SAVINGS BANK FRAUDS IN AMERICA.

Nelson Evening Mail, Volume XIII, Issue 146, 18 June 1878, Page 4

SAVINGS BANK FRAUDS IN AMERICA.

The honor of Massachusetts is fatally •allied. Finding themselves hope- \ leesly insolvent, the Savings bank : managers and officials lobbied an Act through the State Legislature, appointing a Commissioner whose duty it is to fix arbitrarily the sum which any depositor is at liberty to withdraw whatever his necessities. Within twelve hours of the passing of the Aot quite a number of these thieving banks secured . an order from tbe Commissioner fixing tbe limit of payment at 10 per cent to BBch depositor witbin several months; and in one case payment by the. bank is prohibited at the end of six months for an indeflnite period., The jbanks meanwhile continue doing business, 1 the officers speculating on the deposits, and trusting to a revival of trade to raise the value of seonrities. Such a .barefaced fraud .never waa attempted before in New England; but sooth to say| its _ burning aud shining lights have undergone a total eclipse of morals. Even Wall street denounces this infamous law. . But sonae such measure jwas needed to keep the, loaders of society out of prison, where a few of them had ( been previously sent. And now a pool has been made by savings bank officials all over the country to defeat the Savings Bauk Bill in Congress, which contemplates establishing a Post-office Savings Bank system with Government security. They will Bpeod a few .millions lobbying against the Bill. But -public opinion will compel its passage. The success which has attended the sale Government bonds of .small denominations ;withio the Union will help the Savings Bank Bill. It ia quite evident the entirei publie debt of tbe United States may be placed in the country within 20 years., This' will withdraw so much of.the people's savings from . ..% e .!* a . n<iß .9.f thieving Bank speculators •nd. insurance companies which have fattened upon them heretofore. j