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Updated: May 1, 2025
In 1834, the sum of a hundred and sixty-five thousand pounds had been accumulated in the Savings Bank by 5,942 depositors; and in 1874, four hundred and seventy-two thousand pounds had been accumulated by 14,792 depositors, out of a total population of 85,428.
As for the floor, it still showed the gullies and grooves, with here and there a sturdy knot sticking up like a nut on a boiler, marking the track of countless impatient depositors and countless anxious borrowers, it may be, who had lock-stepped one behind the other for fifty years or more, in their journey from the outer door to the windows where the Peters of the old days, and the Peter of the present, presided over the funds entrusted to their care.
The word had got out, and some of the depositors became alarmed, and a number withdrew their deposits, notwithstanding Mr. King's assurance that the bank was solvent and solid. Others took his word for it, allowed their deposits to remain, and lost all they had in the bank. There was some mysterious handling of the large amount of money known to be in the bank at the time of the failure.
A number of people seem to be convinced that a war cannot be waged without money, that soldiers must be paid, munitions must be bought; that for this money is necessary and the consent of bank depositors; so that if all the wealth of the world were nominally possessed by some one man in a little office he could stop the war by saying simply, "I will lend you no more money."
One of our heaviest depositors seems to have some inside information that some one is spending the bank's money for personal use." "Good guns! In this bank? A thief?" Horror was printed on the face of Martin. The man opposite searched that face.
And then you turned around and deposited all you had, so I thought the bank must be safe." "What safe with Judson Eells? Safe with Lapham behind the scenes? Say, you'll never do at all. Have you heard the big news? Well, they've both skipped to Mexico and the depositors won't get a cent."
I desire to call the attention of the Congress to a plain duty which the Government owes to the depositors in the Freedman's Savings and Trust Company. This company was chartered by the Congress for the benefit of the most illiterate and humble of our people, and with the intention of encouraging in them industry and thrift.
As a rule depositors, aware of these conditions, do not come to transact any business between these hours, but if there should happen to be any especial need of money being paid out or taken in, the lone occupant of the desk attends to it. Dick had noticed that several times Mr. Graylock seemed to have timed his visits at just this particular hour.
One of the largest depositors sends notice that in a week he will withdraw his funds. Cassier saw ruin staring him in the face; when this sum was paid he would be a pauper. He would not dig, and in the pride of his heart he would not beg. Conscience, long seared in the path of impiety, has no voice to warn, no staff to strike.
So, in a bank, there is a constant interchange of deposits and withdrawals. No bank could exist if the depositors insisted upon their money being hoarded up there. It is the money, and not the bank, that is the fixed consideration, money being the medium of exchange.
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