The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-09

4S~@ Wv
These amounts have been increased somewhat
since Jan. l, and the table does not include the
names of several savings banks which have as
sets to the value of from $40. 900. 900 to $2o.-
100000 each. but the figures sufficiently ex-
hihit the immensely of the wealth held and con-
trolled by a comparatively small number Of men.
No one charges them with abusing the power
thus placed in their hands; on the contrary. it is
universally admitted that they exercise it Justly
and even benevolently. The savings banks of
this city and Of tho whole State are not only the
repositories of the money Of thousands. but they
lend out this money to thousands moro for prof
itable use in real estate purchases and improve
ments, to the great benefit of the COM
munity. The Same thing. however. Is true
of the Astors. the Vanderbilts. the Rookie
fellers, tho Goelets, and the other mil
lionaires who, on account Of their millions
alone, are denounced as dangerous to society.
No one accuses them Of tyranny or injustice in
the administration of their wealth. and their
possessions. great as they are, arc not 30 great
as those Of the savings banks. They are also
public benefactors in providing employment for
thousands Of workingmen, and In furnishing at
low rentals homes for those who are unable to
purchase them. The much-abused trusts. also.
pay higher wages and moro Of them than the
little establishments into which their enemies
would break them up, and they sell their prod
ucts to consumers moro choaply. No better rea-
son, therefore. exists for attacking millionaires
and trusts than exists for attacking the officers Of
savings banks, and that these have heretofore es-
capped. together with the officers of the mammoth
life Insurance companies and Of the great trust
companies. with their hundreds of millions Of
assets. Is n curious anomaly. which strikingly
exhibits the inconsistency of human reason.
Nevertheless. thore is an objection Of a differ
ant bind tn tho acnnrnnlatia - ya.I4L l.
savings banks. which some day will have to be
seriously considered. In the carly stages of tho
oountry's development. the supply of capital
was scanty, and to increase it by every possible
means was a patriotic duty. 1t was also an
act OF charity to tho industrious door to
oner them inducements for saving as much
rs possible Of their hard-won e~arnings. Savings
banks were, therefore,, at first, institutions for
promoting tho common welfare. both colleo-
lively and individually. The individual was
benefited by them, In the provision they en-
couraged him to make for sickness and old age,
and for a dependent family; and tho com.
munity by tho capital they gathered In
small sums to be used IN masses. Hence
tho Legislature exempted savings bank
deposits from taxation, and continues 80 to
exempt them. Citizens eminent for their
financial experience and ability assumed. as Q
charitable duty, the task Of managing the banks
without compensation for the time and labor
they devoted to the work. and they do 30 TO this
day. With the exception of the few persons
who perform the d~rudRery Of keeping the books
and OF supervising tho daily transactions of the
institutions all our savings banks receive gra.
tuitously the services OF men OF tho highest
business standing. both in respect Of integrity
and OF ability. The deposltors got for nothing
the use OF Kill and experience which million
aires would gladly purchase at a high price.
The question is. how long this practice shall
continue to prevail. and how long 1t will be DO
FORE following the example of Europe, we shall
replace our present savings banks with a do.
partment OF the Government performing the
same function. Up to this time, indeed. the
deep seated and widespread popular repugnanc.
to investing either the Federal or the State Gov
ernments with the management OF anything
ike banks has proved too strong TO DO overcome
and although several schemes for Government
savings banks have at different times been pro
posed to ConRreAs they have met with little en-
courasement and hnAldefeat, 30 long, too, q
men enough Of the character OF cur present