St. Paul daily globe., 1888-05-13
ABSOLUTE SECURITY.
A Subject of Interest to all Who Have
Money to Save.
ABSOLUTE SECURITY GUAR
ANTEED.
The Only Mutual Savings Bank in the
State OF Minne-
sofa.

& 1t is truism indisputable. that ''Eo
/; gain is SO certain as that which pro-
. ceedS from the economical use of what
you have" and to determine the most
satisfactory analyZatiOn of this prin-
ciple occupied the minds and attention
of the prof0undeSt thinkers in both the
old and new world for a generation pre-
ceding its final solution.
Devices inumerable had from time to
time. been inaugurated for the care and
maintenance of the poor, but almost in
yariably they all tended to aggraVate
the evils they were ordained to mitigate.
Millions upon millions of dollars have
been spent by government and state for
the relief of pauperiSm, but which was
more fruitful in promoting pauperiSm
than decreasing it. Our wiseSt states
men were baffied by the ever-occurring
problem of human want, whose magni-
tude increased. and whose difficulties
multiplied with every attempt at its Solu-
ton. until to their aid came philan-
thropy, with the suggestion, novel at
the time, that incentives to industry
| might be more effective than gratuities
TO Idleness i'll diminishing the evils and
burdens of pauperism. These incentives
philanthropy proposed to supply by
Offering to the smallest savings of frugal
| llluuStiy Wll"l tlltN HSNVI DClOlS Cit-
| joyed-a place of secure deposit. whence
in time of need they could be with
drawn, together with such interest as
| they had earned meanwhile.
In carrying out these principles, the
Mutual savings banks of the country
were conceived and instituted as a
means to an end. Their ultimate pur-
pose in the social economy was to abate
the evils of poverty, and the years of
! their existence have practically demon
| strated that their object has been ac-
! complished. Fifty years ago the entire
| deposits in all the savings banks of this
| country did not exceed S6,0G0,000, while
| to-day the deposits exceed the grand
aggregate of $1,000, 900, 600, as the result
of practical economy by the industrial
classes.
But it is frequently asked. what is a
mutual savings bank. and how does it
differ from any other? The first is an
Institution whose trustees receive on
deposit the savings of the working class,
to be invested in the safest and best Sc
curities for the depositOrs' benefit, so
that they alone shall receive all the prof
its after deducting the necessary eX-
penSeS of carrying on the business. The
trustees of mutual savings bank re-
ceive no profit or gains; while all other
DdlhS, NHttHtI VI pli-
vate, are conducted in the interests of
their stockholders instead of their de-
p0SitorS.
Minneapolis has the only purely mu-
tual savings bank west of Cleveland,
o., viz: The Farmers and Mechanics,
whose entire interests are identified
with the laborlng classes alone, and
since its organization fourteen years
7 ago, it has done far more toward pro-
noting and encouraging the habits Of
| economy among the working people
than ali the other moneyed institutions
combined. 1t has to-day nearly
S3,O0O.0O0 of deposits, and since the
| bank was established it has never lost a
dollar and never paid less than per
cent dividends, besides accommodating a
surplus fund of s150.000. Its army of
| depositors are constantly increasing, so
! great is the confidence reposed in the
| trustees and management of the bank.
| Safety is the first and only consideration
| of the trustees. III considering an in
yestment they do not ask: Is it profit
| able? but is it safe?