The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1889-11-23
The Peoples Column.
About Small Savings.

About Small Savings.
Ir. EditOr:-I enclose you an article on
the above subject, which l read in the Phil
adephia Ledger with very great pleasure
and which hope you can republish for the
value of the suggestions, as well as informa
ton it contains. r.
| SMALL SAVINGS.
The "drop-a-nickle Elm the-slot' device is
an invention to do away with the salesman
and to minimize the work of the cash boy
and the bookkeeper. Having been once dis
| covered, the application of the principle to
many uses will readily be perceived. Per-
haps the latest application of this automatic
device Is to drop-a- OBSERVATION-DISCLOSURES and
draw out a policy of insurance for "a hours.
Philanthropists are slower in adopting
bright ideas than the money-makers; but
even they can utilize this invention. A saw
iugs bank can not exist at every street cor
ner nor at every cross road store, because
responsible cashier is an expensive man.
And yet we need savings banks in every
little village; in fact, we want savings banks
sibe. It costs in money or time almost or
quite the small sum of a nickel to go to the
office of a savings bank, and even then, the
bookkeeping entries required to carry de-
pOsit of so small sum through the books
does not Justify a savings bank in receiving
so small an amount.
But if our good savings banks could wisely
utilize the drop-yOur nickle-in- the slot idea
they might reach and influence a vast body
of people to begin and continue course of
savings. Such machines at every factory
door, at every school house, and at respon
sible stores in every village, would reach
those who could be reached in no other way.
Drop nickel in the slot and draw out a
certificate of deposit in the savings bank.
At convenient times take or forward the
certificates to the office of the savings bank
and open deposit account, or add the sum
TO a deposit account already opened. At
first blush it looks feasible.
But the Charity Organization Society of
New York has already at work system
which, while it minimiZ"s book keeping,
facilitates the saving of the smallest sums,
even of diverse amounts. 1t issues stamps,
similar to postage stamps, of the value of
one cent and upwards. These are put on
sale at stamp stations in various parts of
the city and by church guilds, Baptist
churches, working girls clubs, Sc sc. The
society also issues stamp cards, about the
size Of savings bank book. The card Is
di Vided into SO spaces the size OF a stamp.
Stamps OF any value, from one cent up
wards, can be bought from the stamp sta
tons OF the phi antEropic visitors among
the poor, and these stamps are TO be gum
med on to the card. When the spaces on
the card are AL full, the card can be turned
in to the saving bank and cash or credit
received for the face value Of the stamps.
One of these cards that has been usod-one
of the working tools, 80 to speak, of the sys-
tennis before MS. 1t has attached to it 81
oue-cent stamps, four three-cent, five five
cent, three Decent and three % cent stamps,
amounting in all to S1.63. Thus, Samuel
Greenbury, whose card it was, was enabled
and induced to make savings of small sums
which otherwise, in all probability, would
have been squaudered, perhaps worse than
wasted. The saving bank system, with this
attachment, is fine illustration of Mr.
Robert G.. Ogden's terse remark that "phil-
dnthropy on a la1ge scale is a science; its
dppltcdtiOn is a fine art - But we can hardly
hope that private effort will reach out to
cover the whole of our broad land so that
stamp cards or even drop a-nickle-in-the-
slot" savings banks shall reach the agricul-
tural classes. The postotfices, and they
alone, are tie only counters that can be
depended upon to meet the want of saw
ings bank in the most obscure corners.
The postal savings bank system has been
in operation in Great Britain over 25 years,
and has been adopted by Austria, Belgium,
France, Italy, the Netherlands, Canada and
other British colonies Under this system
the Treasury Of the Government holds the
money of the people which may be deposited
at their postotfices. This gives universal
acceptability to the savings bank and abso
lutte security.
1t is sought by the knights of Labor, such
practical business men a. ex- Postmaster
James and eXSecretary of the Treasury
FairchiId, social economists and philanthro-
pists, to introduce this system into the
United States. But they are met with the
difficulty as to she disposition of the money.
Plans, it is thought. can be devised which
will make our postoffices operate as places
for receiving the savings of the citizens, and
yet prevent the concentration of the money
as demoralizing surplus. The system is in
operation in various forms In Great Britain,
Austria, Belgium, France and Italy. These
governments have adopted system to pro
mote small savings by the use nf postage
stamps aft xed to blanks (issued gratuit
ously) similar to that described above.
1t is proposed by some earnest advocate
of the scheme to transmit of the savings
deposited at the rostoifices to the treasures
of the State in which the money originates
| This would at once, by giving AZ savings
| banks, dispense the money and decentraliZe
the custody If the National Government
| were responsible, while the people would
receive a low interest say 2per cent.-they
| would have absolute security, and the de-
positors could deposit or draw their money
wherever they happened to be. The interest
| paid by the States should be sufficient to
recoup the National Government for its ser
| vice, As the cost of administering the
British Postal Saving Bank has been 4 OF
per cent. on the aggregate deposit, the
States would only have to pay 81 per cent.
| Gf the Government paid 2 per cent? for
their use Of the money. The States would
hold large and constantly increasing sum
of money, and this could be used in internal
improvements, or it could be loaned out TO
counties or municipalities as is done in
England. Thus the people would receive
back with one hand, as it were, for labor
done, what they deposited with the other.
II. j. SMITH.
Spesutia Island.