It is of great consequence that the public should understand that the defalcations which have of late caused some distrust in the stability of Savings’ Banks, have not arisen from any defect of the great principles, but only in the details, and from the abuses of the system. They have happened chiefly in consequence of the culpably loose and irregular conduct of the local managers; but partly from the carelessness or ignorance of depositors. The chief manager of an Institution in default—as in the latest case which has come before the public—has left everything to the actuary or cashier, who did precisely as he pleased, and he is blamable for laxity. On the other hand, most of the monies of which depositors were plundered never passed through a Savings’ Bank at all. They were paid to the Officers of the Banks at their own abodes, and these officers never gave any account of them to the Managers. The only way to stop this, is to make it criminal for any officer of a Bank to receive the money of any depositor, at any other time or place than at the Bank during the regular Bank hours. The fact is that there have rarely, if ever, hitherto been any _genuine_ frauds upon Savings’ Banks. The frauds have taken place upon irregular transactions out of doors. Hence it is that the National Debt Commissioners repudiate all liability to the depositors. Against, however, the National Debt Office itself there is a very serious charge. As we have stated, it is bound to invest, in the public securities, the monies paid over to them by the Trustees and Treasurers of Savings’ Banks. It appears, from parliamentary returns, that at different periods the Commissioners have accumulated large sums of this money, and dealt with it in different classes of securities; although the necessities of Savings’ Banks did not require any such operations. The result has been very unfortunate. The National Debt Commissioners appear, by their accounts, to have less stock by _two millions_ of money, than the capital paid to them ought to represent. This glaring fact appears on the face of the public accounts. No explanation has ever been given; no reasons have ever been assigned. The belief is, that the operations by which the Savings’ Banks fund so seriously suffered, were necessitated by the financial exigencies of government some years since. They commenced in 1834 and continued down to 1843, when they were discovered and checked by public opinion. As, then, for this amount the Government is responsible, the nation will be, ultimately, obliged to pay it up to the depositors. But a calm review of these facts—startling as some of them are—should not essentially affect the stability of Savings’ Banks, and alarm is comparatively groundless. Firstly, the defalcations of officers are generally made good by their sureties, or by the local trustees; and secondly, the deficiency of two millions is not likely to be called for so suddenly as to inconvenience the public purse.