Savings banks originated in Switzerland, and were instituted mainly for the benefit of the poor. They were organized by benevolent persons, who received no salaries for their services, and no capital was required. The purpose was rather to induce working-people to save from their earnings something for a rainy day or to provide for their old age, and consequently but little effort at first was made to secure large earnings on the deposits. The first we can learn of in Switzerland was established in 1805. A dozen years later they were organized in Scotland and England, and shortly after in France. In this country the first was organized in Boston in 1816, and within a few years they were to be found in New York, Baltimore, and Philadelphia, and their success in these centres soon led to their establishment in all the large towns throughout the country. They were chartered by the States, and were held by the State authorities to account for their honest and prudent management. Naturally the ideas of legislators in the various States differed somewhat as to the nature and functions of the banks, and hence there was a difference in their organization at the beginning, which subsequent legislation has made still more marked. There are now in existence three different classes of savings banks: the first is of the primitive type, instituted without capital; the second are joint-stock concerns, and the third are of the trust-company type, and transact a banking business aside from the mere receipt and investment of deposits. As population increased and the banks multiplied in number, and the desirability of establishing these banks became more general, they were no longer required to have a special charter in each instance, but were permitted to organize under general laws. The deposits in these now amount to a thousand million dollars, and the number of depositors in the Northern and Middle States is about three millions. Objection has been raised in some quarters to the joint-stock type of savings bank, on the ground that its deposits must be loaned profitably for the payment of dividends, and that consequently greater risks are incurred. This risk is still greater where savings banks are permitted to do a commercial business, as the paper which they discount may prove inconvertible in a time of commercial depression or in a panic. In some of the States the depositors are given the preference in such circumstances.