The Dawson news. (Dawson, Ga.) 1889-current, 1916-04-05

ganized society to receive certain
sums on deposit monthly according to
age and to pay the same as pension
after sixty years of age. In sickness a
weekly benefit was allowed, and on
death a funeral benefit, This was in
substance like our modern Sick and
Aid Societies" so common among Eu-
ropean nations. But Duncan's plan
was the only one to prove adaptable to
all peoples and to all times, and which
would support itself. His bank would
sustain itself on the earning power of
money, rather than on the money earn
ing power had accumulated. From the
humble Scottish village the idea spread
throughout England and Ireland and
Scotland until there were over two
hundred such banks in 1916.
AS an outcome Of Duncan's bank,
grew the Edinburgh Savings Bank,
which dates from 1914 and which is
still in existence. 1t was in this bank
that we find the same methods as are
still in vogue, the modus Operandi of
the savings bank having changed but
little in the century past. This bank
issued pass books, the recognized form
of savings bank evidences of indebted
ness. 1t was managed by body of
trustees who gave their services gratis.
It paid all depositors the same rate Of
interest. 1t had no stock and conSe-
Quently no stockholders. 1t was mu-
tual institution. 1t sought safety first
and profits afterward. 1t sought the
highest forms of investment, namely
government bonds.
Owing to the close association be-
tween the mother country and the col
onies, it was but natural that any
movement that succeeded there should
be adopted here, and the idea was not
long in crossing the Atlantic.
The new country had it's problem of
poverty no less than the old, and in
the endeayOr to ameliOrate the condl-
ton of the lower classes numerous I'M
dertakings were begun, which were
based on the sick and aid society idea.
Even lotteries were legaliZed in the at
tempt to alleviate the current distress.
Tammany Hall was originally insti-
tuted as society to afford relief to
the INDECENT and distressed members,
their widows and Others" Fully forty
such societies were organized for sim
liar purposes before the advent of the
savings bank.
Historians are in doubt as to whom
is due the credit of bringing the idea
over to America. but it is conceded that
Patrick ColquhOun, a London Mag1s-
trate, wrote Thomas Eddy of New
York letter in 1916, outlining the plan
then in successful operation in Eng
land A similar pamphlet fell into the
hands of James Savage of Boston in
the same year and the first public an
nouncement of a savings bank in this
country appeared in the Christian Dis
ciple. a small religious paper, in De-
cember. 1916. This article stated that
such institutions were in successful
operation in England and Scotland and
that such Il bank was proposed for
Philadelphia. The plans for the Boston
bank must have been well matured.
for in December of 1916 the "Provident
Institution for Savings in the Town of
Boston was chartered, being the first
| public act of legislation in the world
/ which recognized the beneficial charac-
/ ter of the savings bank. This bank in
five years had deposits of 100000 and
/ paid one per cent. quarterly.
Following the letter received from
/ his English correspondent. Mr.. Eddy
and group Of public spirited men be-
J gan an agitation that eliminated in the
Bank for Savings, now located at