The Providence news. (Providence [R.I.]) 1891-1906, 1899-06-01

the suggestions OF Defoe anu Bentham
OF that he knew OF the savings banks
already estab- shed on the continent
lie derived his idea from a different
and a native source.
Mr. Smith was member of the So
ciety for Bettering the Condition and
increasing - Comforts OF the Poor.
says the London standard. which had
been founded at a meeting held in De-
cember 1899, at the house OF William
Whberforce, in Old Palace Yard West
Minister The society published month
ly reports of the efforts made in diff
ferent parts of the country to give
effect 10 the good intentions OF the men,
bers. and in trying 10 carry out at
Wendover a plan which had been very
successful at Winston. in Durham, -.r.
Smith lighted upon the idea of his saw
ings bank. He decided 10 invite the
people OF Wondover TO deposit their
savings and to promise repayment at
any tirie on demand, or. If allowed to
remain u sturbeG until Christmas,
with interest
a notice to the Pensioners was ac-
cordingly drawn up. copied by the boys
Of the parish school in their best writ
ing, ana posted on the church door and
in other suitable places 1t was headed
by quotation fr~-- st. Paul's first epi-
stle 20 the Corinthions: Upon the first
him In store" which as deposits were
to be received on Sunday mornings was
quite appropriate. Sums OF two pence
or more. weekly might be paid at the
vicarage or at the houses of Mr.. Lowell
paid with an addition OF one shilling for
every three shillings deposited. and. ac-
Cording to the notice further attention
and consideration will be paid to those
or Mr.. Bingham (the names OF the first
managers OF the first savings bank
ought 10 be remembered). and IAN ex-
act account" would be kept in "a book.
Deposits allowed to remain und .sturb-
ed until Christmas would then be re-
paid with an addition OF one shilling for
every tffrce sffffffarE deposited, and ac-
cQrding to the notice. "ufrther attention
and consideration viii be paid to those
who have made their payments regu-
larly and who have been regular in
their duties at church"
In recording the circums .ances in
which he ~eclded 10 transact the bust
ness of his society on Sunday morning,
the good vicar of Wendover seems to
have thought some theology was need
ed. He gives, therefore, as Il 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 and
because they who have attendea their
their weekly siX-pence TO accumulate
for their families will feel ne less in
clination to spend another six-pence
idly at the ale house
A year or two after the wendover So
ciety was founded. Mrs. Priscilla Wake
field a we'll known member of the So-
ciety OF Friends began to receive de-
posts in come -son WI 4 a friendly So
ciety at Tottennam for the benefit OF
women and chill ren. and I'm 1904 the
Savings bank was placed on
"A surcr basis under the direction of
trustees. I'm 1905 "A savings bank was
founded at Bath, OF which the Marquis
OF Lans lown was pres dent. and these
cXamp es were followed In other places.
80 that when I'm 1917 act Of Par ament
were passed for encouraging the cs-
tahiishment of banks for savings" ia
ireland and England 10 English.
Welsh and Irish savings banks. with
an aggregate liability TO depositors OF
100000. were ready 10 avail themselves
OF the new laws.
\ hundred years ago the solitary saw
ings bank at Wendover had sixty de-
pnsitors. There are now nearly nine
million depOsitors in the United King
dom. ana the accumulated savings
a uuunf IL Csc C00O.V00 The centenary
uf theFe uAeful and prOspefO8s instifu-
tluua uught not ~ bp allowed % pass
unnotlc-J. sud thc lgyipg of the f0un-
dation stone Of the cw P0stOiiice saw
lnss hank offices az krrsinCton by tho
triuce OF Wales duf.ng next month
would afforl ar oppunity fcr an ap-
propr.ate celebration Oft. work ~ tho
hundred years that have elapsed since
the vicar OF Wcndover began 10 receive
deposits on thc7th of May. 1929.