Show MAKES GOOD CITIZENS SAVINGS BANK FULFILLS PUR POSE OF ITS CREA CREATION FION I 1 0 need of developing institution to E en n able poor men to accumulate money long zed the rich were getting richer and the poor were getting poorer a century ago just as it Is today students and statesmen suddenly came to the tile reali bation of the horrors of poverty and the results of concentrating wealth in the hands of the few this all fol lowed in the wake of the french revo lution A study was made of the primal causes tor for such a condition the conclusions reached were that the possession of property by a citizen gave him a certain degree of respect toward the property belonging to oth ers ranking him generally as a peaceful contented and happy because prosperous citizen a unit of power and strength to the commonwealth thus the germ of the idea of the sav ings bank fell upon fertile field many plans for savings were con calved some practical and others visionary it remained however for kev ren henry duncan of scotland to hit upon the first practical scheme tor for a savings bank and to put it into execution this first savings bank organized in islo 1810 was after wards merged into what Is today the edinburgh facings bank one of the foremost savings banks in great britain the idea spread throughout europe and soon came across the at lantic alantic simultaneously in boston new york ard in philadelphia copies of a pamphlet fell into the hands of prominent citizens it was the plan of a savings bank then being formed in london the first meeting to organize a eav sav fags it gs bank was held in new york city the first bank to be incorporated was in boston and philadelphia holds the honor of opening the first savings ac count in the united states on decem her 2 1816 As in religion so it Is in the field of savings banking certain aromi nent citizens bel eved that the habit of thrift could be more successfully inoculated through systematic pay ments tor for home ownership and the building and loan asso clat ons and sav ings and loan associations were created it was not long before the peo pie saw the advantage of laying a little aside tor for a rainy day which necessitated the establishment of more banks tor for savings up until this time the mutual type of savings bank predominated this type of bank hial no capital stock and was fu fundamentally a philanthropic not charitable institution based upon the tile object of encouraging g thrift the second type tor for savings was more of a business bank and waa was called a capital stock savings bank it supplied the need money deposited with it was just as sale as with the mutual mutual type 9 few years thereafter tie the ordinary commercial banks which include the national banks state banks and trust companies opened up savings departments so that the people had no cause to complain that there were not convenient places to put their savings today each one ot of these agencies of thrift is actively en cou raging the people to save and con serve so that this will be a nation ot of happy and prosperous citizens |