Phenix Gazette

COMMUNICATIONS.

Mr. Snowden: I was much gratified to see, a few days ago, in your paper, an intimation by some friend, of the propriety of establishing a "Savings Bank" in our town. I have been somewhat acquainted in New York, Philadelphia, and Washington City. In each of those places, those useful institutions have done much good: and, if conducted upon liberal principles, one in this place would be of incalculable advantage.

In the larger cities there are a number of benevolent Societies, in which tradesmen and mechanics, by depositing a small sum monthly, provide assistance—for themselves in case of sickness, and for their families, in case of death. In this place, such Societies do not flourish: and if they did, it seems to me they are not so well calculated to accomplish the design as a Savings Bank.

I offer a few reasons for this opinion:

1. Such Societies cannot embrace all the classes of persons who ought to be benefited by Benevolent Institutions. Many persons may not be able to deposit so much, or so often, as such Societies require; others may be able to deposit more; and some persons, as widows and female servants, are not allowed to deposit at all. Now, in a Savings Bank, any person may lay up a little, or much, and at any time when convenient.

2. Such Societies are not able always to loan their funds advantageously or safely. It can easily be conceived, that the Treasurer of such a Society, through favoritism, want of proper knowledge of business, or want of time to devote to its interests, may lose to the Society much of its property: but such a Bank as we propose, would be placed under the direction of men of knowledge, influence, and integrity. If it should be connected (as in Washington) with one of the existing Banks—which I would prefer—its whole business might be conducted by one additional clerk; or, perhaps, as our Banks are not crowded with business, by those already employed, under the management of its Board of Direction.

3. Such Societies, for the foregoing reasons, do not inspire sufficient confidence: but such a Bank, under such direction, would.

I have two reasons for writing the above.—The first is, to keep the subject before the people; the second, to provoke some abler pen to write upon the subject. I would have written more if time allowed; and if others do not, I shall write again

THOMAS.