Mr. Gladstone's recent proposal to convert the 24,000,000_l._ of Consols, invested by the nation in Savings Banks, into Terminable Annuities concerns the Nation itself much more than Savings Banks. So far, indeed, as the matter affects the trustees of Savings Banks, or depositors in them, it was settled some years ago when the money was made a book debt, and the Government became the banker, as it were, for the sum in question. What the Government now does with the money is no concern of Savings Banks. This is put so plainly by Mr. Gladstone in his Budget speech, and is at the same time so indubitable, that to quote his words is to say all that can be said on this point. "They (the trustees) have nothing to do with the money; that is a mere question of investing it with which we are alone concerned. If we lost every farthing of it, we should have to pay it to them; and if we made a profitable investment of it, it would be entirely our own affair." In one respect only is Mr. Gladstone's proposal specially satisfactory to Savings Bank officials and all who take an interest in Savings Banks. Under the operations described by the Chancellor of the Exchequer in his Financial Statement, and now familiar to every reader, the Balance estimated to be deficient, of over three millions sterling--a deficiency which has long been a bugbear in all considerations of the subject--will disappear as a separate item in the National Accounts in the process of redemption proposed. The entire scheme shows, especially and prominently, Mr. Gladstone's anxiety to reduce our enormous burden of debt. He here voluntarily proposes to cripple himself in no small degree in the matter of his resources. Should his proposals become law--and it is sincerely to be hoped they will--the process must go on, even when he or his successors may require to raise money at an obvious disadvantage; but if he be satisfied to throw the burden equally on years of prosperity and adversity, surely this is a matter on which the public generally should feel no fear. CONTENTS. PAGE CHAPTER I. INTRODUCTORY CHAPTER 1 CHAPTER II. ON THE ORIGIN OF SAVINGS BANKS 18 CHAPTER III. EARLY LEGISLATION OF SAVINGS BANKS--1817 TO 1844 45 CHAPTER IV. ON THE PROGRESS OF SAVINGS BANKS UP TO THE YEAR 1844 80 CHAPTER V. LEGISLATION ON SAVINGS BANKS FROM 1844 TO THE PRESENT TIME 122 CHAPTER VI. A CHAPTER ON SAVINGS BANK FRAUDS 183 CHAPTER VII.