Perth Amboy evening news., 1910-09-24
IS SUCCESS ELSEWHERE
Idea Of Retired millionaire
Of Long Island Spread
ing Over Country.
Small Sums. Paid Over to
Treasurer Who Puts Col
lections in Bank.

IF present plans Of the Board Of
Education do not miscarry, miniature
banking system, with every pupil de-
positor, will shortly be inaugurated in
the local public schools. John K. Shee-
hy, president of the board is at the
head of the movement and after con-
ference with Superintendent of Schools
s. E. Shull, decided to propose the mat
ter at the next meeting of the board.
The system is the idea of retired
millionaire of Long Island, who is de-
voting his time to it as hobby. In
the community where he resides, the
schools have already adopted it and it
has worked admirably. Already it is
spreading to schools all over the United
States, and has attracted considerable
newspaper comment. 1t is known as
the Thrift" system.
To imbue in every child desire to
save money is the intention of the mil
lionaire While the sum deposited each
week is small, the scholars are given a
knowledge of the banking system, so
his idea is a study in itself
Probably within week or two after
the Board of Education takes final ac-
ton ON admitting it to the local schools,
thO bySbciu Will pS DcRun. Arrange
ments for the reception of the money
will have to be made and few minor
details completed before actual depos-
its are made.
In every class, with the exception of
the kindergartens, treasurer, prefera-
bly, the teacher, will be appointed To
him, or her, each scholar will weekly
deposit a small sum, ranging from FIVE
cents up. The deposits are not compul-
sorry, but it is believed that without
exception, every pupil will contribute.
A record of the deposits made is
kept by the treasurer, and each week
the money is turned over to the princi-
pal of the school He In turn records the
amount collected in the entire building.
and deposits it in one Of the local
banks.
At any time any pupil may reclaim
his or her deposits. Or he may allow
it to remain in the bank until he grad
yates from school. Figuring without
interest and on weekly deposits of five
cents, a scholar would have about $24
at the expiration of public and high
school course. While this sum does not
appear large, remaining in the bank
for SO long time it might be the nuc-
leus Of much larger account, possibly
fortune.
1t is not the amount of the account
however, that is the most interesting.
With the institution of the system in
the schools, the Board of Education
aims to give each student an insight in
to how banking affairs are managed,
and accustom him to saving.
superintendent Shull favors the idea.
He believes parents will heartily ap-
prove of the system and offer their CO.
operation. To prevent children draw
ing on their account some means will be
provided whereby the parents will be
notified when they attempt to draw.
1t is the intention of President Shee-
by and other board members acquainted
with the idea, to have the system in op,
Grafton before the end of next month.
Each week, figuring that each of the
5000 or more scholars contribute five
cents, $3.50 will be deposited in a To-
cal bank. 1t is probable that manv
pupils will contribute much greater
amounts and the sum will weekly
amount to $500 or more.