The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1893-02-17
TO SAVINGS BANKS DEposITORs.

TO bANLN0S kANAS OEEOsA AORos
A warning to savings banks depositors
is sounded by John Harsen Rhoades in
the North american Reuielo. These de-
pOsitors constitute very large percent
age of the thrifty laboring people of the
State of both sexes, and any advice quail
flying them to act wisely in the event of
any change in the character of the cur
rency by premium on gold, or other
wise, should be welcome. In view of
the possible delay of the repeal of the
Sherman silver bill until imitation has
touched point inducing premium on
gold and to some extent demoralizing
values, Mr.. Rhoades's counsel in the
event of such contingency is valuable.
He says:
Savings banks certainly in the East
ern and Middle States) ARE purely benev-
client in their character, having no capt.
tai and issuing no stock, and are man
aged by trustees, who give their time and
judgment gratuitously to the work on
behalf of the best interests of the people
at large. In charge, therefore, of a
great and benefcent trust, with all the
moral responsibility which properly at
taches itself to their work, when it is
considered that the moneys deposited
are the property and to a large extent
constitute the hard earned savings of the
laboring classes, these trustees are bound
to exercise at all times great caution.
Their management must be thoroughly
conservative in it's character, and no per-
sonal motive should sway their Judgment
or control their action. What, then, are
the issues which, under the existence of
a premium on gold. they are called upon
to meet? AS rule these banks are un-
der close State supervision and governed
by well-regulated general laws restricting
invest ents to those which offer the
greatest security to the depositor in ad-
dition to which they are in possession of
strong reserves in surplus earnings
created through the operation of the
laws which govern their management.
In consequence of this there are no de-
positories in the country for the savings
of the masses in which the risk of loss
has been reduced to so low minimum;
but the class of people for whom the
banks for savings are intended are often
ignorant, easily alarmed, and when
alarmed become panic-stricken, and there
is danger that with premium ON gold
there will come to the depositor sense
of loss upon his savings, and knowing
neither the why nor the wherefore he
will, in the excitement of the hour, seek
to obtain possession of his deposits in
the expectation that he can thus avert a
loss, but which, once obtained, are gen
orally unwisely expended or invested in
doubtful securities; while if allowed to
remain until the era of initiation is over
fha INN on
ed, they can be returned to him in cur
rency fully equal to if not superior to
that in which the deposit was originally
made. The known strength of the in
stitutions themselves, coupled with a
prompt Strengthening of cash reserves,
and every effort made to allay excite
ment, will in all probability prevent dis
astrous consequences; but the danger
exists, and shows one phase of the ire
mendous shock to credit which the mad
race for unrestricted coinage now in pro-
gress will produce, unless stopped in
time"
We trust that every depositor will read
we'll and ponder upon these statements
and suggestions. The character and Sc
curity of the savings institutions are well
understood to be of the highest in hnan-
cial circles, and where a bank is care
fully managed-as in the case OF the
Troy Savings Bank, for instance, who Q
trustees and other officers are among the
most honest, conservative and sagacious
financiers in the communicable depos-
itors' savings are as well protected as
they can be anywhere, humanity speak
ing. Next to an investment in home,
we know of no place that can be better
recommended to the poorfor their scanty
savings than good savings bank. The
interest is very moderate, to be sure, but
a higher rate of interest, and especially
among inexperienced investors, involves
a larger element of insecurity. The
safety of the principal, not the revenue
to be derived therefTom, is the main
point. When men or women with but a
few hundred dollars which they have
saved in the course Of years from small
wages become imbued with the specula-
tive fever, they are almost sure to be
fleeced. 1t is better for them to stick TO
the savings banks.-TroV Press.
The remarks Of the Press relative to
the savings banks of Troy, apply with
equal pertinency to the Bennington
County of this town. Moreover, we
know of several Benningtonians who are
depositoIs in the savings institutions of
our neighboring city. We hope the good
advice will be needed.