Honolulu Republican, Volume IV, Number 503, 22 January 1902 — SAVINGS OF THE PEOPLE. [ARTICLE]

SAVINGS OF THE PEOPLE.

The Increase in the savings of th? masses as Indicated by savings banks deposits and similar figures, is one «>f the most remarkable features of recent finance. The fact that the deposits in commercial hanks have multiplied fourfold In twenty-five years might he attributed to the increased resources of the capitalist .lass rather than those of small means. But this can hardly be said of the savings deposits in the savings banks. Even in the commercial banks of Europe much paper is dealt In from small shopkeepers which would be considered beneath the dignity of an American bank. The bank of France employs almost a regiment of collectors to present for payment bill* of exchange running as low as five and ten francs. According to Prof Edmond Thery, in a careful computation in "I’Economist*' Europeea” of April 13. 1900. the deposit accounts of all the Europe mi banks rose from 2.314.000.000 francs i $447 .000.0001 at the close of ts7, r ) to 9.321.000.000 francs fJI.SOO-,-iiuo.OOOl at the close of 1899, while loans and advances increased from 4.835.000 000 francs to 12.389.0C0.000 francs. This expansion of trade, amounting to many times the increase of population, conveys in itself an Impressive lesson of the increased wealth of the community, in which th<' laborer can hardly fail to have a share as neccessary purchaser of the increased product. In the United States similar figures for the national banks alone show an Increase in volume or individual deposits from $018,517,245 on December 17. 1x73, to $2 508 248.557 on September 5. 1900. The growth of commenial banking therefore, has been nearly the same in this country and abroad. Turing to the subject of savings luinks deposits the same remarkable advance is shown. The following table exhibits the progress of these deposits in the United States: Number of Year. Banks Depositors, ISSO 108 251,354 ISBO 278 895.870 IS'O 577 1 .$30,848 ISBO 829 2.335.582 IS9O 921 4.258.893 ix»s 1.017 4.875.519 1599 957 5.887.458 1900 1.0412 5 875.458 Average due each \ ear. Deposits. Deposit‘r ISs<> . $ 43.431.15-1 $172 78 1880 .'. ... 149.277.504 215 13 IS7O 545.874.558 537.17 ISSO 819 597.425 350.71 IS9O 1.524 844.508 358 03 1895 1.810 597.023 371 38 1899 2.230.588.954 392 13 1900 2.584 770.849 405.89 These figure* show that within

thirty year* the number of depositors | in the savings banks of the United State* has been multiplied by more than three and a half and the amount of the deposits by more than four In other word* where there wag one man who could afford to keep a saving* account, or who thought proper to do so in 1870. there are now between three and four of such m**n and their aggregate deposits are much more than four time* what they were in 1870. The number of depositors woaid represent 30.00ee000 of the population if each was made by the head of a family of five. In many cases, how ever, several members of a family have deposit accounts in savings banks, so that the nearly 6.000.000 depositors cannot all be considered as heads or representatives of families.