New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-06-05
intendent of the Banking Department ms sy.'oln
has continued to the present time, the superh.on'

intendeut of the Banking Department. ms system
has continued to the present time, the oaperih.on
dent of the Bank Department receiving MS apPoih"
ment from the Governor and Senate anu nviu,ne
Office for three years. Mr. Paine receNeu W.
anpointment to this Office in April, 1888. AIter
giving a succinct history of bank taxation III tue
State. the author concludes this portion Oh hi'
sketch with the following tribute to the inhuehoe
of New York upon the financial systems OF tnis anu
other countries: .,
Passing over the great panic OF 1872; ana th es
banking laws received no material amenul1en.l Huo
state Of NcwYork presenting the pes. oanA"e
system and the best currency OF any Stsec. md with
In 1861 came the war OF the rebehlon, anu han
il fhe demand of the Government LOT miiqns ",
thousands had heretofore answered. Dahh sa'p tha
SIGN and panic became neyitaSie V vnI svstem TO
its own currency and with its taxation vi ~ t
cent on the circulation OF state banks. tno aaoI
Tenders so-callel and National Bank currency
took its place. In 1882 compilation anu Iot ,r
of the banking statutes became lawi o srstem
is excellent in the present National bank sSS'0m or
helonTs not TO enc Secretary of the treasury OF
another but to the fact that the general 0oT fpo
ment borrO wed the principles OF sound ihahco I'm h
the great State of New York This system, 700, mas
been applied to the Bank of England SO tnV cnrd
York may claim to be the Empire state oi oJ haye
banking whose men and whose prlnciIl les haao
given currency W hose actual value Is the saho "'
its nominal value. to two worlds'
The distinction which Mr. Paine makes oS 0oh-
s,dering Savings banks Jas benevolent, but hoV do
charitable institutions is reasonable one
Proncrlv managed. they undoubtedly do extend
beneficial aid in promoting the prosperity a""
happiness of the thrifty poor; but IN no sense can
the deposors be regarded as the recipients OF aims
| The good they have accomplished in this State Is
| almost unreasonable
The first Savings bank in the world was iouhceu
in Hamburg in 177S; the first one to be chartered
| in New-York was Incorporated IN 1919 III was
founded under the name. (which it still bears me
| Bank for Savings in the City OF New-lork'
Although long struggle had preceded its establish
ment. within six months afterward its success was
| assured More than $4,000 had been received
| from 1927 depositors, of whom o4o wero
q mechanic laborers tradesmen and domestics; 2s7
were boys; 276 girls; 9s were widows; 70 were
orphans; Is apprentices and "a unclassiied" The
| statutes of subsequent years gave stable ana
permanent character to these institutions. Inc
| statistics of New-York Savings banks since 1898
| show an extraordinary development. In that year
the deposits amounted to 81 .422672; the interest
| paid to depositors, to $2,070,S51; the number OF
| open accounts was 203,S0i and the average OF
| each account. 1908 a. The increase has been
constant in each succeeding year excepting 1879,
when there was ight. falling off. On January ],
1884 the amount of deposits was $i3l, OsO,OlO;
| the interest paid $14,724,663; the NUMBER oil
| open accounts was 1,147.5SS, and the average
| account, 1915 81. Thus about one-fourth OF the
inhabitants of the State appear at present to bave
savings bank accounts. Who car estimate the
mower for good that proper encouragement of
these institutions and thorough protection OF the
savings ntrusted to them, exerts upon the con-
tinued prosperity of the peoplef The student oil
| social science will find few more profitable or
inviting subjects for his attention than the story OF
their growth and development rs told by Mr.
| Paine.