The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-06-01
FIRST SAVINGS BANK.
London Preparing to Celebrate the Cen
tennfa1 of These Useful Institutions.

London Preparing to Celebrate the Cen
| tennfa1 of These Useful Institutions.
| From the London News
Of the eight or nine millions of depos-
| itors in the savings banks of the United
| Kingdom, few are aware that this is
| the centenary year of those useful in
situations. On Sunday, May T. 1893,
| Rev. Joseph Smith, vicar Of Wendover,
| in Buckinghamslire, began to receive
| deposits from his Pensioners, and I'M
| dertook the repay the money with in
| terest He described his bank as $50
ciety for encouraging prudence and in
dustry.' Savings banks had been pro-
posed by Daniel Defoe in 1897 and fru-
gality banks by Jeremy Bentham 100
years later. and such banks had actu-
ally been founded in Hamburg, Berne,
Basel and in other towns on the con-
tinent long before Mr. Smith started
his society at Wendover. But it do ss
not appear that he had ever heard of
the suggestions of Defoe and Bentham
or that he knew of the savings banks
already established on the continent.
He derived his idea from different
and a native source.
Mr. Smith was a member of the So
ciety for Bettering the Condition and
Increasing the Comforts of the Poor.
which had been founded at a meeting
held in December, 1896, at the house of
William Wilberforce, in Old Palace
Yard, Westminster The society pub
lished monthly reports of the efforts
made in different parts of the country
to give effect to the good intentions of
the members, and in trying to carry
out at Wendover plan which had been
very successful at Winston, in Durham,
Mr.. Smith lighted upon the idea of his
savings bank. He decided to invite the
nf 10 hni
savings and to promise repayment at
any time on demand, or, If allowed to
remain undiSturbed until Christmas,
with interest.
A notice to the parishioners was ac-
cordingly drawn up, copied by the boys
of the parish school in their best writ
ing and posted on the church door and
in other suitable places. 1t was headed
bya quotation from St. Paul's first epis-
tie to the Corinthians, upon the first
day of the week let every one of you
lay by him in store which, as depos-
it's We're ito be received on Sunday
mornings, was quite appropriate. Sums
of tWopence, or more, weekly might be
paid at the vicarage or at the houses
of Mr.. Lowell or Mr.. Bingham CHE
names of the first managers of the first
savings bank ought to be remembered),
and IAN extra account would be kept
in book. Deposits allowed to remain
undisturbed until Christmas would
then be repaid with an addition of one
shilling for every three shillings dep Is
tied, and according to the notice, "iui-
Their attention and consideration will be
paid to those who have made their
payments regularly and who have be en-
regular in their duties at church.
In recording the circumstanc IS in
which he decided to transact the bust
ness of his society on Sunday morning,
the good vicar of Wendover seems to
have thought some theology was reed-
ed. He gives, therefore, as reason for
the selection of Sunday that among the
other duties of that day the laborer can
best spare time to look forward for the
future comfort of his family ana lie
cause they who have attended their
duty at church, after having raid in
their weekly sixpence to accumulate
for their families, will feel the less in
clination to spend another siXpence idly
at the ale house"
A year or two after the Wnrdover
society was founded, Mrs. Priscilla
| Wakefield, a well-known member of
| the Society of Friends, began to receive
| deposits in connection with a friendly
| society at Tottenham for the benefit of
| women and children, and in 1904 tn e
| Tottenham Savings bank was placed
| on surer basis under the direction of
trustees. IN 1910 IL Savings Ddlh v DIS
| founded at Bath, of which the Marquis
| of Lansdown was president, and these
examples We're followed in other places,
| so that when in 1917 acts of parliament
We're passed for encouraging the es-
| tablshment of banks for rawlings" in
Ireland and England, 70 English, four
| Welsh, and four Irish savings banks,
| with an aggregate liability ito depositors
| of G250,000, We're ready to avail them
| selves of the new laws.
| A hundred years ago the so'i-ary saw
ings bank at Wendover mad GO deposit
! ors There are now nearly 100000 de-
| positors in the United Kingdom, snd
| the accumulated savings amcupr to
| G1S6 900, 900. The centenary of these
useful and prosperous institutions
ought not to be allowed to pass unno-
ticed, and the laying of the foundation
| stone of the new Postoffice Savings
bank offices at Kensington by the
Prince of Wales during next month
would afford an opportunity for an ap-
propriate celebration of the work of
| the 100 years that have elapsed since
the vicar of Wendover began to receive
| deposits on the 18th of May, 1799.-Lon-
| don NawS