The sun., 1903-01-05
THE LESSON OF
/ SAVINGS BANKS.
John D. Hicks Of the Bowery Tells
.About Prosperity Among the
Folks He Knows.

In replying to THE SUNS questions, John
d. Hicks. president Of the Bowery' Savings
| Bank, said:
Il see no signs whatever OF lea ening
prosperity. I am optimistic regarding the
| country's future. Prosperity Is on every
bough and on every leaf speak now a. a
dweller in the country, but that is the way
| our condition Of prosperity appears to ine,
That Is ouf outlook to-day.
IF there il any dark spot In the prospect
II Is the differences between capital and
labor The labor problem is the only men
, ace to prosperity that can see. am glad
that President Roosevelt appointed the
commission to review the coal strike. II
| was necessary that somebody should do
that. and ii needed some one in high place
| to do IT,
If the results show that this course offers
one means for the settlement OF labor differ
ences. it will be a welcome end. II nothing
comes Of the work OF this commission. which
represents the arbitration principle, il will
he most regrettable. Such a commission
might in the best results become The Hague
Tribunal OF industrial differences. These
differences should be adjusted in high
tribunal whose fairness would command
Passion should not he allowed to govern and
to cause continuance Of strife.
Il have no quarrel with men who want to
unite to get more wages, any more than !
have with manufacturers who want TO unite
TO uphold good market. But when either
tries to say that no other man shall work or
no other maker sell his wares. then 1t IL
time to call halt.
But the greatest safeguard Of prosperous
conditions is individual prosperity. and as
that is increased we progress. On that
score, perhaps, ! may assume to speak
In measure for some 10000 persons who
are depositors here and with whom We
come in contact. These people come from
all parts. not merely from the vicinage.
From Porto Rico and the Philippines and
Honolulu, As well as from all over our own
country. they conc, because they have
heard their fathers or friends speak OF the
bank or have known OF II themselves. not
a. the safest, but a. safe place, to put their
money. We opened our doors sixty years
ago. and without our going out and asking
they began to put money here for safe
keeping and little interest, and the people
who did so ceased to spend all their weeks
wages on Saturday night and to start the
next week as badly on as ever. nd so the
name Of the Bowery Savings Bank became
known.
Pretty soon a man who deposits his
money in a savings bank comes to have a
few hundred dollars, and by and by thou
sand dollars and then he Is a capitalist in
q small way; he is no longer merely man Of
no interests beyond his weekly earnings,
and he can no longer be pulled about by
politicians or orators. He begins to think
for himself. He begins to take a personal
interest in the business anairs OF the country
and even in a small way to become inter-
ested in political economy
-If Re he foreigner brought up under
influences which lead him to give up a
large part Of his time TO the celebration Of
saints days. as We see done right in this
section so much, he begins to say to him.
self that it is time to give up some OF that
and become an American in business habits.
for his pocket is touched and he feels that
as he has money in bank or invested in
small properties he has an interest In Ameri-
can prosperity which he never realized
that he had while he was dependent on his
weekly wage.
Here is an instance in point. or two Of
them. right across the street from this
bank On that corner a little while ago
was a ramshackle tenement. The street.
as you know. is one where at certain times
Of the day more men will be found who
speak no English than who do speak il,
II stranger wants to find out anything he
has to ask the children; they know and
talk In English.
The property was improved recently by
the erection OF that fine brick building.
and some man though, that he would at
once make a success by opening a saloon
there, which he called the Bank Cafe.
Well. unusual as il may be. that saloon was
a failure. and he had to close up. The
people hereabouts who have come TO take
an interest in affairs, because holding a
little property or having some bank de-
posists, have increased in number and are
looking out for further development The
owner OF the building next the new one
was obliged to repaint and repair his prop
erty.
Down in the basement OF the building
which the new one replaced. that man
over there on the corner now had fruit
store Now he has the stand privilege
along one side Of the new building. with q
small house within the .toop line for a
store and he has extended his business
not only TO nuts. hut so that he also sells
coal by the pail And have no doubt he
saves half his profits.
In the increase of this class Of persons
Individually prosperous, whether they he
native Americans who have saved their
money or foreigners who have been thrifty.
il the greatest element and the most stable
element Of our prosperity. it seems to me.
for az this class spreads and increase
there must bc an intelligent increase in
the interest which greater numbers Of
people take in the country's welfare. and
10 there is likely TO be more caution in
times OF prosperity. which will tend to
prolong favorable conditions or course
prosperity tends to make men reach out
and tends TO increase the likelihood Of
labor strife by exciting desires for greater
shares in the prosperity.
Il should say that the tariff needs re-
vision on the general ground that no work
Of man ia perfect and that perfection Is
approximated by amendments founded
upon the lessons Of experience with the
first product bun as TO the lines along
which revision may he required ! have
rc,h;oc 20 s.v a. that In n mi ~ mr. an .,h;cb