St. Helens mist., March 17, 1916, Page 4, Image 4

ST. HELENS MIST. FRIDAY, MARCH 17. 1916
FIRST SAVINGS BANK ORGANIZED
IN STONE COTTAGE IN SCOTLAND
RURAL CREDITS
PLAN GIVEN
farm Ixian SjMrm Outline llrf.rr
"ivic lrauf
IN a lirt'e stone ottase In niitinrel
S..-otlan.I. in 1! tbe Kor. Iletsry
Iiunoan et l.i:-tiod tl.e first sar
iiii.' taiik " hi h was organized
and ojr:ite-l in tin- ntv;iiie.l savins
tuck ri:Ki; 'ie wl.lili w: tL.it fr.'m the
desalts jvceiveJ. tLe L-ai.k nbuiilj. I t
Judi.lous iiivestii.tiit. earn encKU to
pay the es;eiix-s .'f mariap-mt'ut, pay
interest to the ile;--iters and establish
a guaranty fu:.J to protect thcai from
losses Incident to all business.
Dr. Dunran wa by no means tbe
first to se the need of a safe deposit
ory for the savings of the people. f"r
everal others as l)i.-h mir.iled. but not
ao practical, had tLeretofore attempted
to establish savings banks, but In their
leal to make the proposition attractive,
combined features that smacked of
charity, and therefore failed as busi
ness ventures. As early as lt:S the
"WenJover Hank" was instltutel by
the Ilex. Jiweph Smith, who with two
rich part-bin ners agreed to receive
sums on de;-oit and reiay t!.e sace at
Christmas with a Ixvius of or.e-third
the amount deposited. It was in sub
stance like our modern Cbri.stm.i-.
Club." I'ristii'.a Waketleld In I'm or
la due the credit of brincins the idea
over to America, but it Is conceded that
Tatrick Colquhonn. a London Magis
trate, wrote Thomaa EdJy of New
York a letter la 1S11. ontllnlnff the rlan
then in successful operation In Enp
land. A similar pamphlet fell Into the
hands of James Savage of IV ton In
the same year, and the Erst public an
nouncement of a savlcsrs bank In this
country appeared in the Christian Dis
ciple, a small religious paper, in De
cember. ISM This article stated that
such institutions were in successful
operation in England and Scotland and
that such a bank was proposed for
Phtla-Hphia. The plans for the Boston
bank must have been well matured,
for in December of 110 the "Provident
Institution for Savings in the Town of
Boston" waa chartered, being the first
public act of legislation In the world
which recognized the beneficial charac
ter of the savings bank. This bank In
five years had deposits of $'jO.OjO and
paid one per rent, quarterly.
Following the letter received from
his EnglL-b correspondent. Mr. Eddy
and a group of public spirited men be
rsn an agitation that culminated In the
Bank for Savings, now located at
6 2Mg$SiA
THE FIRST SAVINGS BANK, ESTABLISHED A CENTURY AGO AT
RUTH WELL, SCOTLAND.
ganized a society to receive certain
sums on deposit monthly, according to
age and tq pay the fame as a pension
after siity years of age. In sickness a
weekly UneSt was allowed, and on
death a funeral benefit. This was in
substance like our modern "Sick and
Aid Societies"- so common among Eu
ropean nations. But Duncan's plan
w as the only one to prove adaptable to
all peoples and to all times, and which
would support Itself. His bank would
sustain Itself on the earning power of
money, rather than on the money earn
Ing power had accumulated. From tbe
humble Scottish village the idea spread
throughout England and Ireland and
Scotland until there were over two
hundred such banks la ISM
A3 an outcome of Duncan's bank,
grew the Edinburgh Savings Bank,
which dates from 1S14 and which U
still In existence. It was In this bank
that we find the same methods as are
still In vogue, the modus oieraudi of
the savings bank having changed but
little in the century jasL This bank
issued pass book-s, the recognized form
of havings bank evidences of Indebted
ness. It was managed by a body of
trustees w ho gave taeir services gratis.
It paid ail depositors the same rate of
interest It had no stock and conse
quently no stockholders. It was a mu
tual institution. It sought safety first
and profits afterward. It sought tbe
highest forms; of investment, namely
government bonds.
Owing to the close association be
tween the mother country and the col
onies, it was but natural that any
movement that succeeded there should
be adopted here, and the idea was not
long In crossing the Atlantic.
The new country had its problem of
poverty no less than the old, and In
the endeavor to ameliorate the condi
tion of the lower classes numerous un
dertakings were begun, which were
ba:sed on the sick and aid society Idea.
Even lotteries were legalized In the at
tempt to alleviate the current distress.
Tammany Hall was originally Insti
tuted as a society to "afford relief to
the indigent and distressed members,
their widows and others." I'ully forty
such societies were organized for aim.
liar purposes before the advent of the
savings bank.
Historians are In doubt as to whom
fourth Avenue and Twenty-second
Street. New York, a hundrcd-mlliion-dollur
bank In tbe meantime. Phila
delphia h id been busy, and organized
the Philadelphia Savings fund Society,
which oji.c. its doors on Monday
December 2. 1PJ. being the first bank
of its kind to open for business on the
Western Continent.
In spite of this early beginning, the
savings bank, as a mutual Institution
has remained a New England institu
tion. in that this type of bank has
never become a fiuan.-ial factor In the
Wct and South, there being less than
fifty of these banks west of Buffalo
and" South of Baltimore.
According to latest reports, there are
0o4 banks of the mutual tyie. located
as follows: Maine. 4S; New "Hampshire
5; Vermont 21; Massachusetts, 100;
Bhode Island, 15; Connecticut, S4; New
Vork. New Jersey. 2G; Pennsyl
vania. 10; Delaware, 2; Maryland. IS;
which accounts for all but 24 In the'
L'nited States.
The deposits In these six hundred
banks total 1.1,020, 100, of which
1.7oO,:.7;; is In New Vork, followed
by Massachusetts with SSC1.4M S&i
In depositor New York likewise leads'
having 3,114.210 depositors, while Mas
sachusetts has 2.210,(i24.
These figures d not Include the
bk savings banks, of which there
are upwards of l.;j.jt in various parts
of the country, nor banks of discount
operating savings departments. Nor
Is it to be inferred that one Is better
, than the other; but the Centennial cele
i bratlou which commemorates a cen
, tury of savings banking U to do honor
to the mutual savings bank with no
! disparagement to other types, whose
history Is not so clearly defined, al
i though their operation mav have done
as great a good. In his first message
jto the Leglslatuic In 1S20, Governor
j Clinton of New Yrk characterized the
! savings bank as "an Institution to
.ueru.u mentono'is Industry, encour
The plan of the rural cr-vhts
measure, whien ill be launched a
an initiative bill in the comir.s
elections by the Civic League. .t
outlined for the first lime public
at the Chamber of Commerce, by f .
S. Myers, chairman of the committee
on rural credits.
The proposed rural credit bill an
thoriies the State Ijnd Board to
issue 4 per cent -rial bouds in an
amount which will not exceed in the
aggregate, 2 per cent of the asseswd
valuation of the property in the
state.
The funds derived Irom the sale of
these bonds shall be let on farms
throughout the state at 6 per cent,
which is the same rate at !iich the
irreducible state school funds are no
loaned. This provision prevents the
danger of a lower rate of interest on
the rural credit fund militating
against the loans from the school
fund.
No person owning land assessed at
120. Out) or more will be considered
for a loan, it being regarded that a
person holding that much propert
is in a condition to finance himself
Loans will be made only to people
who are resident on their farms, an 1
no loan shall bo made in excess ol
$10,000 regardless of the security
offered.
ProSts accruing from the difference
between the interest the state pays
on its rural credit bonds and the in
terest it receives from the fund a
loaned, are to become a part of U;e
state school fund to be administer d
under the rules governing it.
Whenever the approved applica
tions for loans aggregate more than
$100,000 the State Iind Board i
authoriied to advertise and sell a
series of bonds sufficient to accommo
date all applicants, with the excep
tion that the amount of the lj.vl
must never aggregate more than -per
cent of the total assess, d valu
ation of property in the state. The
bonds will be known as the "Rural
Credit State Bonds" and will W
exempt from all taxes levied within
the state. ;
Mr. Myers outlined the effects of
the proposed measure If it passed at
the election, as follows:
"first It will bring into the
state of Oregon, within a few months
after its enactment, approximately
$1.000,000 of new capital.
"Second It will reduce the rate of
interest on farm loans to thousands
of farmers from 8, 9 and 10 per cent
to 6 per cent.
"Third By providing long term
loans at 6 per cent, farmers will be
encouraged to employ labor in clear
ing and subduing land which is now
Idle. This will give employment to
a large number of laborers.
"fourth The difference between
the price which the date will p.,
; ,,r its rural tr d-.t inM "" I ' "
rat- of intert ' ch tt re.-, v.-
from f :ri:.er. !1 t .:'. 1 n?
a hire-.' st:it M'l ! '
"My the ei.d of ti. t-.lf.h -'
n;-re tl...t. ti." .. ".'. ':-f :'
,.. r,....iv. ! I.y . '..t '; '
.ill !.- r- ; , -: I -
, If it i- dev..bl to i-u- ''
; ;..,.rs. r t .:.!!. e..r
the st.ite ::! !'. and
!,;... loaned en f. r;n- $.:: i 'J I
At the ' t..- .t -..r ll-.- sla1.-
, :li owe 1 1 1'.'i" ..in... .,h, L i" l.irm
' . ,1-.:re..t::. : $'. IM'.T.
or a clear -ut pi ' of $ 1 1 .''.'...'
: "Ti.is e:.orn.oii I..); !, I.e:i.g o in-.l
; ! the state, is a I! a I of i ... !!
of the sr..'e a"d will i;--tr:'Mit-' lo all
! , p. i r..'.s-.-l..iri!.g by r- I tic
4,l,g the s. Loo I t..X to i-.er tax-
' payer in :. j t.i'e "
I.'.lIK'll at M.i-oll'i
LUNCH AT MASON'S
High Grade Confections
Hot and Cold Drinks
Ice Cream
Hot Lunches and
Short Orders
MILK A BETTER
STIMULANT
age frugality, and to tirm..ta i. i
, lare or ratniiies, the cause of moralltv
land the gw-d order of sorletv" Anc
j be was right It has done all this It
j thousands of In iUnces for a hundred
, years and well merits all the honoi
;and credit that may come to It after
a century of honorable conduct
WHEN A YOUNG LADY LOSES HER HEAD
You can generally find it on a man's shoulder.
If you want the young lady to put liep head on your hI.ouI
der, 1 sure to have an attractive nlioultler. The shoulder of
our coaU fit snug B,l true U, the form, and Bive tou a Hasy
attractive apiiearance.
J. F. RYAN
MEUCH.AXT TAIIm
St. Helen Oregon
IXJWKST PRICES
ALWAYS
HIGHEST QUALITY
The following resolution was unan
imously passed by the Oregon State
Dairy convention at its session in
Corvallls, January 3 to 8:
Whereas, it has been well proven
that hot milk Is a better stimulant in
case of chill or exhaustion than whis
key, and that either hot or cold milk,
alone or in combination with various
flavors or spices, can be made into
drinks that are both extremely palat
able and nutritious, and
Whereas, the passing of the saloon
In the three northwestern states cre
ates a great opportunity for the larg
er use of milk, by having it kept in
the soft drlng houses, therefore be it
Resolved, that the president Is au
thorized and instructed to appoint a
committee to act either directly or in
conjunction with the lately organized
dairy council, whose duty it shall be
to prepare literature and have it dis
tributed, setting forth the value of
hot milk as a stimulant, and of other
milk drinks as a beverage, and giv
ing recipes and suggestions for their
use; and each member of this associ
ation is urged to personally try to in
duce soft drink houses, coffee houses
etc., to keep hot milk and other milk
drinks constantly on hand.
CASTOR I A
Forjniants and Children
In Use For Over 30 Years
Always bears
Sienamre of C4!a&&&jg,
Str. IRALDA
Kales ktvc n St.
Helens am! ltt
laiul, i cents one
way, 75 cents t'd
the ni! nip.
Tickets im, J until used, j
I
1-M.t leaw. S Ileal- ' V.. I,,,
Kelir no g . 1" It!, Ill '.' (:, . '
A r:i r il St lie i M- I Ci o. m.
C I HOOCHKIRK !
,,,.oo.o rnn niiP "rrlilrt of Mill
gcnGkOwn lOTATO:s',;;,w,'n,,r', 4
grou in Oregon, i, . 1
t . r evidenre of llregi.n'H llgrl- ; IIHUIK IIHiat t)reKi,n
, i. liir ,! sUU. Iii.k I tin' fact tiiat t lIular becmne uf t
,, jiu. Pride of Multn.t- inK qualities, it unlfurmij
,r ,i,." won I!;" tint pMe ill llui I'iii-: fl Kraln, It U an lilpil ki,
..in-. lit. .-mm. .iti.ti for Hi bet holllnit potato. It It alas fa.
,. .; ,io.mi III ClUfuriila. keeping lllullie.
r I the i VUt ranch ut It liaa boeti M,Ht to d
I'l i.-.-iVil'e lie in r produced 71MJ tlio fnltid State. f.
TH Lf
Mi i -'so! iii. b.allliy Mock. I'lils The photogruph liowttori,.f-
ii;. tie .11 poiiiio 111 urn mum acre or witi(ie ,i-h ol j
-f !!! h I, iiliHig w it li other vrgn- In thf slato r.iniiein00 (ofl
;..;i;e. i;i,i iron:. u:.u ..irii-i. -u uriii nrrn Ol polatue.. groWQ d
:.i .. ' nln.
HANSEN & KINGSIIOTT
BUTCHERS
FRCSII AND SMOKED MEATS AND ICE
Wc Deliver to All Parts of St. Helens and Hoult
I'hoi.e- 'fi
ST. HF.LFNS KOUTK V-YT: -s
i wiin-ct s:0u.h
THE rtOPIXS BOAT
STR. AMERICA
Leaves 1". rt l.in il d lily - -L' ,;',ii p ni
I Sunday 1 : ::n p in )
Arrives St Ih i'-iis - - i, Lin n. m
I Sunday .1 : .".') p in i
.caves St. Helens - - - : 15 a in
Arrives Portland - - - 10:15 ;t ni
li HOLMAN, Agrnt
Makes all way landings V!i:;rf fo-l
Abler Ftr.-. t. I'lunu: Main s.l:'::,
A-4J04.
Kit AN K WILKIN'S. St ilel-ns Agent.
West St. Helens,
3
CENTRAL GROCERY
HI . Mil ll .V STnliCS, ritlil-KII TultS
Dealer;; in Choice and Fancy Groceries
Wc handle the ' Preferred Stock" line of Canned Go
Tree Helm r) lo mi) purl of llm rlly.
t.le us ii Irbil iiiid )iui will riNi-lvn Rnllfn. lory M-nlre.
I'li-ne ..id. r glwn pr-tnpl nll.-lilioii.
I'Ikiiiii No.
A FRESH SHAVE r
Adds tmic to any
man. That's wliv
wc are so busy and
there arc so many
tony per. pie in this
town.
15 Cents a Tone.
H. K. I.VXCII.
5l. Hflrtil. Crriili
a
t
1
If
ST. HELENS GARAGt
I . S. liMLXIV, 1'r,,,,.
I 'In. no ,17
in.. 1 1 1 . ii i s i run: i town to m v .v m.ikku
i s
Has nuto:; to liirc ni;ht or day. Auto Supplies
Gasoline f(Jr sale. Acni for the celebrated U. S. Tire
Machine Shop in connection. Prices reasonable andt
work guaranteed.
i M k S.fiallllll!3l&
'A w. ; ' ?0 ' 'm
rl?
the nationd
joy $mok
it the real
tobacco for
jimmy pipe
and makini
cigarettei
Get a Fresh Start!
For men who got away to a false start rl -or
home-made cirarct4pnr aiSTu a p,p0
or two for what a? t Ct I , Albcrt has a word
wnai ll Liar smokeappetites !
Forget you ever tr'-- r , . 1
diffoW such a ' -n?- for, p Albcrt fa a,
HendIy,ymiigeto'1.;.,.;-j' J nd cheerful and
WJ mcn who Mnk
VOU lav nf o :.;..V"Ciw m t0 be said IS thnMh
Albert, ttef &r supply of ?ce
u,ii limwo o
mat 3 f A I
.nVNoUsTOBACCOCO,Win.ton.S.lelllN.c.
fiNijirtiNMfft
l-Ir-il ' rj-JJ5
' 1 ' ' - -1 I
,9 to
Ill