New-York tribune., 1909-07-18
OTHER BANKS ORGANIZED.

As the OF MI Duncsns scheme became
known. similar institutions organized else
where In Scotland and England. One OF the earliest
Wss the Edinburgh Savings Bank. still thriving
bank.
The RushEeu bank had peculiarities which
distinguished il from the institutions that were
2eioped later. There annuity fund. for in
stance. Most remarkable of all, before anybody s
orst deposit received inquiries had TO be made
10 MS age family affairs and previous moral
conduct According tc what was discovered. the
management decided. first whether his deposit
should be accepted. and second. what rate Of In
terest should be allowed him
The Ruthweu banks funds were placed with the
British Linen Company, which allowed per cent
interest them Most Of the depositors received
q per cent, but 70 those Of three years standing
whose deposits amounted 70 five pounds or more 5
per cent vas allowed. providing the deposition
cd 20 get married. that he hfty-six years old
or that In ether respects It would be especially ad
vsntageous for him 20 receive more interest. The
nrst savings bank under obligation TO allow
depositors 10 withdraw funds when they wanted; (;
there provision that when the depositor
shall have become incapable OF maintaining himself
from sickness or otherwise weekly allowance may
be made TO him at tbs option OF the court OF direc
tors cut OF the money ne has deposited"
The Edinburgh Savings Bank vas much simpler
in its organization than the Ruthwell. and more
closely reserbied the savings bank of the present
day Each depositor received the rate OF in
terest There no preliminary investigation OF
his character. and hs could Withdraw his deposits
pleasure. The doors Of the bank were opened
each Monday morning between and 10 o'clock for
receipt of deposits. The Of interest was uni
forrny per cent
widespread interest was aroused In the early ex-
perinaentS In Great Britain. Farseeing people
realized that the institutions were destined 10
add largely 70 general prosperity and happiness
This opinion was eloQuently voiced by the great
Scotch critic, Francis jeffrey who, writing in The
Edinburgh Review said: 1T would be difficult
ve fear. 10 convince either the people or their
rulers that the spread OF savings banks is OF far
more Importance and far more likely 10 increase
the Ia ppinesa, and the greatness of the ma
lion than the most brilliant success OF its arms or
TIE most stupendous improvement its trade and
its agriculture. And JET we are persuaded that Il
1so."
Laws safeguarding savings banks were passed as
the institutions began 10 show vitality and clearly
needed regulation Trustees and managers were
early prohibited from making any profit in connec-
ten with these banks which. IN Great Britain ana
In the United States. universally regarded
institutions OF public trust.
The English savings bank movement rapidly
spread throughout the Continent France Ger
she idea Everywhere. with notifications proper
20 tie nationality Il has proven successful. In all
these co1nt-ies persons in moderate circumstances
Of thrifty habits. had heretofore been accustomed
20 hide their savings q old stockings and else
whore The savings banks made these hoardings
fruitful.
PoSToFFTCE SAVINGS BANKS.
IN isd the system Of postofics savings banks
for which efcrts have been made to have adopted
hers. sas authorized in England This was in
accordance with one OF .Whitbreads original s1R-
gesucns- Such was finally enacted.
lerEe.y result OF the energy and initiative OF
George chetwynd, who became nrst controller ~
the Fostonhce Savings Bank. Under his plan de-
posits might be mace at any one Of a number of
tesisnased postoficesS the accounts being kent at