New-York tribune., 1891-12-20


the Oldest institution of the kind in New-York
STATE picture of it is given below. IT. stands
at No 81 Bleecker-st and its massive front, with
the Corinthian and Ionic columns, is o. landmark
TO all New-YorlSers of the present generation
For the ncalculable good it has done and is doing
and as the pioneer savings-bank Of this State,
the story OF that meeting In the City Hotel de-
serves to be told over again. Here it Is as it ap.
peared III the newspapers the next day
Gnan Eddy was called to the chair s and J. h
Uogges sppona a. seGretn % no ns C9iec. % Oh .ne
institution briefly and pertlnently explained BY James
that IS eSpedess to establish savings bank for the
city Of New York. A constitution was submitted by
principles discussed. was unanimously adopted The
following were appointed directors Henry Rutgers,
aSaas sS@as Ty B a.s D. witt Fs
John Griscom, jeremiah Thompson, Francis B. winthrop
Rssann p oSs Sa Geas aps IA %
ingston, William Raynrd, William III. Harrison, Rens
s%a. ifsGr EGGy Peter "A Ja Jon aHy r john
sldel, Andrew Morris, Gilbere Aspnwall. 2schnriaa
Lewis, Thomas Buckley and Naiah Taylor.
meeting OF the directors was subsequently,
held, December 10, 1916, and several committees
were appointed-one TO obtain place to begin
operations, one to draw up an address to the pub
lie, and one to apply TO the Legislature for an
act of incorporation. On December II these ofi-
GERS were elected: President, William Bayard ::
vice presidents. Noah Brown Thomas R. Smith
and Thomas II. Taylor. Thomas Eddy jr., was
made cashier.
Ii may be said that none Of these were doubt
ing Thomases,' though the future Of the under
taking did not by any means seem certain People
freely pronounced the scheme Of ilcse worthy men
visionary. Something like it had been started in
Scotland nearly score of years before and failed,
though the system had been taken up again in
1910 and found to be more successful in the United
Kingdom. Yet it was not till the next year. 1917.
that Parliament had given to the British system
its sanction and protection. The first savings
bank in America had barely opened its doors in
Philadelphia, in November, 1916. and q similar
institution was incorporated in Boston The same
year and began business in February, 1917 1t
was no easy task set before the committee, headed
by Peter Augustus Jay, son Of the Chief Justice.
which sought TO obtain charter from the Legs-
lature. One of the funniest things in the records
OF this State read in the light of to-day, is the
report Of the committee Of tho Legislature which
considered the application of the benevolent New
Workers to be allowed to establish a savings bank
ard help the poor and encourage the thrifty
After months Of solemn deliberatiou this commit
tee reported as follows 20 the General Assembly:
The committee submit the following as the result
OF their investigation on the subject:
! the poorer Glasses OF the community 10 their
hard earnings, and to produce habits Of Industry and
so 10 do still the committee are not convinced that
under the present state OF society in this country,
other circumstances and In older countries, can be
! put into operation with advantage. rhe expense
! lessen II not defeat the benevolent views OF the
| petitioners And the committee have yet TO learn
greater prospect OF success. and at the same time
. avoid 9 new Incorporation by making an arrangement
their clerks TO transact the business for small extTn
| allowance
the subject from coming in the usual manner before
| for leave TO report by BILL
IL was not until 1919 that the Iegslature's
fears were alayed sufficiently to secure charter.
The Bank for Savings opened for business on
! July ), 1919, in a small room in a building which
stood on the south side of Chambers-st., what is
now the northwest corner of the City Hall Park,
whcr fountain, (which appears at brief and ir.
regular intervals sustains the cty's pond lilies
| in summer and where bootblacks are won't In
| lave their grmy feet Over the entrance was a
! gilt beehive, and inside bust of Franklin.
surrounded by circle, on which was the motto
of Poor Richard" Take care Of the pence and
| the pounds will take care Of themselves" The
Institutions success dated from the day it started
ihcIc IL stlll an open account at the bank begun
on that day. 1t was opened by clerk in the
employ of Mr. Bayard, the president, who was the
senior partner in the firm of Bayard Leroy s. Co.,
merchants. Mr. Ryard induced every clerk and
servant in his employ TO open accounts ut the
bank The clerk who began the account mentioned
above amassed great wealth before he died, but
| nothing would ever induce him 10 close up the az
count Mt the Bleeckerst bank lie died q few
years ago, and by special arrangement his widow
was permitted 10 retain the old passbook as u
| precious heirloom, and 10 continue the open ae-
| count begun in 1919.
| The Bank for Savings moved from its original
location, first To the ground ON which the build
Ing Of the Emigrant Industrial Savings Bank now
stands On Chambers-st. opposite the Court House