The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1907-10-13
Entered at Richmond, Ind, Postofhce
AS Second Class Mail Matter.
THE VALUE OF SAVING.


Evening Post contains an article If
great interest to all who are interest
ed in saving and especially to those
who are anxious that their children
shall realize early the advantages
that accrue to those who have the good
sense to start and maintain a savings
account The article in the Post
deals with school savings banks for
children, and a part of the article fol-
lows
The original plan of the school saw
ingsbank, as introduced by Mr., Thirty,
has remained practically unchanged.
BY it's provisions every school teacher
whose class adopts the system becomes
officially bank" and is so designat-
ed. The bank. however, is conducted
under the supervision of the principal
of the school. The teacher acts as
first cashier. The deposits are receiv-
ed every Monday morning just before
the weeks routine begins. The teach
er calls the roll, and if the boy or girl
has money to deposit, from one cent
I'D. he or she says YES" and hands
it over to the teacher, who makes Il
note of the amount alongside the
child's name. This money, when col
lected, is placed in an envelope, which
is sealed and signed by the teacher,
who writes the amount outside. Then
it is sent to the principal, who is not
permitted to open the envelope. When
all the envelopes from the various
classes have reached him Sc sends
them to a savings bank for deposit in
the name of the school. Accompa-
nying the envelope on every fourth
Monday, is a detailed list, giving the
name of the pupil and the amount de-
posted by him each week. This list
goes to the bank and the child's name
then goes on the books of the institu-
ton. If the child so desires he can
have book regularly made out in mis-
name and he can draw the interest.
The pupil can draw out money after
he has deposited SD, but only with a
check signed by the parents or by the
III lASlpdl' MANY plSSehueAoho al u 20
ken to prevent the misuse of the mon
ey. If it is known, for example, that
the mother of the depositor is addict
ed to the use Of liquor her signature
will not be honored on check.
Every child gets school deposit
book as soon as he begins his deposit
In this book is written the amount of
every weekly deposit, This, there
fore, is the record of savings for the
child in case he does not have book
at the regular savings-bank. On the
back of the school deposit-book are the
following regulations, the book here
quoted from being that of the Long Is
land school No. 4. where the system
was first introduced:
Deposits will be received every
Monday only, at the morning session.
by the teachers of each class. The
amount will be delivered to the prin-
cipal, who will deposit it the same day
in the Long Island City Savings Bank
in the name of each depositor.
"One cent or upward can be received
by the teacher. When pupil has q
deposit of one dollar or more. a bank
book will be given free of charge, from
the bank. Deposits cannot be with,
drawn until amount reaches So, and
then only on the second Monday CT
or removal from the city; but If the de
post should be withdrawn and the
amount has been less than So, the bank
will charge ten cents for the bank
Deposits of So or over will bear in
terest.
THE bank books Of the pupils are
kept by the principals as long as they
attend school. If they want to leave
the school. Or at vacation, the book
will be given to them, and they car
withdraw their money. but they will re
quire the presence of their father OIL
mother, and the signature of the prin
cipal. During the summer vacation
of the school, deposits may be made
or money withdrawn from the bank di
rect, the cashier acting during that
time for the teacher; but If the appli
cant is unknown to the cashier he must
be identified before receiving the
money"
Some idea of the extent of the schoo
savings-bank savings may be obtained
when it Is stated that at the Long Is
land City school where the system
was first introduced the averag,
amount collected every Monday morn
ing is S125.
The statistics which ar collected
each year by Mr.. Thirty show. accord
ing to the latest reports. that Their,
are now III, 900 depositors. The larg
est number of banks in any one com
munity is in Pittsburg. Pennsylvania
where there are one thousand. Thi
means that one thousand classes ar,
saving money.
Careful study of this savings pla,
for children, which has been proved
success, convinces us that it would b.
a good thing for the schools of Rich
mond. The system was first starte.
in 1885, and now extends to 100
schools located in 113 different elite
of the United States and Canada. An,
since 1885. over $15.ooo,Ooo has beer