East Oregonian : E.O. (Pendleton, OR) 1888-current, 1912-01-08
WHO HOLDS MONEY?
savings Of Engiand's Rich and Poor
Confidcd 10 Nations Postoffice
Rink


Bank.
London, Eng-Fifty years ago
September 16. 1S61-the postoffice
savings bank first opened its doors.
AT the headquarters office. West
Kens ngton, where some 5000 CLERKS
are employed. an offic al gave some
interesting information TO Dally
Chronicle represen .ative with regard
to the work and pI ogress of the saw
,ngs banks.
II is to Mr.. Whitbread, member |
IF the famous brewing firm, to whom
is due the first .dea of postott ce
! bank for small accounts, as far BACK
as 1907. owing to the long war with
france, the condition of the people
I at that time was very bad, and many
small provincial banks had been rum
! e6. Whitbred who, with Samuei
/ Romilly was foremost in phi anthrop-
. and democrat deals, introduced
! n Lill for promoting and encouraging
f. Industry anon the laboring classes OF
the community and the relief and reg
! ulation of the nece sitous poor
one part of his proposal was for
the establishment of national bank
. Tor tnG 1QNdnlSS Va ShS loCNAA A'-o NAN% q
- alone. He suggested tnat deposits
shou be made only by persons GER
If ed to subsist principally or alone
By the wages of their labor. The de-
posts should not exceed pounds at
one time. 90 pounds in one year or
zoo pounds in all, and the funds would
tie invested in government stock.
Like many other noble ideals, this
one had to wait until Europe had SCI
tied it's wars and put its house e in or
der. F fly years. indeed, went by
before Charles Skies, supported by
Mr. G adstone and Sir Roland HILL re-
vived the pan for postoffice savings
bank. The scheme was elaborated
and perfected by George Chetwynd. c.
B who was made fir comptroller of
the postoffice savings bank. which
was naugura ed n September, 1861.
, In one year 10000 accounts were
, opened. and the balance due to de-
positors amounted to 1,750,00O
, pounds.
, The total amount due to deposits up
to December 81, 1910, was 16S,S90,-
215.
The number of active accounts
was S.3T1,7S9.
The number of dormant accounts
was S46O,337.
BY active accounts is meant, OF
, course, those deposits which are con-
!, stantly being used and augmented
from time to time The dormant ac-
counts are a serious feature of the
savings bank bus ness. Not one Of
these amounts to more than a sover-
gn, but they re unclaimed and un
= touched by the depositors. who have
evidently forgotten the existence o
these small ums of money. 1t il
4 strange that nearly 100000 peopl
shou show this forgetfu,ness.
The great vir ue of the nationa
bank les in the sence of securiny
" gives to people who's small say ng
mean more to them than a hundre,
times as much to men of wealth
r Whenever there IL a fnanc al cras
like that of the Charing Cross ban
there IS an mediate rush of depos
itors with any hing from 5 pounds t
Q. so pound to the postoffice. whic
hai taken the place Of the long stock
;, ing and the tea-caddy for those VIII
o. W sh to keep their "ittle t. in safe
re ty.
I In thousands of cases. when a bah
n is born into the world its parents pre-
O. vide it with the next best thing to
,o liver sDOon in its mouth They one
,'s an account in the name of d ok. Tol
n or Harry aged week, and put a s.
We yer sh ling into the pos IF ce to h
" followed Nv regular installments. fC
,o the son and heir