SAVINGS BANKS AND BUILDING SOCIETIES. [From Chambers's Papers for the People.]

interest on capital or the produce of labour, but simply represent the losses of others. There are many societies founded on a speculative basis, which hold out to working men the hope of high interest, combined with firm security, but such societies should receive no encouragement. Mo ney, like everything else, has always its fair market price ; and whenever any society offers a higher than the market price, the difference be tween the two is a gain of interest counterba lanced by the increased risk of the principal. Working men, therefore, should be especially careful in investing their money to prefer good security to high interest, or other great advan tages. Great capitalists may with impunity em bark in speculations, for their transactions can be so varied that losses in one way are made up in another ; but if the working man be unfortuate in his investment, the loss is usually the loss of his all. Assuming, then, that by a little self denial and prudent management savings could easily be made, let us now review the various modes of invest ment open to. the working classes, and the extent to which these have been used. These may be classed uuder three heads :—l.: — 1. Investments to accumulate property ; 2. Investments to provide against sickness and the consequences of death ; 3. Investments both of money and labour, so as to produce a better reward for the latter. Under the first head we rank savings banks, building, land, and loan societies ; under the second, friendly societies and mutual assurance compa nies; and under the third, co-operative stores, and industrial associations. Each of these we shall consider in detail. Before the establishment of savings banks, the working classes had no place of security in which their savings could be deposited. Those who were careful and provident hoarded their money in secret and unsuspected places ; wrapped it up in an old stocking, or put it under lock and key in a chest of drawers. It was not, perhaps, se cure, nor did it reproduce itself, but it was always at hand ready for any emergency. The amount thus hoarded up must have been rery small when compaied with the sums we now find accumulaied in the savings banks. 