A History of Banks for Savings in Great Britain and IrelandLewins, William
History
A History of Banks for Savings in Great Britain and Ireland
Lewins, William
Postal savings banks -- Great Britain; Savings banks -- Great Britain
And here, it seems to us,--and we mention it, though we are somewhat
anticipating the subject--the country is greatly advantaged in having
the new system of Savings Banks to point to. What was much wanted in
previous cases was some safe place, where timid depositors might
resort with their savings, and defrauded depositors go with what they
had saved from the wreck.[130] In the Bilston case this privilege was
largely used. The Post Office Banks broke many a fall, and they set
many on their feet again who otherwise would have been hopelessly
overcome by the shock. Two years before it would have been sheer
mockery to have told depositors, under such circumstances as those to
which we are alluding, not to make a run upon Savings Banks; they had
no alternative till, in 1861, that alternative was provided. It would
seem, from a memorandum before us, that the authorities of the Postal
Banks, without in any way seeking to prejudice the interests of the
old banks, did all that was fairly possible towards reducing the
disasters which have invariably and inevitably followed previous cases
of Savings Bank failures. They instructed their agents, in all cases
where, owing to the depredations at Bilston, Savings Bank depositors
applied for advice about withdrawing their money, to recommend
continued confidence in these institutions; if, however, such
depositors were bent upon withdrawing their money, then to advise that
it should not be asked for in cash, but by means of a transfer
certificate, which would make them depositors under the Crown. The
strict fairness of these instructions may be judged by the closing
injunction: "Although you may fairly inform those depositors who are
alarmed at this failure, that the depositors in Post Office Savings
Banks have absolute and direct Government security for their money,
you must on no account do or say anything to weaken their trust in the
old Savings Banks."
Public-domain text, read in full here on John Shaqi.
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