St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-19
STATE SAVINGS RANks.
Pertinent Queries Addressed to
Legislators by Workingman.

Pertinent Queries Addressed to
Legislators by Workingman.
To the Editor of the Globe.
received a small pamphlet the other day,
entitled what 1t Is and on perusal of same
found it to contain notice OF the establish
ment of state savings bank in the city of st.
Paul, organized under the General Laws of
this state. and claiming to be strictly mu-
tual enterprise, intending to aid in the fnan-
cial training of the young; also to be the
financial agency or trustee OF the wage
workers. where they can go with confidence
and leave their savings with feeling OF alb
solute safety.
Being wageworker, hope can succeed
in making plain the few observations and
inquiries wish to make. The question of
savings banks is one nf vital importance to
the working classes, as well as to society at
large We discuss this question often and
earnestly in our limited way among our
selves, but of course we invariably fail 10
agree on any plan which will tend to settle
our doubts. Now the impression, whether
correct or not, prevails among us that not a
cents worth of security is required
TO be given to secure depositors i'll
case of failure or misappropriation. We
know il can be urged that each trustee is I'M
der $4,000 bonds for the faithful perform
ance OF his duty. Is it not possible for the
bank 10 fail, the trustees doing their duty
and not being liable for their bond, or would
the bonds apply in such eases to make good
losses sustained by depoSitors or If they did
apply can they be considered sufficient:
l don't wish TO convey the impression that
the workingmen fail TO appreciate what we
believe to be the good intentions of the OIL
GERS and trustees of the State Savings bank,
for. according 10 the law, they must serve
without receiving any compensation. either
directly or indirectly, and are also debarred
from privileges which other citizens may ell
JOY, viz, borrowing from said bank? They
are, by common report men above re-
proach, and we must give them credit for
their generous sentiment expressed, viz, an
honest effort 10 induce habits of prudence
ana economy among the masses OF our city.
But are not our lawmakers al fault in failing
to provide proper security. such as would be
required OF city, county or state treaSurerS,
who are compelled TO give very large bonds
i'll proportion 10 the amounts handled: This
security costs nothing and is a reasonable re-
qulrement and Is even demanded OF the men
who handle the funds of chorch or secret So
cieties Notwithstanding their bond of
brotherly relations to each other. how many
business men in st. Paul would insure with
company who were not required to give
bonds, supPosing such an organization was
permitted by law. / venture to say not any;
nor would the good standing of the officers
affect the case III the least 1t looks to me as
If our state savings bank law has the ear
marks OF being the production of bankers
and intended for their use This law may
come under the head of class legislation,
but if the class to be benefited are the wage
workers then it occurs to me that the law
makers did not lose much sle-p over the mat
ter. All Will agree that workingmen who are
interested in saving portion of their earn
lngS make better citizens and become more
interested in the welfare of their city and
state as well as more patriotic generally, and
few OF such would be socialists or dangerous
to society, and the majority of our class
would be depositors had they sufficient op-
portunity and security.
Note the condition in England, where less
may be expected on account of the lower
scale of wages paid and the increased cost of
living. Their opportunity to deposit por-
ton Of their earnings is always at hand and
safe. The population is dense in proportion
to area. as compared with our country; yet
they have AGA savings banks, Instituted i'll
1917 by and under the control of the gov
ernment, which held in 1876 TO the credit of
depositors S2l6,500,0GO In addition to
banks, established in 1861. which. at the
close of 1876. held to the credit of deposit
ors the sum of $4,000, COP. This is a re-
markable showing, and the benefit OF those
1912 repositories 20 the masses must be
measured by the amount to their credit in
them, viz. S35 10000. This must be a
great agency for the improvement of their
condition socially. as we'll as financially.
Our country, with its immense area and
much larger population, had in 1886 only
63S savings banks, which held 81 260, 00O.-
good considering our limited opportunities
but what might we not expect it to be if our
general government would extend 10 us the
same great blessing the English people en-
JOY, namely, the postal savings bank.
A NORWEGIAN.