New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1892-09-28
TILE SAVINGS BANKS.
SHOW THE DEMOCRATS STILL
FURTHER HANDICAPPED BY
PROSPERITY:
Report Of the Democratic Super.
intendent OF Banking Depart.
ment--Effect OF the McKin.
ley Law on Savings Bank
Deposits in New
York.

Albany, Special Most impressive
dnd weightY testimony has just been
given from an official source. respect
ing the pr osperity OF the workingmen
Of New York State since president
Harrison assumed office in 1889.
This testimony comes, innocentIy
enough, from Chas. M. Preston, the
Democratic superintendent OF the
State Banking Department. 1t is
contained in the semi annual state
ment concerning the condition of the
States savings banks on Jan. 1 of
the present year.
On Jan. 1, 1889, or only two
months before Mr.. Harrison assumed
office, there was due to the depositors
in the savings bank of this stnte
1888, 677575. Large as this amount
was, the workingn,en have added to
it, million after million, until on
July L, 1892, it has risen
to 500, 56o,o31. 35. They have
thus increased their funds in
the savings banks in the course of
President Harrison's Administration
86,882,516.35. More over, the re-
sources Of the savings banks have in
creased enormously. They amounted
on Jan. l, 1889, to $615, 889, 796; and
on July 1, 1892, to SOL, l12, S73.48,
af cox OOOgO77 NJ,
Preston furthermore reports that the
savings banks have a surplus OF
$9O,257, 38O.81.
twill be difficult for voters, under
these circumstances, to recognize the
'''years OF calamity" SO graphically
described by Democratic orators in
giving a history OF the Harrison Adj
minstration. The savings banks de-
positors themselves do not seem to
be aware of any reasons for melan-
choly or distrust OF the future, for
more of them than ever before have
put money in the savings banks.
They were reported to be 1,362,852
depositors in the savings banks on
Jan. 1, 1889; and July 1, 1892, it
WAS reported that there were /, $685.
1873 depositors in the same banks.
The increase in the number OF depos-
itors and in the total amount Of
their deposits is the more remark
able from the fact that the trustees
of savings banks for four years
past have been refusing to re-
ceive large deposits, Or topay interest
on more than a fixed amount. and
have thus prevented thousands of
persons from putting their money in
these banks. Furthermore, therapid-
ly increasing building associations in
the cities diverted millions Of dollars
from the savings banks which would
in former years, have been put in
these banks. Notwithstanding all
these checks, as stated above, the in
crease in the liabilities to the savings
bank depositors since Jan. 1, 1889,
amounts to $38, 1882, 516.35.
The magnitude Of the operation OF
the savings banks can be appreciated
when it is learned from Mr. Preston s
report that the amount Of interest
credited and paid in the course of the
six months ending July last was $1O,-
Alt, S49.54 In the same period there
was withdrawn from he savings banks
the sum OF 500, 614,152.95, and there
was deposited the sum of $11O,O32,-
O68.23. The net increase of deposits,
accordingly, was $1O,417,9 81 5,28. In
asmuch as this is the record Of only
six months of the present year with
the business world prosperous, it can
be predicted that the net deposits in
the savings banks OF the State for the
present year will be $2O,OOO,-
900. For a State whose popula-
ton is described by the Democracy as
suffering from the burdens of the Nc
Kinley act and Republican legislation
generally, this has the effect of ia start
ling surprise. That the poor working
men should be able to make savings
in six months amounting to $1O,OOO,-
600, exclusive of interest, is SO aston
ishing that Democrats may beinclined
to admit that it is at least possible
that the tariff is not a tax, and that
the Mckinley prosperity is not q fig
ment of Republican hallucination.
In Kings county the workingmen
$1,O29,l94,. SO, having Withdrawn
$1S,OO3, 479. a. from and deposited
$l9,O32,674, .O2 with the banks.
In New York county the working
men put $50, 879. 366.O3 in the saw
ings banks, and withdrew $47,637,-
027.71 thus making a net deposit OF
So, 242, 1888
lJis observable that the savings
banks are especially numerous and
prosperous in the manufacturing cit
les. The bank reports from these
cities show conclusively that the Nc
Kinley tariff act has given profitable
occupation to the operatives employ
ed in the factories.-NeW York Trib-
une.
The FOREIGNER TAXED.