San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1888-03-08
SAVINGS BANKS.
Institutions Badly needed In Texas.

On0 LnluB tuht uoos moio Uo"p
anything else to hold back enterprise
in this state, 10 the heavy interest ask-
ed by monied men for the use OF cap
ital. Twelve per cent is looked upon
as low rate of interest, and there
are few enterprises that could be in
vested in, that would bring this re-
turn, and allow margin for profit.
We clip the above from an exchange
It is gospel truth, as everybody
knows. Cheap money is absolutely in
dispensable to the prosperity of our
people. There is no ordinary bust
ness in Texas the profit OF which will
warrant the payment of twelve or
even ten per cent. Yet, what's be-
ing done to remedy this great evil?
Nothing. Too many of the men we
send to tho legislature are too much
interested in the continuation OF the
present state of things to inaugurate
Q reform; while private enterprise has
neglected this field of action. The
establishment of savings banks for
the benefit Of the people would meet
the case precisely. Here is a grand
opening of usefulness for the Farmers
Alliance or other cooperative enter
prise. We find in late issue Of
the San Antonio Express o report OF
an interview with one Of her promi-
nent citizens who had recently re-
turned from visit to the North, on
the subject of Savings Banks. and
their necessity in San Antonio. What
ia there stated is applicable generally
in Texas, and especially to San Mar
COS and Hays county. We copy the
interview below:
Mr.. @. l.. Dignowity saw great
many things on his recent eastern trip
which interested much on account of
his identification with every move
ment having for its main object the
promotion Of Southwest Texas and
OF San Antonio in particular. Speak
ing yesterday to an Express reporter
OF q thriving institution which at.
tracted his attention while in Pitts
burg, Pa, Mr.. Dignowity said: Il
was struck with the evidences of pros
perity and happiness manifested
among the thrifty laboring classes.
1t is the rule in the Smoky City for
workingmen to own their homes,
though modest they might be. On in
curing into this happy condition of
affairs 1 found the main cause 10 lei
savings banks. In these establish
ments the Pittsburg laboring men can
place their small savings, knowing
that their money is safer there than in
their pockets or houses, besides
which security they are entitled to
interest on all deposits thus made.
The legal safeguards thrown around
the conduct of these institutions in
Pennsylvania makes it absolutely i'm
possible for depositorS to lose any
thing, the stockholders being jointly
and severally held liable in all cases
of deposits.
"Now," continued Mr.. Dignowity,
"why can't we have savings banks in
San Antonio where the poor man
could store the surplus of his small
earningsi The Texas laws provide
for such institutions substantially as
do the laws of Pennsylvania. know
one savings bank in Pittsburg where
there are to-day 81, 100000 begging
for investment. This accumulation,
perhaps, represents the combined saw
ings Of thousands o. thrifty laborers. |
/ know that money could be obtained
for 4 per cent il the proper collater
ais were given. A number of the
leading business men of San Antonio |
could associate themselves together,
obtain o charter for q savings bank,
issue script to the amount of their
stock and give this script as collater-
al for any amount of the S11, 100000 |
of the Pittsburg money, of which l
spoke, desired. Certainly if this
money could be obtained in the man
ner indicated AMI at the rate mention
ed a per cent }, it could be let out in |
Southwest Texas as low as z per |
cent with good profit TO its handlers.
1t is useless &c suggest that if this
scheme were successfully consumated |
the problem of cheap money for Tex
as would be in great measure solved.
Try and stir up our business men on |
this matter of savings banks Mr.. |
n.-o,..t,, .,r,1,,l.l