Show 7 SAVINGS banes BANKS SAVINGS banks or institutions for tile the deposit of small smail sums the savings of people in the lower ranks of life ilfe have been known for a hundred years the first of the kind were those of Hambur gesta b in 1778 and of berne in 1787 which were restricted to servants mechanics etc bentham suggested a frugality bank in ill 1797 and two years after the tho rev joseph smith of wendover with two of his parishioners established one by offering to receive from any person persan in the parish an any y sum from ad upwards weekly in summer the total to bo be returned at christmas with a bounty of half the amount if refunded before Chr christmas minas no bounty was given clubs of f ahls this class nave have long been common in various parts of jen len england igind in soine of lot which tile the total and nud the subscribed blanty rity are repaid in clothing in the winter season A charitable bank was instituted by mrs sirs priscilla wakefield at tottenham middlesex in isol 1604 in which deposits of kwelty shillings shilling 4 and upward upwards 4 were received and five live per cent beat per annum interest was allowed on such sums bums as were left on deposit hoj not less leas than a year six years previously mrs had established a bank for the saving saying of small bumsby U mst by child ren ran the rev john muckers duckers ye eseed the west calder friendly bank in scotland for the savings of the poor in 1807 and the next year eight persons halfon them thera ladies formed a society for the reception of surplus earnings cannings of domestic servants on which four per cent per annum was allowed the rev henry rev v duncan DD D 1 of bothwell Dumfries shire ansti instituted the parish bank friendly society ciet clet paying five per cent per any num nual eberest Et interest orest erest th three red years A ster mr J J H forbes of edinburgh who was connected with a largo large banking bading house started a savings bank in that city allowing to usurper u r per cent the amat arat year and five live per cent afterwards taw deli dell deposits w when en they amounted bunted to eing exchanged cm d for interest notes c an X sir william F co ah k bank c the tho provident institution of bath afterward termed the bath savings bank wp was established in 1815 and the parochial lal igl bauk baui of stillorgan Stil lorgan in ireland about the same time th tim next year yar var xea r there theme were 74 savings banks in lit L england I 1 and wales and four in ireland ohp th idea having begun to spread rapidly in 1817 parliament first legia ted tid ylan tian unon them the laws pert pertaining AnIng to savings hanks bawks are strict they are estable established ifield guly with of oy the commissioners I 1 ers erg for thu the redaction of efio national debt abt to trustees and pad managers havo bavo no s salary y or pecuniary benefit from the banks the moneys deposited dee ar are aro e paid into the bink bank of enc ent england land or ireland to the credit ot the commissioners and invested either cither in bank annuities or eiche quer bills the tho receive 91 S per cent per annum interest and give depositors a an 11 average 11 of two and fourteen fifteenths tile the maximum being three and one twenty fourth the minimum deposits are from one to nive five ehll phil ings the maximum deposit in one year is MO 30 maximum total deposit eio elo when principal and interest reach 1200 the interest ceases A notice of one to three weeks is required of withdrawal ho no person is allowed to deposit in more than one savings bank the expenses of management are reported at one eighth of one per cent there are said to be between five hundred and a thousand savings banks basiks in great britain and ireland within the last very few years various flees in the british Island have bave acted as savings banks in receiving small deposits which Is a very great conven convenience convenient ien len ce to the public there as the british post office is a marvel of good honorable trustworthy and successful administration it is one of the safest and most admirably conduct cd ed institutions in the whole world savings banks in switzerland date dat back eback to 1787 and there are now between one and and two hundred borin berlin boriin hada had a saving savings 5 bank in 1818 and prussia of late years has hm several hundred the rate of interest varies there generally being from two and a half to nive five per cent per annum the minimum deposit is about 12 cents the maximum for a month about and jho the total maxi maximum balim thaders th alers or 75 dollars other parts of germany have a greater or smaller number of these banks the flush since the franco german war and the tha Prussian lz ing of tot germany ger mally maily may have had con considerable considers sidera ble wie influence upon ubon these banks austria has few ill in italy sardinia aud and lom bardyk the savin S banka banks are chief ly intended for ild lid and iid patronized by the higher classes blasses eyer ever an advocate of df frugality benjamin franklin suggested the idea ot or some klud kind of savings bank as early as 1736 1766 but the first institution of the kind in this country county was started in philadelphia in 1816 another was formed at ht boston tile the same year and oneat one at new york three thre eyears years after since which time their number lias ilas greatly increased increase din in different parts of the union each state has its own laws for the regulation of its own institutions of the kind of course correspondingly af ar acted by such action as congress takes on the subject the interest allowed varies in the E eastern states from three to seven per cent mostly six per cent per annum on sums under and five nive per cent on aly ary aty excess of that amounts one thousand dollars is it usually tho maximum of total depo deposits sius siLs but a person ta ean can 11 deposit in more than one bank if he choo chooses seg ses it was the custom for one bno dollar ta be jho the minimum deposit but of late years there have been established nive rivo live rive eoj coi cent dime and sixpenny institutions of bf tile the kind rhes these institutions are generally well weil managed the managers being held liable though 93 hey jiley are usually wealthy men they are supposed to have havid no pecuniary interest in the profits odthe of the institutions tuti tut lons ions olle in the western country however people arp not apt to be bo quite so disinterestedly disint disinter ei rest test edly benevolent or P philanthropic but on tho contrary arar they expect some somo little re return turn for their time and labor expended not to be behind in any good work itah teth must needs have a savings a vich bank bauk accordingly the deseret national bank balik for formerly the bank of deseret Des De erat having borated in it a savings department during the tho last two years has bas been receiving small SUMS bums on de depolt deposit ranging as low as one dollar upon n which eight per cent per annum murii interest Int orest is allowed compounded half yearly this this institution institution ution has been doing a good business but tho and multiplying interests of tho territory r require a ri savi savl savings institution of a m more ore c booi 0 h ensi ve nature anid alid anie consequently affy y zious dav savings in s and nd trust con COO iray has hilr just jut been won u under 4 der the la 16 vvs ivr vs of the territory i f TP is pecked espa sted that it will com tom commence mence bus business idess ah the first of october deposits will be ive lve received elved in sums of one dollar and arld upward which a fair rate of inter will be paid it is de sh signed to ltd establish branches in the Vir various doua toua eims cities towns and settlements of tile the territory so sd as lo accommodate all ali the people thereof as far as possible it will be an excellent convenience for all nil those who desire to economize their per periodical savings for the purpose of purchasing farm or other machinery or land or houses for sending t for their relatives or friends froni frond europe or other portions of the world or for any other purpose where sueh such economy anomy and accumulation of surplus carh cash is desirable the following ca are aro the officers otric ers of the company geo goo A smith president D H wells W woodray Woo druy geo goo Q cannon and J F smith vice dents J W young lil IEL B clawson le grand young T G webber thomas williams J T caine calne Ca ineD D mckenzie and J A young directors |