The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1892-04-16
A CENT AT A TIME.
Tho Plan of the Penny Provldent Fund

One of the most effective plans for
cultivatlng the saving habit IS the
Penny Pfovident fund. This interest
ing and benefcent institution is &C
complishIng a work that the savings
banks quite neglected. As they are
Inspired chishy by the graspiDg spirit
of trade, they have not cared to be
troubled with business that would bring
but little profit. They have not there
fore reached the class that had the
most to gain by the encouragement Of
the habit of thrift. This class inclrdes
both the very Young and the very poor.
Their income is small, and the amount
they can save Is SO much smaller that
saving banks see no money IN it, and
therefore disregard it.
1t is at this point thai the Penny
Provident fund has come 10 to do a
great work II the eyes of this insti.
tuition no sum IS foo small to be cared
for. II calls upon all people, what
ever their condition or age, to save
their pennies. The pennies soon
amount 10 dollars, and with the accu
mutation of dollars is born feeling OF
independence, a sense of power and
responsibility that encourages sobrietv,
se!f-respeCt and ambition. The Penny
Provident fu-d Is therefore an educa-
tional institution. lis Influence is very
great upon children. Taught by ii to
save from their earliest years, they
cannot fail when they reach the age oi
manhood and wOmanhood to be in
possession of habit that will insure
them against one OF the greatest ot
evis-the evil Of poverty.
The orgln of the Penny Pfovident
fund is quite curious. During the
visits that the friendly visitors Of tbs
Charity Organization society, of New
York, made among the poor Of tn,
city, they were often asked 10 keep the
small sums that children and pareat:
had managed to save. TnGse sums
were not deposited in the savings banks
because they were too small. Otter
it was because of the distrust in thess
institutions. Finally the task of CARING
for the money intrusted to the visitor;
without any system became SO grea
that another plan haL to be devised.
Mr.. Otto T. Barnard, an official o
the Charity Organization society, took
the matter in hand, studying it care
fully and exhaustiyely. He visited
Baltimore where bank known as the
Provident Savings bank had been es.
tablished some years for the purpose o.
encouraging thrift among those with
small income. 1t had a number o
stations scattered throughout the city
for the convenience of depositors anC
received SUMS as small as five cents
paying thereon 8 per cent interest.
As a result OF Mr.. Bannard's studio:
the Penny Provident fund of th'
Charity Otganlzation society was estab
lished. 1t differs somewhat from
similar institutions in existence. Ii
the first place, 1t was not connected
with the government, as IN Europe
In the second place, j. had no bank, a
in Baltimore, and it received deposit
as low as one cent. In the third place
it paid no interest on deposits. 1t wa
based, however, upon the stamp system
in use in Blltirlore as well as in Europe
Tins system Is ,ery simple; it obviate
all bookkeeping aud reduced III
chances for fraud to minimum.
All the machinery required for thi
system consists of photographic stamps
stamp cards, signature slips and pas
books. The photographic stamps ar
abop' as large as apostage STAMP
j .several denominations