APPENDIX. XXXVII 



had they an opportunity of doing so, they would avail them- 

 selves of it. These reflexions indueed me to publish in my 

 "Archives of Useful Knowledge?' in October, 1810, a plan of 

 an institution which I termed a " Bank of Industry;" the ob- 

 ject of which was to suggest a plan by which the persons 

 alluded to might be enabled to invest such portions of their 

 earnings as they could spare, in order that a sum might gra- 

 dually accumulate, with interest, and be at command in case of 

 sudden sickuess, unexpected misfortune of any kind, or suspen- 

 sion of work during winter. The measure is equally applica- 

 ble to country and city. In Scotland and England, these insti- 

 tutions have spread rapidly within the last two years, and 

 have even received the protection of Parliament. 



The reception of small sums is an important part of the 

 plan of a Saving Bank: for should the deposits be required to 

 consist of large sums only, (say five or ten dollars), the otter 

 impossibility of the class of people (for whom particularly the 

 scheme is intended), refraining from uselessly spending part 

 of their earnings, before they amount to the above sUm, will 

 prevent hundreds from availing themselves of the opportunity 

 offered, and from beginning to save; whereas if twenty-five or 

 fifty cents be accepted, they will daily add to their little capital. 

 They will say — what I deposit, will be safe; — if I keep it, I 

 may either spend, lose, or lend it, and never have it returned. 



The granting interest on deposits is also a part of the scheme 

 essentially connected with its general diffusion. The induce- 

 ment to the labouring class to lay up part of their earnings, 

 derived from the reflection of its security; the advantage of 

 having their money placed out of the temptation of spending; 

 and the satisfaction of reflecting on the little capital so accu- 

 mulated, on any occasional pressure, would doubtless operate 

 with them to add to their stock in bank; but the knowledge, 

 that after it amounted to a certain sum, it would bear interest,* 

 would prove a still stronger exeitement, an extra-en courage - 



* Private Bankers, in England and Scotland, allow interest on deposits, 

 when left for a certain time. Banks in the United States ou»ht to follow 

 the example. 



