SAVINGS ACCOUNT FOR EMPLOYES
On January 1st, 1868, The Barney & Smith Manufacturing Company opened a savings account and offered its employees the opportunity to deposit therein such sums as they might wish to save.
Pass books were issued to the depositors, in which was printed the following:
“TO OUR EMPLOYES
To lay by a portion of the fruits of industry in time of youth and health, for future wants, is a mark of wisdom; and as all are liable to infirmities, provision to alleviate them is of the highest obligation. It is a great mistake to suppose that small sums are not worth saving. By the habit of saving in little matters, riches are acquired. Cents saved will accumulate to dollars.
Some by labor and others by superior skill, earn large wages, yet, for want of proper management, they have nothing before hand. Many might be disposed to save and lay by a part of their earnings, if they knew how to set about it, or where to place it with safety; while others who have practiced saving have lost all by trusting it to improper hands.
To enable those who wish to lay by such sums as they can save from their earnings, The Barney & Smith Manufacturing Company, until a good Savings bank shall be established in the city, or until further notice, will receive and pay interest for, at the rate of six per cent annually, such sums as their employees may wish to place in their hands, upon the following conditions, viz:
1st. It must be left on pay day.
2nd. The amount at one time not less than one dollar.
3rd. Interest will be allowed for the full month on which it is left, but no part of a month after.
4th. Accrued interest will be credited annually, and draw interest from date.
5th. All sums left with us with accrued interest can ordinarily be withdrawn at any time, but, for obvious reasons, the right is reserved to require thirty days notice on all sums of $100 and under, and sixty days for all sums over $100, before the amount can be withdrawn.
6th Each employee will receive a book in which all sums left with us will be entered.
7th. All sums left with us, and the accrued interest, can be withdrawn in person, by written order, or by legal representative, only on the return of the original book in which it is credited, unless it be proved to our satisfaction that such book has been lost or destroyed, of which loss or destruction we must be notified immediately.
8th. All sums left with us may be returned, at our option, with accrued interest, on thirty days notice, and if not called for, will cease to draw interest after that date.
The rapid accumulation of even small sums placed at interest monthly may be seen from the following table, in which the amount of 1, 2, 3, 4 and 5 dollars a month, placed at interest, is shown for ten years.
In one year 12.39 24.78 37.17 49.56 61.95
In two years 25.52 51.05 76.57 102.09 127.61
In three years 39.44 78.89 118.33 157.77 197.21
In four years 54.20 108.40 162.60 216.80 271.00
In five years 69.84 139.68 209.53 279.37 349.01
In six years 86.42 172.84 259.26 345.68 432.10
In seven years 104.00 208.00 302.00 416.00 520.00
In eight years 122.63 245.26 367.88 490.50 613.13
In nine years 142.38 284.76 427.13 569.50 711.88
In ten years 163.31 326.62 489.93 653.23 816.54
One dollar a month in ten years amounts to $163.31, and five dollars a month, to $816.54. In the last case, the whole amount placed at interest is but $600.00, which in an average time of five and a half years has earned $216.54 interest.
Some, who claim they cannot lay aside a potion of their earnings each month, spend 5, 10 or 15 cents a day for beer, ale or worse liquors. Others deem 10 or 20 cents a day for tobacco or cigars too small a matter to take account of, yet the different result from spending 5, 10, 15, 20, 25 or 30 cents a day in these worse than useless indulgencies, and placing that sum monthly at interest, is apparent from the following figures, averaging each month at 30 days, 5 cents a day saved, placed at interest each month will amount in:
Ten years to $244.96
Ten cents a day 489.92
Fifteen cents a day 734.88
Twenty cents a day 979.84
Twenty-five cents a day 1224.80
Thirty cents a day 1469.76
The Barney & Smith Manufacturing Company.”
The Savings Fund started on January 1st, 1868, with the follow depositors:
George Kissling Edward Hines
Mike Maloney Amzy Kimes
William Turner Louis Reiger
Rudolph Schneible Henry Hueffelmann
Thomas Bentley W. C. Balske
Ferdinand Warshing Fred Klinehard
Joseph Horn Jeremiah Rowe
Jake Zimmer Mike Beloney
Ammon Francis Henry Brandt
John Glasen Henry Teatia
Joseph Hanley Augustus Bentz
George Moffitt James Hallihan
A. W. Horn B. B. Childs
James Fleming S. A. McKensie
The Company still maintains the Savings Fund with a large number of depositors, who have a very comfortable sum to their credit.
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