89 
Savings 5 Banks at Baltimore. 
Having visited these institutions, 
as proposed and announced in No. 
'% I have found that since 1825, and 
$6, when I made known there the 
true principles of improving these 
useful establishments, several, new 
institutions have been- established 
which are all become more or less 
Savings 9 Banks, allowing interest on 
deposits. Some have been charter- 
ed, some have riot, and two am pri- 
vate banks managed by individuals,; 
Such has been the utility of this 
system that nearly all the old banks 
enjoying a state monopoly have been 
compelled to adopt it also. Yet this 
has not prevented the common kind 
of Savings Banks from continuing 
its business in the usual way, All 
are thriving and giving good divi- 
dends. 
These Banks have all agreed tb 
give three per cent interest on casu- 
al deposits and account currents, 
four per cent on special deposits 
payable one month after demand and 
five per cent for those three months 
after demand. They also give cer- 
tificates of those special demands, 
payable to order. They have there- 
fore adopted all my views except 
the divisibility of the certificates. 
A plan similar to that of Balti- 
more or still further improved, has 
long been contemplated and needed 
in Philadelphia; where there are 
many more savings bf industry than 
in Baltimore. It is probable that a 
meeting of the friends of such an 
undertaking will soon be called, 
meantime a plan is here added of an 
improved Savings Institution, where- 
in it is contemplated to give six per 
cent interest for savings; as the 
poor ought to receive as much as the 
rich for their earnings. Our Savings 
Bank gives only four and a half per 
cent which is wrong, and in New- 
York only five, where the legal in- 
terest is seven. Therefore su ch im- 
proved institution must meet the ap- 
probation of ail the industrious and 
liberal members of the community. , 
• C. S. K., 
Plan of an improved Savings In- 
stitution, 
• 1. To be called the Divitial 
Institution, or the. Six per Cent 
Savings Institution of North 
America. 
2. Every individual may deposit 
any sum, at any time, and as often 
as wished. 
S. The smallest sum received will 
be a dollar; on which interest will 
be given. . 
4. Every deposit must be for a 
specific time at the option of the de- 
positor; which may be renewed for 
any other time at pleasure, or with- 
drawn with interest at the appointed 
time. 
5. The depositor shall receive at 
his option a book where the sums 
will be entered, or certificates of de- 
posits to order or bearer and divisi- 
ble on demand. 
6. Every depositor of § 10 for 
five years in his own name, shall be 
a share holder and voter in future 
elections. 
7. Six per cent shall be given on 
all deposits, and compound interest 
ealcul ated after the first year. 
8. To pay the expences of the 
Institution, one per cent shall be 
deducted from the interest on the 
first year, but nothing on any other 
year, and the odd days of the months 
never calculated for the interest. 
9. If this fund and the profits of 
the Institution exceed 'the expences 
an extra dividend will be given year- 
ly to those who have kept the depo- 
sits one year in the Institution. 
10. The Institution shall be ma- 
naged by a board of —7 Trustees, 
elected by the subscribers at the first 
meeting in the first instance; and 
after one year by the share holders. 
11. Each share holder shall be 
entitled to one vote only, whatever 
be the number of his shares, and he 
must vote personally or by letter, 
No proxies will be admitted. 
12. The Trustees must all have 
deposited at least S' 20 in the Insti- 
tution for five years, and give perso- 
