The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-01-31
|PUT THEIR FAITH
| N SAVINGS BANKS.
rmEsn HnLrrUL ISsTIrUTIoNs
GROWING n rAvon WITH THE
PEOPLE o. THE CoUSTnr.
ARE SAVING UP MONEY
LARGE DEPOSITS SHOW THAT I'M
.srEAD OF GETTING POORER
- THE PEOPLE ARE BEcoM-
ING INDEPENDENT.
ARE SAVING UP MONEY
Nv /. Z. MORRIS,

by ksS - "SNSssSt
President Savings Bank Of Richmond.
SAVINGS banks were first establish
ed in this country In 1916 The .sys-
tenn was inaugurated to encourage the
people In thrift and economy, and at
the same time to furnish capital for
the advancement OF material interests.
The banks were managed by men OF
reputation for probity and intelligence,
who looked after the investment OF
funds. The savings banks In New
England, az also in the State OF New
York, are still conducted on the mu-
positors own the institutions. the truss
tees determine tho rate OF interest to
be paid on deposits, and these trus-
tees are restricted to investments de-.
signated by law.
The savings banks have accomplish
ed wonderful results. Through their
efforts railroads have been built.
cities and towns have been enabled to
negotiate their bonds for municrpal
improvements. while these improves
ments have employed armies OF poo
pie and greatly increased property
values. In short. the savings banks
have been as important, II not the
, chief factor, in bringing about the
phenomenal prosperity OF these United
States.
Res4<A IN Peoples siinds.
How deeply rooted the savings
banks are in the minds of the peo-
pie GAN best be shown by the recent
publication Of the comptroller, OF the
currency. from which It appears that
there are now 9.7s4,647 persons whose
aggregate deposits In the various
banks amount to over four billions of
dollars. These figures are startling.
They represent 70 Ia per cent, Of ali
the bank deposits In the United States.
This IN proof positive that the people
are not getting poorer. but rather that
prudence and economy are making
them comfortably independent.
In the South. the savings banks are
Of more recent origin. The institu-
tons hero are owned by stockholders,
whose investment yields moderate
return, frequently not more than three
per cent, but the good accomplished
BY these banks In inestimable. The
management iS excellent laws have
been made to safeguard deposits. ex-
aminations are made by either Ma
tionAI or State ofiicers, trained men
who call fot an accounting without
previous notice. Besides there are at
least i've reports made during the
year. thoroughly comprehensive and
giving every detail of the affairs of
tho bank, and false statements are
punishable by nne and Imprisonment
In addition. the directors are usually
men OF highest character and unques-
TONED integrity, who meet regularly
and superintend the work. Hence
bank failures are rnre and depositors
2afa Wrhafko0 ko ,vt ~
State or Federal supervision.
Have Deno Gsoa Service
Tho savings banks In the South have
do1se valiant service for the people,
especially by helping those OF mod
crate means to acquire their own
homes There are thousands of such
cases each adding strength to the
community, for this means increasing
taxable values and raising the quality
Of eitizenship. How welt the work
OF the savings banks has been done
IL shown by the fact that the pro-
posed National Reserve Association
sanctions loans on real estate. some
thing which the authorities have never
heretofore permitted.
Savings banks are nearest to the
people. Their usefulness hax not yet
Reached Its fullest development. with
good roads there comes of course,
constant increase IN value and greater
demand for farming lands This will
bring about the establishment OF
banks which VIII specialize for fuans
on farm property at Reasonable and
uniform rates OF interest and secured
with ample margin
Tho Credit Foncier OF Paris, the
lArgest. institution Of its kind In the
world. has loaned during the atty
years OF its existence. over one bill
lion Of dollars on farm lands, and
hside from the magnitude OF the
bualneas. has taught = lesson OF thrift.
the vAlue Of which cannot be- esti-
mated In hgureA
The South 10 rapidly forging TO the
front IN everything which pertains to
the upbuildinG Of the nation, and the
day b not far distant when loans on
farm property Will b. clAsled N al
atxfnctfv1 invo1tment.
Richmond + now commercial and 1
financial center. It's banks are ably
managed. progressive and liberal. This
u exAmplined In the prodigfous In
cr0Ase Of bank c1earings,' with busi-
me- coming from all over the South.
- -. N