The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1911-11-30
SA WING NONE Y FOR
GARNER OF WAGES
Is the Duty Of Savings Banks
But They Should
Save, Too.

save what he now wastes or dissi-
pates there would be small need for
old-age pensions declared william
E. Knox. comptrolled of the Bowery
Savings Bank OF eNw York, in an
address delivered today before the
American Bankers Association. Mr..
Knox spoke to the topic "The Ethics
of the Savings Bank He declared
it as much the duty of the savings
bank TO accumulate an adequate sur
plus for the protection of It's depos-
itors to provide against old age.
In their beginnings savings banks
were merely voluntary associations Of
philosophical and philanthroplcally
inclined persons Mr.. Knox said.
THE scope of their operations was
limited; but through their agency
much good was accomplished, and
best of all, definite start was made.
eve learn as fundamental prin-
ciple, If we follow the tradition OF
the savings banks, that we are bound
to foster the small depositor. 1t was
for him that the savings bank was
created, and 1t is to his service that
1t should be devoted. The man whose
earning power is but little above the
requirements for bare necessities is
he to whom every encouragement
should be given.
The hopeful thing about the small
depositor is his spirit of self-re-
lance, his willingness to deny him
self and his dependents. 1t is no
easy matter for the average savings
baak depositor to save. Every dollar
Is the result of stern self-denial. II
it be earned by the sweat OF his brow
there is a considerable amount OF
perspiratiqn superinduced in the eff
fort to keep II. Many time it is
harder to keep than to get.-A single
dollar certainly does look lonesome,
and five or ten OF them do not make
very much of crowd. The day when
the slow accumulation OF dollars will
mount 10 respectable sum SCENE
far OFF, and the calls for spending
are apt to be clamorous, and yet for
most wage-earners a little at time.
and that steadily, is the only way in
which to save. IS
I'VE see today Great Britain ana
Germany driven to the experiment OF
old-age pensions. 1t is to be hoped
that the remedy may not be worse
than the disease, for ii certainly
would seem that the result must be
the encouragement of shiftlessness
and an added burden on the thrifty
IF every worker could be induced
to save what he now wastes or dis
sipates there would be small need for
old-age pensions.
With every dollar that such de-
positor saves he strengthens the bar
rier between himself and possible
want in times when work is not to
be found. With every increase in his
little fund he adds to his self-respect.
And the day comes when he is able
to breathe little more freely, as he
faces the future, when he can afford
to make venture perhaps in an un-
tried field that holds out larger
opportunity. Without his savings to
rely on the venture would be i'm
possible and the opportunity lost, but
with them to help a new day dawns,
bright with hope.
IF it is the duty of the wage
earnsr to save out of his earnings,
when he is prosperous, for the secur-
ity CT his family, 1t is equally the
duty of savings bank to save out of
It's earnings, and to do so religiously
until it has accumulated a/surplus
sufficient to protect its big family OF
depositors against any possible loss,
And this surplus should be adequate.
Opinions may differ as to just what
percentage of a savings banks de-
rosits an adequate surplus is.
During the last decade we have
seen a tremendous growth in savings
bank deposits, accompanied at the
same time by steady decline in the
market value of even the best Sc
curitics, SO that today the percentage
of surplus to deposits is much smaller
than il has been. If we could be
sure that the securities we hold
would soon advance in value. we
might not pay much attention to the
matter But we are neither prophets,
nor the sons OF prophets, and cannot
see into the future.
There is but one way in which 70
strengthen our surplus, in the face
of growing deposits and diminishing
values, and that is to live well within