The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-29
WEDNESDAY. JANUARY 20. 1905
The generous man who Is always
inst, and the just mnn who IL AL
ways generous, may, unannounced.
approach the throne OF heaven
Lavntcr.
THE OFFICE ANDlyALUE OF Saw
INGS BANKS.

THE OFFICE AND VALUE OF Saw.
INGS BANKS.
The foundation of fortune Is thrift.
with most OF us It is easier to acquire
than to save, but without the habit
OF thrift the poor man will never ac-
cumulate fortune. except by some
rare chance Of fortune. These are trite
sayings, but they would not be trite
tf they were not true. They are fun
damentai, and they are established.
But in this rushing age many men act
MS though they we're not true. The
Eet.rich quick craze has seized upon
the people. and little things are de-
spised. 1t is not unusual to hear a
young man say, II have no use for a
3ew hundred dollars" He means that
he will have thousands or nothing:
on some speculative venture and usu-
ally loses. II is false doctrine-false
in principle and vicious III practice.
That is not the road to wealth; 1t is
the road to pauperism. and sometimes
st results in wreck of character as
well as loss of money
Thrift is the Keynote. The men in
this country who have acquired riches
began by saving their pennies and
their dollars. They laid the founda-
tions sure They acquired the saving
habit as they acquired money; they
leerned the lesson of thrift before they
accumulated capital" and when they
had turned their savings into capital
they knew how TO take care of it
i Men who acquire fortune in this way
rarely lose 1t while those who plunge
and get rich quickly are quite as apt
to get poor quickly in the same way.
There are many mediums through
(which small savings may be boarded
hut none is better than the savings
hank: It accepts deposits in small
sums. and not only keeps them safe
but increases them each day by pay
ing interest. And if the accumulated
interest be left with the bank it will
compound year after year. and com
pound interest soon doubles the prin-
cipal.
But that is not the only office Of the
savings bank. II gathers up the idle
money In the community and turns
H1t$into Working capital. 50 that enter.
prises in..sthe. continuity may be car
81 ried on and men and women may fine
employment and get money with which
TO increase their deposits in the saw
81 ings banks
There Is no better index to the pro,
sressivc Wealth of the American peopl,
than the steady increase in the nun
Der of our savings banks the numbel
I OF depositors and the amount of de
Il. posts. In 1897 the exhibit was a.
: s,rollows: Number OF banks. $50; nun
a her Of depos,ors, 5,.ol,lSa; amount O
ssdeposits. s1,93a,37G,os5
In 1s02--Number of banks, l,ll5
number of depositors, S.5SSSll; amour
.2s OF deposits. ts,seo,o7s9i5.
The South makes a poor exhibit q,
This account In comparison with New
a England, for we are a wasteful people
while thrift.is ruling principle Wit
the New Highlander. But we are learn
ling the5lesson, and acquiring the habi
There has beenFof late years graft
flying increase in the number Of say
tngs banks In Richmond as well a
IN the amount OF deposits. The saving
banks arc CARRYING on a campaign q
3s9 education, They arc advertising. the
are soliciting, they are preachin
and the people are taking hee,
In hnsh times and bun markets it is
MN great temptation to take nier /
the market But recent experience
have taught the people that the sa,
ings bank, and not the stock marke
ss Y inc place for the wise man to in
vest his money.
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