Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1892-01-06
School Sasings Banks.

One Of the most interesting papers
read before the late rizstiI < Of the Maine
Pedagogical Society was that by Piinci-
pal j. ". Mitchell Of Rnexland, deserib-
ing the school savings banks The idea
Of school savings banks originated in
France where Il is no~ part Of the
regular school system Of the French Re-
public 70 1859 the school children Of
that nation deposited more than ten mil
lion francs. II has become common In
Germany and England. From England
1t has In small way spread to this
country. The first school savings
bank established in the United States
was at Long Island City. March 10,
1885,. By Commissioner Tberry ard
Miss Mary McGee. There are
2ilJ deposisors 10 those societies
and they now have sl4 ,3i6.27 to
their credit. The second was estab-
lished in the following year At Rutland,
VT. This was the first 10 New England
and down to February, 1891, was the
only one. There are ITO such banks
counting each room a bank. These are
mostly in Pennsylvania and New ork.
Twenty-four Thousand children are en-
rolled and $685. 81 Ia deposited to
their credit.
The savings bank Of the Lincoln
street grammar school, Rockland, is the
only one Of Its kind in this State and was
organized bill, 1891. It has on It's list Of
depositors one hundred and sixty pupils
from the age Of ten 10 fourteen years.
Principal Mitchell thus explains It's
method Of work:
There is cashier in each Of the three
rooms to take the deposits there. Each
Friday afternoon at one O'Clock the three
cashiers 90 TO q recitation to receive de-
posts. Each depositOr has clip made
out In proper banking form. The upper
part Is depositor's slip, the lower part
his receipt. They are perforated be-
tween. The cashier is instructed to
compare the deposit slip with the depos
it, and IL the two agree to enter the
amount on his book, AT the close OF the
noon intermission each cashier counts
bis der osits. adds his slips and adds his
book. II they agree he gives the money
10 the treasurer and takes his receipt in
due form. The treasurer deposits this
at once in the Rockland Savings Bank
He then enters the deposits TO the credit
OF the several depOsit0rs. Each slip is
numbered the same as the page of the
ledger on which the depositor's account
Ia. Before entering the Items the treas
urer adds the slips to see whether they
amount 10 the same as the deposit at the
bank II so they are entered, and the
correctness OF the entry proved by add
ing the last entries made and comparing
with the amount of the slips.
"Seven hundred and thirty one de-
posits have been received, and total of
over $50. ct for the first six months
not an error OF u cent was made. In a
somewhat hasty examination OF the
accounts for the purposes of this paper
10 would appear that there is difference
OF six cents between our cashiers and
the cashiers at the bank Yet remem
Der that this is the work of children
from ten to fourteen year3 old.
"Eachl:ix months dividend is made
on our account at the bank This is
divided among the members Of the soci
ETY. under regular book rules, except that
Interest is allowed on any deposit. wheth
er more or less than tive dollars. To
illustrate II Mary and John each had
four dollars at the Rocbland Savings
Bank in May, neither would get any
interest, as each has less than five dol
lars. The two having their deposits in
ca utp Co. FIR than
are in one account at the bank; divi
deud of sixteen cents is made. which is
divided between the two by the society.
l his is an advantage to the small depos.
itors and no hardship to the others.
The scholars themselves do the main
part Of the work. OF course | watch it
at every step, but they do the work
The cashiers have had occasion TO call
on me not more than three times. The
treas urer rarely mas occasion to ask my
assistance. The meetings are conducted
by their own members under an order
of exercises of their own devising."
This very clear account of the meth
DDS by which the school savings bank
works shows its three leading advan.
tages, they are First. it stim ulates the
pupils to habits of saving. Second, it
gives acquaintance with business tran.
sactions especially to those who at as
it's cashiers and treasurer Third, it
begets habits of frugaity, such hsb.
its, like all habits are formed by doing,
doing often and regularly. The little
banks stimulates to lust these thing
which are of incaleulable worth to the
mind and habits of the scholars. The
better they are understood the more rap
idly they will multiply, and we fully
believe that the present year will see a
considerable number OF these savings
banks organized among the schools Of
Maine.