The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1891-02-19
Saving the Pennies.

In considerable part of the United
States "pennies," or copper cents,
have only recently come into use, and
in few OF the Southern and far West
ern States they cannot be said to be in
circulation even now. The nickel five
cent piece has but lately crept into
California, and coppers are dcspised.
In the Eastern States, however, small
copper coins have been in plentiful use
from the time of the country's settle
ment In this region the proportion
OF the people who depend upon small,
slowly amassed savings for their pros
perity is much larger than it is further
west.
The East is the home of the savings
bank. Real wonders have been donei in
the way OF founding fortunes through
the assistance of these depostaries of
small savings, and it is not surprising
that thoughtful and benevolent peo-
pile should seek to exteQd the principle
to smaller savings still, by establish
ing "penny banks" for the benefit of
boys and other whose accumulations
can only be measured, at the begin
nings at least, in coppers.
Boston, New York, Baltimore and
Detroit now have such "penny banks,
or preliminary savings associations.
They are established by benevolent
citizens who associate themselves for
the purpose, and are meant simply to
help small savers in getting a start at
the regular savings banks.
The New York and Boston plan is
this: The society or trustees having
the matter in hand appoint certain
local agents in different parts OF the
city, easily reached. If boy, or any
one else, has five cents or one cent with
which he wishes to start an account
he takes it to the Office of one of these
agents, deposits it, writes his name on
a slip prepared for the purpose, apd is
given a stamp card, on which his name
is written and tive-cent or one-cent
stamp, as the case may be, Is pasted
III one OF the thirty-siX squares.
Whenever the same depositor has
another cent or another nickel, he
takes it to the same place, and has
another stamp, corresponding with
the amount, pasted in another
square of his card.
At last his card is filled, and then he
receives the whole amount of his
deposit, and is sent to the nearest
regular savings bank to begin de-
post there. One started in this way,
he is likely to become q regular de-
position. He may continue to go
however, to the penny bank" with
his coppers. 1t would be dreadful
thing, with most boys or girls to go to
a magnificent, savings bank with a
deposit of a single five-cent piece.
The New York penny savings system
succeeded in bringing out, in fourteen
months, more than Is 1000 deposit
tors, and almost $4,000 in
deposits. 1t is probable that but
for this system none of this money
would have been saved at all, and
much Of it would have contributed to
habits of spending instead of to hab-
its of thrift.
Several European countries have
long had "penny banks" of this sort.
Paris has more than 200 Offices or es-
adjustments for copper savings, and
in the thirteen years that they have
been in existence five millions OF dol
lars have been saved through them.
This is a vast amount but great
number of people have contributed to
make it up. In one year some 10000
children III Paris contributed S34, 900.
All this money goes into regular and
S-hn lrc nd
their deposits by more than the
amount directly deposited by the
penny banks" since it starts ac-
counts which would otherwise never
be started.-Youth's Companion.