The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1916-10-03
THE ORIGIN OF SAVINGS
BANKS IN UNITED STATES

The savings bank movement had
[ hardly started in England and Scot
land during the carly part OF the nine
I teenth century when the idea crossed
/ the Atlantic and quickly took root in
/ our soil. Sometime during the year
/ 1916 such schemes we're simultaneous
/ ly conceived IN New York, Philadel-
I phia and Boston, through correspon-
dence with the mother country Thos
I Eddy OF New York received letter
from a London magistrate named Pat
rick Colquhoun during that year, in
which he outlined the English savings
bank idea James Savage Of Boston
and Condy Raguet OF Philadelphia
[ likewise received the same information
known.
These three gentlemen. unknown to
each other, began to formulate plans
for the establishment Of savings banks
for the alleviation OF poverty on the
part Of the masses, and 10 encourage
habits of thrift and industry among
the poor. Numerous attempts had
heretofore been made by well-mean-
ing persons 10 accomplish the same
end but by different means. II was at |
tempted to regulate tho wages of me !
chanics by law Statutes were passesd 7,
fixing prices; sick and aid societies ,
were formed, and even lotteries estab- |
lished by law 10 afford relief to the |
poor. Tammany Hall in New York
was first instituted in 1906 as a socie-
ty "to acord relief to the INDECENT and [
distressed members of the association I
their widows and orphans"
All these endcayOrs accomplished
but little permanent good. in that they
were charities and the people did not
need charity they needed then as now
a chance to help themselves,
The result of this movement was
the establishment OF three savings :
banks, one in Philadelphia, the Phila. .
delphia Savings Fund Society, which
opened its doors for business Dcccm-
Der ? 1916, being the first bank Of its !,
kind to receive deposits in this coun-
try The Providcnt Institution for
Savings in the Town OF Boston. the =,
haul of e.
being the first to receive legislative >,
.anction. and the Bank for Savings I'm ;,
lew York, now located at 22nd street
md Fourth avenue, the last to incor-
,orate, due to the hostility on the z
,art of the New York legislature To- a
ward banks in general. but which af- o,
er three years effort succeeded in nj
citing its charter and opening for te
BUSINESS in March. 1919 "
The growth of these three banks :,
vas rapid from the start. and they OF
ave for a century, been the deposit fu
ories OF the people, numbering their II
epositors by the million and their
eposits by the hundred millions
marked tribute to the workability OF
he idea and its adaptation to Ameri- .,
an ideals and needs. From this hum :,
lie beginning the mutual savings bank :,
as grown year by year, until at the /,
resent there are $50 banks of this ~,
is mutual institutions with 70
ut capital stock or stockholders, the n
ntire assets being the property of the W
epositors, who by their deposits in IN
mall sums provide the working funds te
nat. by proper investment return an IN
lcome from which the bank pays its IN
xpenses and interest TO depositors,
nd has a remainder which it carries fr,
$ n surplus or guaranty fund for the m
OF the depositors against re
'sses, which have been exceedingly ST
ght. in consideration OF the vast sums tn
aned by these banks in the course Of WI
hundred years. The resources OF the lie
20 banks are over $i.Sl9. .3s5,OOO, be sh
nging to S.3O7,sOO depositors, the an
ate Of New York alone having over in
iree million depositors, with total fai
posts OF one billion seven hundred IT
I'd seventy thousand dollars-an in sh
,nceivable sum. pa