Durango semi-weekly herald., 1901-02-18
FINANCIAL CONDITIONS AND saw
lNGS BANKS.

The financial strength of the United
States is made particularly apparent
in the conditions of savings banks, as
compiled in the recent report of the
comptroller of the currency. Con
template these figures. These insti-
tutions now contain nearly S2,390,-
100000 in deposits, and show the re-
markable increase of $454 100000 in
the past four years. During the same
period the number OF depositors in
savings banks has increased by S32,-
000 and the average of their deposits
has Increased by nearly $50 per per
son. Nearly six millions persons
have accounts in these institutions.
While many large accounts are car
ried, the bulk of savings bank de
posits is in comparatively small
amounts, averaging about $3.50 per
account, exceeding the average at
tanned in any other country.
There are about 15,000,000 voters
in the United States. If all these
depositOrs were voters, two out of
every five would have an account at
a savings bank, averaging the above
sum. The tremendous increase in
savings deposits is clear evidence of
the money-malSing power of the mass
es during the past few years. Large
crops have stimulated the general ac-
tivity OF trade. employment has been
more steady, wages generally better:
as consequence. people have been
anabled TO lay by part of their earn
ings. The fact that nearly one mil
lion persons have opened savings ac-
counts in four years, shows the wide
spread extent of these conditions.
The strength of the savings banks
also tends largely to explain why
Mexico. Great Britain, Russia, Swe-
den and Germany have been coming
TO the United States for loans during
the past year. and also evidences the
great advantage which exists to
community which husbands and holds
its financial resources within itself,
and is able to furnish the funds which
its lines of business demand without
seeking them on the outside, but, on
the contrary, leading the outside to
seek its facilities and abilities.
In New York state alone there were
last year over 100000 individual saw
ings accounts. The continuance for a
few years of this growth and improve
ment in savings bank balances, which
has been noticeable in the last two or
three years, and We shall have a fund
that even in case of general business
depression would put comparative
comfort within the reach of a major
it,rf f,f ha Sf, I,
states to the end of the trouble, and
set them once more on their feet when
better times returned.
This savings bank deposit will act
as sort of governor which keeps the
engine steady that runs the machin-
cry of the workshop. 1t will enable
people to distribute the surplus of
their present prosperity along the
road beyond present good times, if it
should fall out that good times are
doomed to give place to bad tincs.
Not that there is really any inherent
necessity of ever having hard times;
there may be cycles of these things,
but they come from no mysterious
source. Cycles in the hands of poll
ticians and demagogues are the only
ones that have aught to do with Amer
lean cycles of bad times.
Another feature of interest is the
fact that the number of new private
and savings banks, combined savings
and commercial institutions in the
entire east and west, during the past
year, has been over three times the
number of organizations of new ma
tional banks, indicating clearly the
favor with which savings institutions
are considered by the great public at
large.-tReview)