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

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and above interest paid; it is about ono
ffty-sixth of the interest or profit that
has been paid to depositorsi it is on the
whole amount of funds that have been
intrusted to the banks, less than one
seventh of one per cent. il the entire
aggregate Of loss had been crowded into
last year, it would be less than one per
cent. on tho balance held by the banks.
In the SuperiDtendenps Report, made
to the Legislature in 1870, the losses on
the aggregate OF deposits up to that time
were asserted TO be less than one hun
dredth of one per nt.,-less than the
tenth of mill on dollar, and not dol
lar of this loss occurred through fraud
And yet we are told these banks do any
thing bu, save; that they ensure total
loss to those who put their money into
them;" and We are further told by the
seme authority that confidence is gone"
As the deposits in the banks in New York
city increased lest year fourteen millions
OF dollars, this assertion is also little at
fault.
Under any management there must
have been heavy losses in consequence
of the great shrinksge in values All
old banks, with large proportion of their
- NJ
prices, can readily withstand the shrink
age; new banks necessarily stagger IN
der it; and, unfortunately, new banks
have, within the las. twelve years been
oiganized with dangerous frequency. Up
10 1865, banks were chartered on an av-
erage OF one and half year; from
that date TO 1872 they were chartered a.
the rate of eleven a year. In this fact
alone We see n potent source Of danger.
The bank deposits bad become so enor-
nous that they attracted the attention Of
irresponsible and reckless men, aud de-
spite the warnings OF The old hanks. char
ters were loosely and indiscrininately
given. This is now so well understood
tha. there ia little danger of repetition
of the evil.
But, Notwithstanding the dark spots
on the recent record. our statistics show
that, as . whole, the Savings Banks fund
has been well administered. and, to 1870,
its history Is fairly unparalleled by that
of any trust in the world. We know OF
nothing in which the percentage OF loss
has been so little; we know of no human
device that has rendered money so Sc
cure. Even ii we include the recent his
tory it would be difficult to point out any
interest in the country which has suffered
iess. At a time when the most cautious
enterprises of merchants are attended
with loss, when nearly all investments in
real estate prove unfortunate, when
shrinkage occurs in all forms OF secuIi-
ties. when every kind OF property has
deprecated, the Savings Banks must
share in the general distress; but we
affirm that the losses they have inflicted
upon the community are much less than
those from any other source. And as
there are one hundred and fifty-four Sav-
ings Banks in the State, it is not at all
surprising that a small percentage OF
them have not been managed with the
scrupulous honesty snd judicious caution
that have marked the rest. Is may be
that some Others OF the new banks must
close their doors cut our well established
Banks are smcng the safest moneyed in-
stitutions in the world, and neither private
persons or public bodies have admins
tered fuuds in their possession with re-
suits so generally fortunate.
Ex-Governor Coburn of Maine owns halfa million
acres,
None have
Sometimes to think how easily, if | had only hs'f
his pile, could satisfy and silence the mportu-
mites of the various neighbOrhood butchers
and bakers and candlestick makers
Makes me cry.
But he will have to lave his order for wooden
overcoat, just the same as the
rest of US at the
undertakers,
BY and by.
But there isn't much consolation in that, because
! don't suppose could get to be one OF the heirs,
assigns, executors or administrators