Public Institutions. 275 



HINGHAM INSTITUTION FOR SAVINGS. 



This institution was incorporated April 2, 1834, its object be- 

 ing, as stated in the by-laws, " to receive and securely invest the 

 savings of persons in moderate circumstances, who have not the 

 means or opportunity of making investments for themselves." 



The institution was organized Nov. 8, 1834, when by-laws were 

 adopted and the following officers elected : — 



David Wliitou, President. 



Benjamin Thomas, ) rr - n . , , 

 t?j j tm * r ' lce Presidents. 

 Xidward Ihaxter, \ 



David Harding, Treasurer. 



Trustees. 



David Andrews, Jr. Caleb Gill, Jr., 



Thomas Loring, Ezekicl Fearing, 



Charles Lane, Daniel Bassett, 



Marshall Lincoln, Zadock Kersey, 



William Hudson, George Lincoln, 



James C. Doane, Cohassct, John Beal, Scituate 



One dollar was the smallest deposit received, and five dollars the 

 lowest sum put upon interest. 



A notice of the organization in the Hingham Gazette of Dec. 19, 

 1834, says : — 



We believe that savings iustitutions are admitted to be among the most 

 useful which have been devised for the protection of the interests of the fru- 

 gal and industrious who wish to make provision for times of need. Par- 

 ents, by making their children depositors, can teach them the advantages of 

 saving habits, and inculcate lessons of economy which may be remembered 

 through life. Seamen particularly, who wish to iuvest their earnings where 

 they will be secure in their absence, will find a great advantage in institu- 

 tions of this kind. We believe that the gentlemen who have consented to 

 manage the affairs of the institution here, from their practical experience 

 and knowledge of the affairs of our community, are exceedingly well 

 qualified to discharge their trust in a manner which will be highly satis- 

 factory to all who are interested. 



How well this prophecy has been verified the history of the 

 institution testifies. The first deposit was received Dec. 24, 1834. 

 The amount of deposits, at the end of the first year, Jan. 1, 1836, 

 was $30,113.54. Of the 57 deposits received to draw interest from 

 Jan. 1, 1835, three remained in 1893, and of the 264 accounts 

 opened during the first year, eleven were still open in 1893. 



The growth of the institution has doubtless exceeded the 

 anticipation of its founders, and its usefulness has been fully 

 proven. A single example will serve as an illustration. 



One hundred dollars deposited at the opening of the institution 

 would have amounted, at the end of fifty years (1885), to $1,708.64, 

 showing an average annual gain of $32.17. 



