The Virginia enterprise., 1904-12-23
ENCLAND'S SAVINGS BANKS
The First One Was Established in
Great Britain One Hundred
Years Ago.

1904, the first savings bank was estab-
lished at Tottenham, England. About
the same time, in an adjoining county.
another institution, known as the
charitable Bank" was established by
Priscilla Wakefield The third and
best-known of the early historical sav-
ings banks was that instituted by the
celebrated Dr. Duncan in Dumfries,
Scotland, year later The first saw
ings bank established in the United
States was in Philadelphia in 1916.
Within period of four years there
after, says the Chicago Daily News, ten
savings banks with 5000 depositors,
averaging savings accounts of $131
each, made a new record Of develop
ment in this country. In 1903 there
were 1,078 savings institutions in this
country" alone, :: carrying"$3;o00,0 ,000;000,
the savings Of over 1000 900 depositors.
A remarkable increase in deposits in
the last ten years amounts to over
$1,000, 100000. 1t is. now estimated that
in the United States the increase in saw
ings deposits approximates $3.50, 100000
a year; that is. the increase, including
not only additions to deposits already
carried. but the opening OF new savings
accounts.
1T is matter of historical interest,"
said Chicago trust company official.
that the original idea of savings &C.
commodation by means of a depository,
originated in Italy centuries before its
adoption in the united kingdom and the
Monte di Pieta in Rome existed, it is
said, for approximately 40, years.
Some remarkable innovations and
improvements in savings bank methods
have originated in Chicago. For in
stance, We may mention the adaptation
of Gladstone's statement, Savings
banks are indispensable to the public
gOod-they are the schoolmasters of the
people in the teaching of self-help and
independence Following this idea the
suggestion is made that some part of
the school curriculum of our educa-
tional system in Chicago be devoted
to teaching the: expediency and the ne
cessity of prudence, thrift and economy
in the saving of pennies and nickels
by the boys and girls themselves.
IN Switzerland the greatest possible
emphasis is directed along lines SINH
lar to this, urging the promotion of saw
ings among young people. A common
expression in this connection is: Save
enough to acquire taste for it,
Zone striking effect Of the accumula-
tion Of the colossal, gigantic stores OF
money in savings banks and occasional
Withdrawals for investment in govern
ment securities is held by the London
Times to be the only appreciable cause
for fluctuation in British consols An
interesting observation in the matter
of savings is the difference in the aver
age sums carried in different countries.
In England the average savings depos-
itor has to his credit $50, estimated:
Scotland, S120.
IN Scotland there are $50 savings
depositors to every 1000 of population.
In the United States the proportion is
about 100 savings depositors to every
1000. What may seem surprising to
our savings depositors and the public
generally is the fact that in Russia the
people are now carrying in their 'sav-
ings deposit banks over $500, 0,O00, 900.
1T IS estimated in Chicago there are
over 100000: live sayings*accounts pass
books, evidencing the savings Of al
many people"