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
The Savings Bank, however,--and this is noteworthy,--was
still open to him as a bank for his small accumulations as before, and
until they again amounted to the sum of ten pounds. The Edinburgh
Bank, thus restricted to such small sums and simple operations, was
able to get through its work with little trouble and a minimum of
expense. Perhaps here the endeavour to save expense proceeded to too
great an extent, and resulted in more gratuitous service than the
depositing classes at any time have cared to see. No honest man would
object to have the legitimate expenses of a careful management
deducted from the interest of his savings. In recommending the system
to others, the penurious style in which it was thought not improper to
do the business is manifest in the language adopted. "It can scarcely
be doubted," says the author of the pamphlet, "that in every parish
and district there will be found persons benevolent enough to perform
the office of attending to this work, viz. one hour per week,
gratuitously, by turns; and it will be easy to procure a room rent
free. Thus the only expense of management will be the purchase of
stationery; and for this purpose the saving already described (a small
difference between the interest paid and the interest given) will be
amply sufficient, without lowering the rate of interest allowed to the
contributors. It may be supposed, indeed, that some expense may be
incurred for transmitting to the great house (the banking company
chosen) the money deposited in the Savings Bank." "But we are
persuaded," adds this man of cheap expedients, "that in every case a
safe and free conveyance will be furnished by the principal
proprietors or inhabitants of the parish." The growth of Savings
Banks, and the progress of banking generally, soon left out of view
all such minor considerations as these. Such was the excellent
institution at Edinburgh, and it deserved all the success it obtained.
At first it was thought that its connexion with the Society for the
Suppression of Beggars retarded its progress; and it was not at all
wonderful that this was the case.
Public-domain text, read in full here on John Shaqi.
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