Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-01-17

S59. 5337 .06, being Il gain of $500, 3.oo IN
the authorized banking capital of the
State during the period covered by this
report The increas Sc in the banking
capital of the State for two years has
been $13 633. 1856. This amount very
nearly equals the increase for the same
reriod in the total valuation of the
State as given by the State assessors.
These total assets give a per capita
of S211.46 in the banking capital of the
State. an increase of $1007 over that OF
| last year.
In referring to the savings banks Of
| the State Mr.. Undertake says:
The growing tendency of education
at public expense is in the direction OF
better training for the practical duties
of life-better training for the re
sponsibilities of intelligent citizenship.
| This practical training of the public
schools is materially aided and en-
prasized by the still n,ore practical
teachings of our State institutions of
saving. OF Our people 203,2,3 are now
their patrcns-are daily learning the
lesson of economy which such institu-
tons alone can teach-are thus daily
adding to their own future comfort and
| competence, while contributing in 20
small measure to the general prosperity
| OF the State. Many thousands Of these
IA trcrs are the boys and girls of the
present who are thus acquiring in
early life habits of industry, economy
and thrift that will make them better
| men and women of the future.
TO encourage all this has long been
| the wise policy of the State. Our sys-
| TEN of savings banks has resulted from
| this very policy. These are institu-
tons purely mutual in their character,
composed of at least thirty represen-
tativa local men, chosen rs corpora
| tors. who in turn elect annually a
| board of trustees. Upon the manage
ment of this board of trustees depends
the success or failure of the individual
association. While none of these Off
| Gals are appointed directly by the
| State government, as in many other
| State institutions, they are chosen I'M
der certain provisions of our statute,
thus making the State morally respon-
sible to the depositors for the safety
| of their savings. Neither corporators
nor trustees are necessarily depositors
| III t1cii liStilutloii- LhS al BidStNi u
| fact a large part of them are not de-
| positors As officials they cannot par
| ticipate in the profits of their institu-
| ton, only perchancc as they may have
| deposits therein. Thus, authorized and
| encouraged by the laws of the State.
1 this system of serni-public institutions
| has grown to its present state of use
fulness intoxicating the principles of
thrift and economy,-an enduring BEN
eft to its patrons. and source of
| financial strength to the State.
I'm the management of the indivd-
ual institutions which make up this
! great system. absolute safety for de-
| positors should be the highest aim.
No spirit of rivalry or competition be-
| tween neighboring institutions. which
so often characterizes ordinary bust
ness affairs. should ever prompt a
| questionable investment because of the
larger income it promises. or induce Of
| ficials to seek deposits from Irregular
sources. They should never pay larg-
er dividends than their present earn
| ings warrant. at the, hazard of their
future standing, striving thus to make
! q showing that will attract depositors
| from other institutions of the same
kind. The purpose for which savings
banks We're created is as well served by
the accumulation of deposits in one as
| in another of these institutions. The
| fact should ever be kept in mind by
! these officials that such rivalry has no
place in the economy of savings banks.
/ They should fully understand that such
a spirit, if permitted to influence the
conduct OF their institutions, cannot
] but result in danger to depositors and
discredit to the entire system. The
funds entrusted to their care and man
agenlent are far too sacred to be en-
ployed in efforts to swell the deposits
in their own institution at the expense