870 the sum
OF two billions, one hundred and sixteen
millions, eight hundred and fiftY-eight
thousand, nine hundred and eighty-six
dollars. There has been paid or credited
to depositors duriug this period, as profit
or interest, one hundred and sixty.nine
millions, four hundred and twenty-nine
thousand dollars, while the banks hold,
IS contingent fund against exigencies,
a surplus OF thirty-iour millions. The
amount held by them on Jan. 1.1S76, Cat
this writing the statistics for the whole
state arc not iu) was three hundred and
nineteen millions of dollars. These huge
figures show the vastness of the interest.
Now, careful estimate OF the losses
that have occurred by failures, places
them at about three millions OF dollars.
81 have" writes a Bank officer 10 Us,
"made q careful estimate, based upon
the opinions of the receivers, the reports
of the Bank superintendent. and my own
Judgment, and ] place the amount at
about three millions, which is half
million more than the estimate of the
superintendent" This loss is large and
it has nearly all occurred since 1870; but
big as 1t is,- is only one-eleventh of the