young man, in full possession of his strength and faculties, going forth in a morning to work for his wife and children, or bringing them home his wages at night." This, however, is the bright side of the picture. The situation of a mechanic, artisan, or labourer, in a time of sickness or in old age, who has not provided for these events by savings effected during the period of health and activity, is pitiable indeed! In case of early death, too, his family are, in such a case, reduced to that even to the lower classes-last of all degradations short of crime-the workhouse. That much may be done by the industrious classes towards providing against these evils has been frequently shown. The results of a regular system of small savings are surprising to those whose attention has not been directed to the subject.

"The effects," observes a writer, who, to our own knowledge, though in a quiet and unobtrusive manner, has devoted considerable attention to matters connected with the amelioration of the industrious classes," the effects of small savings long continued are best seen in tables, and such statements as are distributed by the managers of our savings banks. The inspection exhibits those effects at a glance, and I will venture to say that any one unaccustomed to the calculations upon which they are founded, will be surprised at the greatness of those effects. For a specific knowledge of those effects, of how much a given payment will produce in a given time, I must refer you to those tables and statements, and I would recommend a serious perusal of them. But, without referring you to tables, I can safely say this, that whatever man among you should, from youth to middle age, or a little later, till a period of life which none would call old age, put one shilling weekly in a savings bank, and leave it there, would find himself in easy circumstances for the remainder of his days,—able to leave off work if he pleased,-master of an annual independent income, equal in amount to that of his earnings in the best years of his life." The great difficulty, however, which has ever encompassed the working classes in the path of frugality has been that of obtaining a secure investment for their savings.

1 Rev. A. Gibson, Club Sermons, pp. 52, 53, ed. 2.

To remedy this evil friendly societies, and clubs, and savings banks have been established. It is to these last institutions that we would wish on the present occasion exclusively to direct the attention of our readers.

The origin and early history of savings banks are very well related by the Chancellor of the Exchequer (Sir Charles Wood), in one of the debates to which we shall have occasion to refer; and we cannot, perhaps, do better than quote the passage at length:-"He" (the Chancellor of the Exchequer) "would refer very shortly to the history and progress of these societies; for those who had not attended to their past history were hardly aware of their real nature, and how they had grown up to their present dimensions. It was not much more than thirty years ago since these societies had been recognized by the Legislature, and little more than forty years ago since they were formed. He believed the first society of this kind-a benevolent institution, not differing much from the savings banks - was formed at Wendover, in 1799; in 1804, another was formed at Tottenham; in 1808, another at Bath; and in 1810, another was established in Dumfriesshire. Till that year there were not, he believed, half a dozen institutions bearing the character of the present savings banks, or at all resembling them. The society established at Tottenham offered a fair specimen of these institutions. In that case six benevolent individuals undertook to receive the savings of the labouring classes, and to pay 57. per cent. for them, each person being responsible for 1007.; if more were deposited than 6007., they were to add another trustee for every 1007. They appointed the trustees as they pleased, and invested the deposits as they pleased, on condition of paying the interest on them. In 1817, when the first legislation on the subject took place, there had been formed by voluntary associations, by benevolent persons, for this purpose, not less than seventy societies in England, four in Wales, and four in Ireland."

Having thus, by means of the foregoing extract, traced the history of savings banks from their origin and institution until

1 Debate on Savings Banks Bill, 1850, Hansard, vol. ex. 3rd series, pp. 896, 897.

the year 1817, when the first legislation on the subject took place, we shall now, though in as brief a manner as possible, place before our readers a summary of all the existing statutes having reference to savings banks.

The first statute on savings banks relates to Ireland, and was passed in 1817. It is the Act of the 57th Geo. 3, c. 105, and is intituled, "An Act to Encourage the Establishment of Banks for Savings in Ireland." The recital of this statute is important, as showing the intention of the Legislature. It is as follows:"Whereas certain provident institutions or banks for savings have been and may be established in Ireland for the safe custody and increase of small savings belonging to the industrious classes of his Majesty's subjects there; and it is expedient to give protection to such institutions and the funds thereby established, and to afford encouragement to others to form the like institutions:" It is then enacted, "That if any number of persons who have formed or shall form any society in any part of Ireland for the purpose of establishing and maintaining any institution in the nature of a bank, to receive money for the benefit of the persons depositing the same, and to accumulate the produce of so much thereof as shall not be required by the depositors, their executors, or administrators, deducting only out of such produce so much as shall be required to be so retained for the purpose of paying and discharging the necessary expenses attending the management of such institutions, according to such rules, orders, and regulations as shall have been or shall be established for that purpose, but deriving no benefit whatsoever from any such deposit or the produce thereof, shall be desirous of having the benefit of the provisions of this Act, such persons shall cause the rules, orders, and regulations established or to be established for the management of such institution, to be entered, deposited, and filed in manner hereinafter directed, and thereupon shall be deemed to be entitled to and shall have, the benefit of the provisions contained in this Act." The 10th section of this Act enacts: "That the trustees of any institution which shall take the benefit of this Act, in manner hereinbefore provided, shall be and they are hereby empowered to pay into the Bank of Ireland any sum or sums of money, not being less than one

hundred pounds, to the account of the Commisssioners for the Reduction of the National Debt, upon the declaration of the said trustees of such institution, or any two or more of them, that such moneys belong exclusively to the institution for which such payment is intended to be made; and the cashier or cashiers of the Bank of Ireland are hereby required to receive all such moneys, and to place the same into a new and separate account to be raised in the names of the said Commissioners for the time being in the books of the Bank of Ireland, to be denominated 'The Fund for the Banks for Savings."" By section 11, the Commissioners were directed to issue debentures for such sums, to carry interest after the rate of threepence per centum per diem; and, by section 14, the Commissioners were directed to invest moneys in the purchase of Three-and-a-Half per Cent. Annuities, and carry the same to an account entitled "Saving Bank Account," and invest interest. The Act also contains sundry regulations and provisions for the conduct and management of savings banks.

The next Act relates to England, and was passed in the same session of Parliament as the Irish Act. It is the 57th Geo. 3, c. 130, and is intituled, "An Act to Encourage the Establishment of Banks for Savings in England," and is substantially the same in its provisions as the Irish Act.

We then come to the Act of the 58th Geo. 3, c. 48, passed in 1818, which also relates to England, and is intituled, "An Act to amend an Act passed in the last Session of Parliament, to encourage the Establishment of Banks for Savings in England." By this Act, stock equal to amount of principal and interest, secured by debentures, might be transferred, instead of payment in money,' and other provisions relating to savings banks in England were made.

In 1819, the statute of 59 Geo. 3, c. 62, relating to savings banks in Scotland, was passed. This Act is intituled, "An Act for the Protection of Banks for Savings in Scotland." It contains enactments in favour of savings banks in Scotland who should deposit their rules and regulations in conformity with the

1 Section 6.

provisions of the Act. The advantages, however, afforded by this Act principally related to exemptions from stamp-duties.

The next Act, the 1 Geo. 4, c. 83, relates to England, and was passed in 1820, and is intituled, "An Act to amend Two Acts of the Fifty-seventh and Fifty-eighth Years of his late Majesty, for the Encouragement of Banks for Savings in England." By this Act, receipts were substituted for debentures,1 and compound interest allowed, and other regulations made for the better control of savings banks in England.

The Act we have now to consider is the 5 Geo. 4, c. 62, passed in 1824, and relating both to England and Ireland. This Act is intituled, "An Act to amend the several Acts for the Encouragement of Banks for Savings in England and Ireland." By this Act, the new provisions relating to savings banks in England were extended to Ireland. The most important provision, however, contained in this Act is that which provides that the trustees should not be at liberty to invest on any other security than in the Government funds.

We now come to the Act of the 9th Geo. 4, c. 92, passed in 1828, and intituled, "An Act to consolidate and amend the Laws relating to Savings Banks." This is the general Act which at present regulates savings banks in England and Ireland. By the first section of this Act, all the former Acts relating to savings banks are repealed; and by the second section it is enacted, "That no such institution to be hereafter formed shall have or be entitled to the benefits of the provisions in this Act contained, unless the formation of the same shall have been sanctioned and approved of by the justices of the county, riding, division, or place, where such institution is intended to be held, at the general quarter sessions, and by the Commissioners for the Reduction of the National Debt, or, on their behalf, by the comptroller-general or assistant comptroller acting under the said Commissioners." Section 4 provides that a transcript of the rules and regulations, before being deposited with the clerk of the peace, shall be submitted to a barrister appointed by the Commissioners, for the purpose of ascertaining