The daily journal. (Salem, Or.) 1899-1903, 1901-11-02
PENNY
SAVINGS
BANKS
System Inaugurated in DeS
MOineS, Iowa Schools.
First Day Resulted in a De-
pOSitOf $500 by the School
Children.

Iowa state Register, oct, 81
The first sales in stamps in the penny
savings system in the public schools
were made yesterday. The State Saw.
inRs Bank, which has sent out the penny
stamps, did large business on the frst
day. The bank sent out 500 worth Of the
stamps to each Of the twenty schools OF
West Des Moines, and before the school
closed in the afternoon application for
more stamps had been received from at
least half Of the buildings. In all, fully
$500 worth Of the stamps, at one cent
each, we're sent out by the bank.
There are 1000 children in the West
Des Moines schools. The deposits yes
terday averaged 7 II cents for the child
in school
Several thousand folders were distrib
uted at the schools, containing blanks
for pasting in stamps. The children pay
their pennies to the teachers, who give
them in return stamps equivalent in
value at the bank to the amount paid in
by each Each folder has room for fifty
stamps. When the folder is full the
pupil takes.it to the bank and receives a
deposit clip for % cents. The system is
expected to prove Of great value to the
parents OF many Of the poorer children,
as we'll as to the children themselves.
The teachers reported yesterday that
the interest manifested in the savings
scheme by the children wac something
remarkable. They had been warred
thsG the first stamps would be given out
on Friday, and large proportion of
them came to school with their fret
savings in their pockets. Most Of them
brought only one cent. Some brought
two, three aud four, and few turned in
as high as % pennies.
The bank officials figure that the first
days eceipts will be greater, perhaps,
.nau any other days, becanse Of the
novelty OF the plan. Tho State Savings
hsnk, which is the cole depository OF the
penny stamps, speut about $500 for
printed matter in preparation for tie
beginning OF The operation OF the system
in Des Moines. The same 0ystem has
been in operation in Chicago and many
Of the larger cities, and reports from
these cities indicate that the system
has been successful wherever tried. In
Des Moines the system was introduced
upon the suggestion of the Mothers
Clubs, which are affiliated with this
National Congress of Mothers, and the
state association. Mrs. Isaac Lea Hills
is the state president, and her work in
Des Moines was largely responsible for
getting the plan started here. Under
the system adopted by the State
Bank the principals OF tho schools will
always have on hand 500 worth of
stamps. A,iast as they are sold out
the principals will send in the cash TO the
bank and receive in return more stamps
TO the full amount turned in. Thus the
bank will always have at the schools
s4O0 worth Of stamps.
The responsibility Tor the savings rests
with the children. For their pennies
they get stamps to paste in their hooks.
If they lose the books they lose their
for there is no record kept by !
he teachers of the names OF children
buying the stamps. All savings deposits
must be made by the stamp method, un-
ess s. or more Is to be deposited at one
ime, when it may be paid in at the
,ank. The children get per cent. per
ear interest on all deposits, no matter
,ow small they may be, after they have
,een on deposit elk months or more.
are 30 make their deposits on
saturdays, from 8 a. m. to p. N. 1he
olders will not be cashed except when
igned by the chi'd's parent or guardian.