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
His simple statement of the scheme was not long in securing ample
criticism; some of it was friendly, much more of it adverse. Then a
certain class of Insurance Offices and the principal Friendly Society
organizations believing their institutions menaced, set to work to get
up an agitation. The measure was represented by one class of persons
as embodying the very questionable principle of Government
interference with private enterprise, and taking as it were the bread
out of the mouth of institutions specially got up for such purposes.
Others pretended to criticize the proposals disinterestedly; they
dwelt on the difficulty the Post Office would find in attempting to do
the work, and that, if officers of higher attainments were obtained,
they would require proportionately higher remuneration. Savings Bank
deposits _might_ be managed, though that was not thought likely three
years before; but how all the details of Life Insurance proposals and
the intricate calculations necessary to the Annuities business could
be got through, was above comprehension! It was represented by leading
articles in influential papers that there would be but a poor security
against fraud; little supervision, and probably that little would not
be exerted; and everybody would conspire to defraud the Government.
"As it is intended," said one respectable organ, "to assure the lives
of the poorer classes chiefly, all payers of poor-rates and officers
of the Poor Law Unions would have a bias, _to say the least_, in
getting those persons assured who would otherwise be likely to leave
their families a burden upon the parochial funds." "It cannot be
denied that a few isolated instances of bad faith have occurred among
insurance companies, yet as a class there is none to excel them for
high and honourable dealing, and there is no pretence for interfering
with their operations or invading their privileges. Why should not
Government open a drapery or a dry-goods store?" This latter effusion,
which appeared in a letter to the _Times_, was prominently printed,
and headed, "A New Instance of Proposed Paternal Legislation."[197] A
more organized opposition soon, however, showed its face. The
actuaries of some of the Insurance Companies met and discussed the
measure, and came to the conclusion that, as it might only be the thin
end of the wedge, the measure ought to be opposed. The smaller
Insurance Companies eagerly fell in with this conclusion. During March
petitions were got up in great numbers from Insurance Companies and
Benefit Societies, and when they were presented to the House of
Commons several voices were raised in support of their prayer.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account